Greek budget revenues surpassed targets in August

#economy

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10 things you need to know before the opening bell (SPY, SPX, DIA, QQQ, HPQ, ROST, GPS)

Here is what you need to know. Chinese manufacturing slumped to a 6.5-year low. China's Caixin Flash Manufacturing PMI fell to 47.1 in August, down from 47.8 in July. The reading was the weakest since March 2010, and is the latest sign of an economic slowdown in China. The internals of the report were ugly as most sub-indices fell at an accelerating rate. China's Shanghai Composite (-4.3%) tumbled back near the July lows. Greece's prime minister resigned. Alexis Tsipras has stepped down as Greek prime minister just days after securing an €86 billion ($96.3 billion) bailout. The writing was on the wall for Tsipras as a large number of members of his Syriza party voted against the bailout he negotiated. Elections are likely to be held September 20. Greece's 2-year yield is higher by 144 basis points at 13.67%. European Flash Manufacturing and Services PMI were both good and bad. The euro zone as a whole saw its manufacturing reading hold at 52.4 and its services number climb to 54.3. Both were better than expected. Germany's numbers were mixed as manufacturing improved to 53.2, its strongest since April 2014, but services slumped to 53.6. France was ugly. Manufacturing fell further into contraction with a 48.6 print and services slowed to 51.8. The euro is up 0.4% at 1.1291, a two-month high. Korea's won fell to a 4-year low. The currency lost 0.8% versus the dollar to finish at 1194.82 after North Korea said its frontline army was entering a state of war. The won finished at its weakest since October 2011. Hewlett-Packard reported mixed results. The computer giant announced earnings of $0.88 per share, topping analyst expectations by $0.03. Revenue was a bit light, coming in at $25.3 billion versus the $25.44 billion estimate. Hewlett-Packard saw a 13% drop in PC sales and a 9% slide in printing revenue. The lone bright spot was the Enterprise Group, which saw revenue edge up 2%. The company guided fourth quarter earnings of $0.92 to $0.98, which was shy of the $1.00 that Wall Street was anticipating. Gap posts in-line quarter. The retailer earned an adjusted $0.64 per share, matching analysts' forecasts. Revenue slipped 2.1% to $3.90 billion, which was just shy of the $3.97 billion that was expected. Comparable sales for the quarter for Gap Global fell 6% while Banana Republic Global saw a drop of 4%. Old Navy outperformed, seeing an increase of 3%. Gap noted the weakness in the Canadian dollar and Japanese yen had a notable impact on their results. The company expects adjusted earnings of $0.63 to $0.64 per share in their second quarter. Ross Stores tops estimates but warns. The discount retailer announced earnings of $0.63 per share, ahead of the $0.59 to $0.62 it had projected. Revenue rose 8.7% to $2.97 billion, edging out the $2.94 billion that analysts were expecting. "We are pleased with our solid sales and earnings growth for both the second quarter and first six months. These results reflect that our assortments of compelling name brand bargains continue to resonate with today's value-focused customers," CEO Barbara Rentler said in a statement. The company warned the second half of the year is expected to be challenging as department stores are expected to increase their discounts due to weak results. Stock markets around the world are weaker. Aside from the plunge in China, Japan's Nikkei (-3%) paced the decline in Asia. In Europe, France's CAC (-1.2%) leads the way lower. S&P 500 futures are down 5.00 points at 2020.25. The US economic calendar is quiet. At 9:45 a.m. ET, we'll get the Flash Manufacturing PMI report for August. From there, data remains absent until Tuesday. The US 10-year yield is up 1 basis point at 2.08%. Earnings reports are light. Deere and Foot Locker highlight the list of companies releasing their quarterly results ahead of the opening bell.Join the conversation about this story »

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Greek economy actually GROWS despite the financial chaos that has brought the country to a virtual standstill

Greece's economy expanded by 0.8 per cent in the second quarter of 2015, the national statistics agency estimated today, with the country also escaping recession in the first quarter. According to the new figures, the Greek economy posted zero growth in ...

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Greeks are Hiding Over €50 Billion in Cash

The imposition of capital controls showed that Greeks have over 50 billion euros stashed away under mattresses, in drawers, buried in the yard or in bank safety deposit boxes. In July, with capital controls in full effect for the whole month, banknotes in circulation decreased by 400 million euros compared to June. In June, the

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FTSE ends flat and Coca-Cola Hellenic loses its fizz

Bottling group hit by sell notes as analysts warn of difficult marketsLeading shares ended marginally lower amid another decline in the Greek stock market - with banks losing another 30% - and despite a recovery in commodity prices.One of the biggest losers was Coca-Cola Hellenic Bottling, which has been under pressure in recent months due to its exposure to the trouble Greek and Russian markets.The big unknowns for us are how the group is coping with the adverse impact of foreign exchange rates, which continue to present a significant headwind on both a transactional and translational basis, how much benefit is coming through from lower input costs and the level of efficiency gains management is driving through the business. On a technical basis, the group’s first half results should also benefit from the additional four selling days, which reverses out in the fourth quarter of 2015. Continue reading...

