Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: With the EUR having lost some ground since the last ECB policy meeting, a bulk of monetary policy stimulus from the March ECB package still in the pipeline and spillover effects from the Brexit to the euro area still uncertain, the ECB is widely expected to stay put at today’s monetary policy meeting. Meanwhile, EUR/USD continued to consolidate while USD/JPY retained a firm tone. On the data front, focus today is on UK June retail sales ahead of the more crucial flash PMIs for July on Friday.
GREECE: Greece made total payments of €2.64bn yesterday including an ECB maturing government bond and other maturing government paper held by Eurozone central banks. The State Budget Office of the Hellenic Parliament issued yesterday its latest quarterly report for April – June 2016 in which it stresses the importance of the consistent implementation of the MoU.
SOUTH EASTERN EUROPE
CESEE MARKETS: CESEE assets treaded water in early European trade on Thursday as caution prevailed ahead of the conclusion of the ECB meeting later on the day. Turkish assets extended their recent downtrend in view of ongoing domestic political turmoil.
Viewers can log herebelow and read the full report:
