Daily Overview of Global Markets & the SEE Region (Friday, July 07, 2017)

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Core government bond yields continued to move higher in reaction to the ECB account of the June 8th monetary policy meeting which revealed that Governing Council members are open to a further step towards reducing the monetary policy stimulus. In FX markets, USD/JPY was the biggest mover recording gains of 0.5% on the day following the BoJ’s unexpected announcement that it will increase purchases of 10-year JGBs to an unlimited amount at a fixed rate auction of 0.110% in an effort to halt rising JGB yields. Focus today is on the US’ non-farm payrolls report for June. Consensus is for an increase of 180k from 138k in the prior month and an acceleration in average hourly earnings to 0.3%mom from 0.1%mom

GREECE: The ESM Board of Directors will discuss today the progress in the few remaining actions that Greece needs to carry out and decide on the timing of the disbursement of the €8.5 loan tranche accordingly. The President of the Hellenic Republic Asset Development Fund (HRADF) set the target for privatisations proceeds at €2bn for 2017 and €3.5bn for 2018. According to the Hellenic Statistical Authority labour force survey, in April 2017 the unemployment rate dropped to 21.7% from 22,0% in March 2017 and 23,6% in April 2016.

SOUTH EASTERN EUROPE

CESEE MARKETS: In view of losses in Wall Street overnight and elevated core sovereign bond yields, the majority of emerging market assets remained under pressure earlier on Friday.

Viewers can log herebow and read the full report: Daily Overview July 7 2017

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