Daily Overview of Global Markets & the SEE Region (Thursday, July 6, 2017)

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: The FOMC minutes from the June 14th monetary policy meeting released yesterday did not trigger much of a market reaction as they revealed lack of consensus among policymakers on the timing of the next rate hike and the commencement of balance sheet normalization. With the FOMC minutes out of the way, focus now shifts to Friday’s US non-farm payrolls data for the month of June with today’s ADP employment report likely to set the tone. For the euro area, the ECB account and ECB chief economist Peter Praet’s appearance in a conference in Paris (12:00) take centre stage today. Meanwhile, recovering part of Wednesday’s hefty losses, crude oil rebounded in European trade on Thursday after the API report recorded a drop of 5.8mn barrels in US crude inventories last week.

GREECE: The European Stability Mechanism (ESM) released yesterday its proposal for the terms of the third tranche of €8.5 billion under the Financial Assistance Facility Agreement for Greece. The third tranche is expected to be disbursed for the following needs: €6.9 billion for debt service and €1.6 billion for domestic arrears clearance.

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Daily Overview July 6 2017

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