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BMI View: The immediate impact from the EU-Japan FTA Political Level Agreement signed on July 6 this the political benefits to each side. Specifically, the agreement enables Japan and the EU to head into the G20 meeting with a tangible commitment to free trade creating a counter-weight to the US' more interventionist stance. Looking at long-term

2017 broadly signals a more positive outlook for the MENA infrastructure markets, which will benefit from oil prices starting an upwards trend and the corresponding general improvement in investor sentiment. Growth in key markets will tick upwards, although Saudi Arabia will disappoint and Iran's future attractiveness is at risk from a new US

European airports' renewed efforts to increase their non-aeronautical revenues can have a mixed impact on credit profiles, Fitch Ratings says. The strategy could help some airports perform better in a downturn if it results in a genuine diversification of revenue streams, but it can also expose them to new risks.

Non-aeronautical revenues have

As an aid to growth, Partner's IPTV service will only be mildly successful in the short term as it comes late into a market characterised by pay-TV saturation and dwindling operator revenues. Partner will leverage three aspects of its service: superior infrastructure, a flexible platform and premium content straight to the TV, but this will be no

Project activity across the MENA region will tick upwards in 2017 as governments begin to move pipelines forward following a period of relatively low activity. MENA will remain a significant market for transport project opportunities, but it is the non-residential building sector - specifically commercial and industrial projects - that represents

The rare combination of higher bond yields and lower equity prices across developed markets is becoming increasingly likely as risk perceptions change amid extreme market valuations. Cash is likely to become increasingly attractive due to its safety as central banks move to normalise monetary policy and asset values fall creating the appearance

Latin America is something of a laggard in adopting new, transformative digital technologies that can help drive economic diversification. Although IT spending in general is forecast to be robust and centred around server and datacentre upgrades, we expect businesses to be slow to adopt digital protection despite the growing threat of cybercrime

With all the negative news factored into prices and with sentiment at bearish extremes, the risk to prices over the coming months lies to the upside.

Brent crude has had a torrid 2017, falling from a high of USD57.10/bbl in January to USD44.82/bbl June. Returning barrels from Libya and Nigeria, a rampant US shale recovery and disappointing Q117

The Latest: The Tanzanian government has banned exports of unprocessed grains such as maize and sorghum in order to curb food inflation and increase output in the agro-processing industry. Squeezed crop supply in the country after a drought has seen food prices shoot up in recent months.

Food Inflation Will Level Out As Supply Improves

Tanzan

With its new plans, Vodafone is looking to pre-empt Iliad's entry in the Italian mobile market, due in early 2018. The use of zero-rating highlights the lack of clarity and fragmentation at the European level, as EU rules were not explicit on the service, leading operators to take advantage and offer free data on their tariffs.

Vodafone Italy