GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 1,162.89 posting losses of 0.52%, in a turnover of €78.82mn.
Moody’s raised Greece’s sovereign credit rating by two notches from ‘Caa3’ to ‘Caa1’ with stable outlook. The first factor behind the upgrade of Greece’s rating is Moody’s strengthened expectation that the general government debt to GDP ratio will start declining in 2015. The government’s progress in fiscal consolidation under its economic adjustment program underscores the improvement in the debt trajectory. Moody’s expects Greece’s debt to GDP ratio to decline in 2015 after peaking this year at around 179% of GDP. The ratings agency said Greece’s short-term debt rating is unaffected and remains “Not Prime.”
The European Commission President-elect Mr. Jean-Claude Juncker is expected in Athens today, where he will be meeting with the Greek Prime Minister Mr. Antonis Samaras. Mr. Juncker sad that his priority as Commission president is jobs, growth and investment.
According to press reports, Greece will not be able to complete some 600 pending actions in time for the troika review in September and will sit down with its lenders to discuss shortening this list when the two sides meet in Paris (3-5 September 3) a few days before inspectors arrive in Athens.
The Purchasing Managers Index (PMI) dropped to a nine-month low in July to 48.7 points, against 49.4 points in June (Markit).
According to a labor study conducted by BoG, the employment has delivered a positive growth rate as of May 2013 and is expected to provide positive readings throughout 2014. The Bank says the decline in employment would have been lower if the labor market had been more flexible. According to the Greek national statistics agency, the unemployment rate remains over 27%.
- Eurobank: Fairfax Financial Holdings Ltd said Quebec’s securities regulator is investigating Chief Executive Officer Mr. Prem Watsa and President Mr. Paul Rivett as part of a probe into possible insider trading.
FTSE 25 September future:
- Support levels: 366-360-355. Resistance levels: 378-386-394.
- Support levels: 1,150-1,138-1,120. Resistance levels: 1,185-1,200-1,220.
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