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Daily Overview of Global Markets & the SEE Region (Wednesday, 17 July, 2019)
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Asian bourses performed quite poorly overnight and European equity markets opened in the red earlier today, as investors await more earnings reports from US corporates and renewed trade uncertainty hurts market sentiment. Turning to fixed income markets, US Treasuries were little changed on the day following yesterday’s mixed US data releases. Retail sales increased by a higher than expected 0.4%MoM in June while industrial output was flat in June, confounding expectations for a 0.2%MoM gain. In FX markets, the EUR/USD continued to struggle around 1.1200 as investors hesitate to establish fresh sizable positions ahead of the upcoming policy meetings by the Fed and the ECB later this month. Elsewhere, the GBP came under renewed pressure amid growing fears over a no-deal Brexit scenario. In other news, the European Parliament confirmed yesterday Ursula von der Leyen as the next European Commission President, who received 383 positive votes, above the required absolute majority of 374.
GREECE: Greece managed to access the international markets for the third time in 2019 with the issuance of a 2.5 bn 7-year bond at a yield of 1.9%. The total amount raised by Greece from the beginning of the year stands at 7,5 bn against annual financing needs of 7.0bn according to the PDMA.
SOUTH EASTERN EUROPE
CYPRUS: Tourism revenues declined by -1.9% YoY in January-April 2019.
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