HIGHLIGHTS
June 28 2024
Global Markets
Semi-core and peripheral EGBs continued to underperform core paper, with the 10-yr OAT-Bund yield spread closing above 80bps yesterday for the first time since 2012 ahead of the first round of the French legislative election on Sunday. USTs were weaker ahead of today’s May core PCE deflator, while the USD/JPY briefly hit another multi-year peak.
Greece
Private sector deposits and credit in May-24 little changed compared to Apr-24; KEPE undercuts its 2024 GDP growth rate forecast to 1.89%.
CESEE
In Czechia, the National Bank Board proceeded yesterday to the fourth policy rate cut so far this year, while in Turkey, the MPC kept the policy rate unchanged for the third consecutive month, despite the latest inflation spike in May. The economic sentiment improved in May in two of the three key economies in the region, namely Hungary and Czechia.
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