Daily Overview of Global Markets & the SEE Region (Μοnday, July 13, 2015)

News — By on July 13, 2015 at 12:22 PM
Dr. Platon Monokroussos,  Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A



GLOBAL MARKETS: Most Asian markets closed in the black on Monday, and European bourses opened higher after an agreement was reached between Greece and the institutions. A similar positive trend prevailed in most 10-year European peripheral bonds, with the corresponding benchmark yields tightening over their German counterparts. In FX markets, the euro reversed earlier gains, as investors’ focus probably turned towards the prospect of higher US interest rates later this year.

GREECE: A unanimous agreement has been reached at the Summit of the 19 Eurozone leaders, after marathon deliberations that commencedon Sunday and ended earlier today. The agreement will have to be ratified by the parliaments of several Eurozone countries. First, however, the Greek Parliament has to endorse all the commitments agreed at the Euro Summit and enact the first laws according to the timetable presented in the relevant Euro Summit statement.


BULGARIA: Despite growing optimism about a Greek bailout deal, local equity markets closed broadly lower on a weekly basis on Friday.

SERBIA: The EUR/RSD closed little changed on a weekly basis on Friday at 120.05/25, after the Central Bank intervened anew in the FX markets in order to stem the dinar’s recent uptrend.

CESEE MARKETS: Emerging stock markets moved broadly higher in European trade on Monday following news about an agreement between Greece and the institutions. Along similar lines,  regional currencies broadly firmed in European trade on Monday, with the Hungarian forint and the Polish zloty posing as the main outperformers. Looking into this week, June inflation releases in Bulgaria, Poland and Serbia take centre stage in the CESEE region.

Viewers can read the full report herebelow:

Daily Overview July 13, 2015

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