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D.C. readers: Join Axios' Mike Allen Thursday at 8am for a News Shapers event focused on U.S. trade policy. See details at the bottom of the newsletter.
Illustration: Sarah Grillo/Axios
Greek assets have been on fire this year, and more particularly in the past 2 weeks as investors position for a more business-friendly government to take the reins from Prime Minister Alexis Tsipras.
Why it matters: After years of being viewed as a market pariah — thrice bailed out by its eurozone creditors, limping from one austerity budget to the next — Greece last year began its road to economic recovery, with "positive developments" noted by an IMF monitor. (Though it is still the fund's 3rd largest borrower after Argentina and Ukraine.)
Driving the news: Tsipras' far-left Syriza party suffered massive defeats in European Parliament elections on May 26, and the government called for snap elections by June 30.
The big picture: Bonds globally have performed well, but Greece has seen particularly rousing returns. Yields on 10-year notes fell to record lows after the election results and have continued to drop. (Yields fall as prices rise.)
"The decline since the start of the year is remarkable, with Datastream data showing that the yield dipped below 2% for the first time since the series started in 1997," analysts at Fathom Consulting note.
Yes, but: Greece's economic numbers have not been spectacular all around. Its current account deficit rose significantly in March and its unemployment rate remains an elevated 18% — well below the 28.4% record high reported in February 2014, but still almost double 2009 levels of 9.7%.
What's next? The initial market move following the European Parliamentary elections was impressive, but Greek assets have managed to maintain their bid for all of June. The stock performance is particularly impressive given a massive selloff in April and May ahead of the elections.
Global coffee prices staged a small rally at the end of May, rising by around 10% as they bounced off a 15-year low of $0.867 per pound.
However, that rally was short-lived and has since reversed, including a 6.2% fall for futures prices last Wednesday. Now coffee is again trading below $1 a pound, less than half the value it fetched 5 years ago, because of a flood of beans from leading producer Brazil, which is falling into recession and has seen its real currency weaken.
What's happening: "Many growers around the world are having to abandon their farms or turn to illicit crops such as coca. This, in turn, is casting doubt over the future sustainability of supplies — and could, ultimately, prove costly for consumers," Chelsea Bruce-Lockhart and Emiko Terazono of the Financial Times write.
The Washington Post's Kevin Sieff points out that coffee's downturn also is adding to the historic flow of migrants to the U.S. from Central America, another major coffee bean hub.
"Since 2017, most farmers have been operating at a loss, even as many sell their beans to some of the world’s best-known specialty-coffee brands.
JPMorgan's downgrade of pretend meat purveyor Beyond Meat to Neutral from Buy was credited for the stock's 25% plunge Tuesday.
What they said: ""[T]his downgrade is purely a valuation call," JPMorgan equity strategists wrote in a note to clients.
Global sustainable investment reached $30.7 trillion at the start of 2018, an increase of 34% over the past 2 years, according to a new survey from UBS.
The study found:
Interestingly, 63% of survey respondents are not signatories to the UN-backed Principles for Responsible Investment.
Methodology: The survey interviewed 613 respondents in 47 different countries who collectively manage more than $19 trillion, UBS said in the report.
Mike will sit down with former Mexican Ambassador to the U.S. Arturo Sarukhan, Rep. Veronica Escobar (D-Texas), whose district's economy relies on cross-border trade, Sen. Mike Rounds (R-S.D.) on the way the farming state has been impacted by tariffs, and president of the U.S.-China Business Council Craig Allen to discuss U.S. trade policy and the news of the day. RSVP here.