By the end of the year, JP Morgan expects Greece to receive the investment grade from the other two houses, Standard & Poor’s and Fitch, with Greek bonds included in Bloomberg’s indices, as ot.gr had written on the 23 /9 (see here). Until then, however, JP Morgan recommends waiting and securing profits in Greek bonds, compared to Italian ones, as no further rally is expected until the new assessments.
JP Morgan recalls that in the last two weeks, Greece has been upgraded by DBRS (to IG) and Moody’s (two notches upgrade and one more notch below IG), with Greek bonds performing moderately against Italians over the same period. period.
Nevertheless, JP Morgan maintains a generally bullish medium-term outlook on Greek bonds and expects them to trade consistently higher than Italian bonds (with an average spread of 25-50 bp), given strong macroeconomic/fiscal fundamentals, stable political landscape and ongoing rating upgrades.
The Greece-Italy spread on 10-year bonds is around 35 bp is quite reasonable, with JP Morgan expecting the next leg of tightening to happen closer to the next rating review on October 20 (S&P).
Hellenic Food Authority (EFET): Irregularity Found in 15% of Olive Oils
The rise in irregularities and adulteration threatens the integrity of the olive oil market, impacting consumer trust and the efforts of genuine producers committed to quality.
Technology: Global Giants arrive in Greece—Investments and next steps
Location plus economic and political stability lure tech giants to Greece
Youth Pass applications extended until December 12: Greek Prime Minister
Young people taxed in Greece and who have turned 18 or 19 are eligible to apply
Second Grid-Connecting Greece-Turkey Power Line Eyed for 2029
The new power line will run for 130 kilometers, of which 70 will be in Greece.
Greece-Turkey Relations: Erdogan Hints at Nuclear Cooperation
The Greek Ministry of Environment and Energy declined to comment on the latest remarks by Erdogan, referring to the details officially released during the Mitsotakis-Erdogan meeting in Athens
ELSTAT: Inflation ‘Slows Down’ in November to 3% Compared to 2022
This development can be primarily attributed to a significant decrease in the prices of natural gas (-53.2%) and fuels-lubricants
Greece’s Trade Deficit Down by 19.6% in Jan-Oct 2023 Period
The value of exports reached 4.421 billion euros, down 8.8 percent from October 2022.
Supermarket Trends: Greek Consumers Favor Snacks, Soft Drinks, and Alcoholic Beverages Over Ten Months
According to data from Circana (formerly IRI) for the ten-month period of January-October 2023, the largest sales volume increase was recorded in non-alcoholic beverages and snacks at +4.4%, and alcoholic beverages at +4.3%
Zara Launches Clothing Resale Platform in Greece
Zara is set to introduce its Zara Pre-Owned platform in Greece on December 12 2023, providing customers with the opportunity to sell and purchase second-hand Zara clothing
ELSTAT: Greek GDP up by 2.1 pct in Q3 of 2022
In terms of volume, ELSTAT data indicated a marginal 0.02 percentile upward tick in the 3rd quarter of 2023, in comparison to the previous quarter of the same year