HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: In currency markets, the GBP gained some ground across the board on newswires suggesting that the UK and Germany agreed to drop key Brexit demands, potentially easing the path for a Brexit deal. Meanwhile, investors retain a cautious stance towards risk assets on the back of lingering EM related woes and ongoing concerns about escalating trade disputes between the US and major economies. US President Donald Trump is reportedly ready to impose tariffs on an additional $200bn of imports from China shortly after the period for written comments on the proposed levy ends late today. Turning to today’s economic data, focus is on the US’ ADP employment report and the non-manufacturing ISM index, both for August.
GREECE: In an article published ahead of the 83rd Thessaloniki International Fair, the Greek PM Alexis Tsipras speaks of the fiscal stability that has been achieved in the past few years and the progress in the economy and declared the end of recession policies and austerity. He also underlined the significance of a new growth model for Greece, which will be based on the country’s comparative advantages, openness, innovation and ingenuity. The 10-year GGB yield which has been on a rising streak since 28 August closing at 4.573% yesterday – a 2 ½ month high – is receding to 4.546% at the time of writing.
SOUTH EASTERN EUROPE
SERBIA:Â According to the revised estimate, real GDP expanded by 4.8% YoY in Q2-2018 bringing the 1H performance close to 4.9% YoY.
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