HIGHLIGHTS
July 26 2024
Global Markets
US GDP growth accelerated more than anticipated in Q2 rising by an annualised rate of 2.8%, 0.8ppts above market consensus. Short-dated USTs came under some pressure, while longer-dated paper rallied, as market-implied probability for a 25bps Fed rate cut in September remained above 100%. In FX, range trading prevailed ahead of today’s US June PCE deflator.
Greece State Budget Jan-Jun 2024: Overall fiscal deficit at €2.3bn, 37.6% below target; primary surplus of €2.9bn, 141% above target; updated fiscal targets for 2024 by the PDMA.
CESEE
In Cyprus, credit expansion accelerated in June, marking the second highest pace since it restarted in Dec-23. In Turkey, consumer confidence weakened significantly for the second consecutive month in July, falling to an 8-month low. Business expectations in services, construction and retail trade also worsened for a second month in a row, signaling a fall in the economic sentiment index, due for release on Tuesday.
