Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Taking their cue from the positive tone in Wall Street overnight where the Nasdaq index closed at a fresh record high, the majority of European bourses were firmer in early trade on Wednesday amid market optimism for a final agreement between Greece and its official creditors in the coming few sessions. In FX markets, the USD gained across the board assisted by y-day’s hawkish comments by Fed Governor Jerome Powell and a flurry of positive US macro data.
GREECE: In an effort to reportedly remove any remaining open issues in the way to reaching a final agreement on the current review in the coming few sessions, Greece’s Prime Minister Alexis Tsipras will meet at 10:00GMT in Brussels today ECB President Mario Draghi, IMF Managing Director Christine Lagarde and EU Commission President Jean-Claude Juncker. Euro area finance ministers are expected to convene at 17:00GMT to assess the final outcome of technical talks between the Greek authorities and the Institutions ahead of the two-day EU Summit, which is scheduled to commence tomorrow. In other news, according to the most recent Bank of Greece data, the total amount of funding taken from the Eurosystem edged up in May for the eighth month in a row coming in at €116.4bn, the highest level since December 2012.
SOUTH EASTERN EUROPE
BULGARIA: According to a statement released on the Bulgarian National Bank’s website, Governor Ivan Iskrov “wishes a prompt election of a successor who should assume office as early as 10 July”.
CESEE MARKETS: The majority of emerging stock assets moved higher on Tuesday amid optimism that a deal between Greece and the Institutions will eventually be reached.
Viewers can read the full report herebelow:
