Dr. Platon Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A.,
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Following the more dovish than expected tone of Fed Chair Janet Yellen at her semi-annual testimony this week, focus today is on US CPI inflation for June. Meanwhile, USD remained under pressure in European trade with the DXY index standing a tad lower compared to the settlement in the prior session and 0.4% lower on a weekly basis. UST yields were higher on the day albeit still below recent highs. German Bund yields also rose after an article in the Wall Street Journal hinted that the ECB is likely to announce its plan to wind down QE at the September 7th Governing Council meeting.
GREECE: According to data released yesterday by the Bank of Greece, dependency from the Eurosystem continues to decrease for the 4th month in a row, as ELA funding dropped from €40,7 billion in May 2017 to €37.9 billion in June 2017. ECB funding rose slightly from €16.2 billion in May to €16.3 billion in June.
SOUTH EASTERN EUROPE
CESEE MARKETS: CESEE assets were mixed earlier on Friday, with currencies and regional bonds standing broadly firmer, while most bourses were modestly lower.
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