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10 things you need to know before the opening bell (DIA, SPY, QQQ, SPX, FB, DB, SSNLF, WFM)

Here is what you need to know. Facebook beat on the top and bottom lines. The social-media giant announced earnings of $0.50 per share, topping analyst estimates by $0.03. Revenue surged 38.9% compared with a year ago to $4.04 billion, beating the $3.99 billion that was expected. The closely followed daily-active-users metric climbed 17% year-over-year to 968 million, but that was slightly below the 970.5 million that analysts were anticipating. On the conference call, CFO David Wehner said, "Mobile is the engine of our revenue growth." The stock was lower by more than 3% in after-hours action. Whole Foods missed and lowered guidance. The grocery giant announced earnings of $0.43 per share, missing analyst estimates by a penny. Revenue climbed 9% from last year to $3.6 billion, matching forecasts. Whole Foods projects sales growth of 7%, which is down from their previous estimate of up 9%. The stock was down more than 11% in after hours trade. Deutsche Bank beat. The investment bank saw revenue climb 17% versus last year to €9.2 billion, outpacing the €8.6 billion estimate. According to new CEO John Cryan, "Solid revenue growth underscores the fundamental strengths of our businesses and the commitment of our people. However, our challenges are also evident in the unacceptably high level of our costs, our continuing burden of heavy litigation charges, a balance sheet that must be more efficient, and the poor overall returns to our shareholders." Deutsche Bank booked €1.2 billion in litigation expenses in the second quarter alone, up from €757 million a year ago. Samsung was hurt by its Galaxy S6 shortage. The world's top smartphone maker announced its operating profit fell 4% versus last year to 6.9 trillion won ($5.9 billion). The number was in-line with prior guidance. Reuters says, Samsung had trouble keeping up with demand for the curved S6, and that was at least partially responsible for the 37.6% drop in profits at the mobile division, compared to a year ago. Brazil hiked. The Central Bank of Brazil hiked its Selic rate 50 basis points to 14.25%, as expected. The interest rate hike comes despite the country's economy teetering on the brink of recession as the central bank looks to strengthen the weak real. AFP reports, Wednesday's meeting was the seventh consecutive to produce a rate hike and the 50 basis point move was the largest by the central bank in nine years. Spain's economy posted its strongest growth since before the financial crisis. The Spanish economy expanded at 1% in the second quarter, matching estimates. According to the Telegraph, the economy was boosted by strong consumer spending, industrial investment and the weaker euro. The reading marked an eighth straight quarter of growth and was the strongest since the second quarter of 2007. On a year-over-year basis, the Spanish economy grew at a 3.1% clip. Spain's 10-year yield is down 6 basis points at 1.90%. Greece might be forced into snap elections. Prime minister Alexis Tsipras has been unable to win back support from members of his Syriza party after they voted against his deal with Greece's creditors. According to Bloomberg, "A formal party split would strip Tsipras’ coalition of its parliamentary majority and could force him to hold elections." Greece's 2-year yield is unchanged at 21.70%. Stock markets around the world trade mixed. China's Shanghai Composite (-2.2%) paced the decline in Asia and France's CAC (+0.7%) leads the way higher in Europe. S&P 500 futures are higher by 0.25 points at 2101.75. US economic data flows. Initial and continuing claims and GDP will cross the wires at 8:30 a.m. ET. Natural gas inventories are scheduled for 10:30 a.m. ET. The US Treasury will auction $29 billion 7-year notes at 1 p.m. ET. The US 10-year yield is up 1 basis point at 2.30%.  Earnings releases remain heavy. Anheuser-Busch InBev, ConocoPhillips, Fiat Chrysler, Procter & Gamble, Sony and T-Mobile US are among the companies scheduled to report ahead of the opening bell. Amgen, Banco Santander and LinkedIn highlight the names set to release their quarterly results after the close.Join the conversation about this story » NOW WATCH: How to clear out a ton of space on your iPhone superfast

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Rolls-Royce profits were slashed by 57% in the first half of the year

