Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Major Asian bourses broadly fell on Wednesday, while major European bourses were trading slightly higher in early trade trailing gains in Wall Street overnight. In FX markets the USD and the JPY broadly outperformed other major currency peers.
GREECE: According to press reports, the Greek government submitted earlier today the ESM loan request and the EuroWorking group is expected to hold a teleconference later in the day to assess it. Furthermore, a detailed set of comprehensive proposals and relevant prior actions is expected to be submitted by the Greek government by early Friday (July 10).
SOUTH EASTERN EUROPE
BULGARIA: In a statement issued at the government’s website on Tuesday, outlining a telephone conversation between the President of the European Council, Donald Tusk, and Prime Minister Boyko Borisov, the latter highlighted that Bulgaria has taken all the measures necessary to ensure stability of the domestic banking sector, regardless of the developments in Greece.
ROMANIA: The final estimate of the National Institute of Statistics on the seasonally adjusted first quarter GDP reading was revised marginally down from +1.5% qoq/+4.2% yoy to +1.4% qoq/+4.1% yoy.
SERBIA: Emerging market assets moved broadly lower in European trade on Wednesday amid mounting concerns over the Greek issue.
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