Daily Overview of Global Markets & the SEE Region (Monday, July 24, 2017

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: USD remained under selling pressure in European trade on Monday amid heightened political jitters with DXY recording a fresh 13-month low earlier today and taking year-to-date cumulative losses close to 9%. Turning to US Treasuries, yields across the curve were hovering around recent multi-week lows as the more dovish than expected tone of FOMC Chair Janet Yellen at the congressional testimony earlier this month continued to have an impact. Along these lines, German Bund yields moved lower. EMU sovereign bonds were also firmer with 10-yr periphery/Bund spreads narrowing. Focus this week is on the FOMC policy announcement (Wednesday) and the US Q2 GDP report (Friday) while the euro area Composite PMI for June (Monday), Germany’s IFO business climate index (Tuesday), UK Q2 GDP (Wednesday) and Japan’s June CPI (Friday) will also be closely watched.

GREECE: According to the balance of payments data released on Friday by the Bank of Greece, the current account in May 2017 recorded a deficit of €581.6 million, increased by €124.3 million compared to May 2016. This deterioration is attributable to an increase in the deficit of the balance of goods (-€136.8 million), the primary income deficit (-€111.0 million) and the secondary income deficit (-€21.0 million), which offset the increase in the services balance surplus (+€144.6 million). S&P revised its outlook on Greece to positive from stable while affirming its ‘B-’ long-term foreign and local currency sovereign credit ratings.

SOUTH EASTERN EUROPE

BULGARIA: The local equities market displayed a mixed performance last week, while yields on the local sovereign and Eurobond markets offset last week’s increase returning to record low levels.

SERBIA: The EUR/RSD remained range-bound hovering around 120.50 last week.

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