Daily Overview of Global Markets & the SEE Region (Monday, July 23, 2018)

Reports — By on July 23, 2018 at 10:48 AM



GLOBAL MARKETS: Trade concerns prevail with US President Donald Trump explicitly threating in an interview on Friday to impose tariffs on all $500bn of imported goods from China. The US President also repeated his view that a strong USD puts the US at a disadvantage, accused China and the European Union of currency manipulation and criticized the Fed that its monetary policy on raising interest rates takes away from the US “big competitive edge”. In reaction to the above, the USD weakened across the board with the EUR/USD bouncing to the highest in about two weeks. This week’s highlights will be the visit by EU Commission President Jean-Claude Juncker to the White House (24 July) and the ECB’s monetary policy meeting (25 July).  In terms of data, major releases include euro area PMIs for July (24 July) ahead of the advance estimate of US Q2 GDP (27 July).

GREECE: S&P Global Ratings raised its outlook on Greece to positive from stable while affirming its B+ rating. According to ELSTAT, the overall turnover index in industry in May 2018 recorded an increase of 11.4%YoY / 15.7%MoM compared with an increase of 20.1%YoY / 10.6% MoM it had recorded in May 2017.


BULGARIA: The main Bulgarian equity SOFIX index gained 0.79% to 632.01 points over the past week. With the exception of the local currency 8Y government bond yield which rose by 6bps, external and local government bond yields dropped by 1-4bps respectively.

SERBIA: The NBS interventions in the FX market have kept the EUR/RSD anchored at 118.0 in the past week.

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