Rolls Royce profits have been absolutely crushed over the last year. The car and engine manufacturer has just released its Q2 results, and profits have dropped by 57% in the first half, compared to the same time last year. Here are the important details: Revenue actually rose by 2% to £6.37 billion ($9.94 billion). But profits got crushed, falling from £713 million ($1.11 billion) in the first half of 2014 to just £310 million ($483.62 million) in the six months to June 30. Underlying profit, before tax, is down to £439 million ($684.87 million). That's not quite as bad as the headline figure, but it's still a 32% decline. The firm had already warned that profits would be much lower, sending the share price tumbling earlier this month. CEO Warren East put the financial performance down to transitioning to newer and more fuel-efficient engines. He said: "While these create a profit headwind in the near term, it is critical we successfully deliver our product launches, complete our supply chain transformation and sustain investment in our businesses to strengthen their competitive positions." We'll update you to see how Rolls Royce is doing once markets open. Join the conversation about this story » NOW WATCH: 6 mind-blowing facts about Greece's economy

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Forget about 'beats' and 'misses' when it comes to quarterly earnings

It’s time to break free of the “tyranny” of “quarterly capitalism”, Hillary Clinton proclaimed in an economic stump speech on Friday afternoon at New York University. Translation? The Democratic Party’s front-running presidential candidate is taking aim at Wall Street – sort of. Clinton is no Bernie Sanders, or Elizabeth Warren for that matter. For some she is, in fact, just a little too close to the money men. So perhaps unsurprisingly, instead of offering a wide-ranging critique of US capitalism, Clinton’s taking aim at a very specific Wall Street ritual: the corporate earnings report. What makes her comments timely as well as interesting is the fact that they were delivered smack dab in the middle of the second quarter’s “earnings season” – the six-week period during which the vast majority of publicly-traded companies tell us how much money they made during from April 1 until June 30, and analysts and traders rush to compare those figures to forecasts. When the numbers measure up – or even better, exceed – the forecasts, it’s known as a “beat”, and Good Things Happen. Just look at what happened to Google earlier this month when it delivered better-than-expected results, including an 11% jump in advertising revenue. The company’s stock set off for the stratosphere, soaring 16.3%. That wasn’t only Google’s single best day in its own history as a public company, but the biggest one-day gain recorded by any public company, ever, as the total value of Google (the number of shares multiplied by the stock price) increased by a record $66.9bn to $478bn. It’s as if Google suddenly gave birth to several giant new businesses, overnight. Then there’s Amazon, which also startled investors by reporting better-than-expected revenues and by announcing that it actually made money, instead of reporting a loss for the quarter. The stock soared 18%; now Amazon is worth more than Wal-Mart. But if you disappoint, prepare to be punished; Wall Street is unforgiving. Only in the rather bizarre world of earnings season could a 38% gain in profitability and a 35% increase in iPhone sales be dubbed a “disappointment” by analysts covering Apple. But that’s just what happened, in large part because some had expectations that were even higher , and because the company hinted that the current quarter could prove more lackluster. In a flash, $60bn evaporate from the value of the company’s market capitalization. Ouch. Trying to deliver quarterly results that are on target, or a “beat”, has long since become a game. Entire teams of analysts are devoted to tracking the process. So, for instance, as I write this, I can tell you that Thomson Reuters I/B/E/S calculates that of the companies in the Standard & Poor’s 500 index, 186, or 37%, have so far announced their results. Of those, 74% have beaten estimates, while 18% have reported earnings that were worse than analysts had anticipated. In a typical quarter (since 1994), 63% of companies beat estimates; in the last four quarters 70% beat estimates. But – remember that I described this as a game? Heading into reporting season, companies will deliver hints to analysts – hey, your earnings estimate for us is too high; you might want to trim it a bit. They’ll do that throughout the quarter, going back and forth, until by the time the quarter is over, and the earnings are announced, what appears to be a “beat” is actually a figure that is lower than the original forecast. In other words, if analysts hadn’t cut their estimates, that beat would have been a “miss”. Only if you’ve been following the process, and have access to the fluctuating estimates – only if you’re an insider – do you know whether a beat is really a beat, and whether to react with exuberance and excitement. Then, too, what’s happening on the bottom line often isn’t the full story. Consider toymaker Mattel Corp, which analysts were expecting to report a loss of 4 cents a share. When it actually reported a profit of a penny a share, that should have been good news, right? Wrong. That’s still worse than the company’s profits a year ago, and it was accompanied by an unexpected dip in revenues. When Hillary Clinton takes aim at “quarterly capitalism”, it’s stuff like that she is thinking of. Well, that, and the antics that go on behind the scenes in corner offices in order for chief financial officers to deliver on the expectations of analysts and the investors who await each quarterly earnings season announcement anxiously. The critique is an old one, dating back decades. The demand to manage earnings on a quarterly basis frustrates the CEOs themselves, many of whom loathe having to ensure their earnings are squarely on target or incur the wrath of giant activist investors like Carl Icahn or David Einhorn, capable of making their lives a living hell. And it is a real conundrum. On the one hand, CEOs and their chief financial officers are responsible to their investors; their job is to maximize profits. That’s their fiduciary duty. So an investor who sees a company passing up an opportunity to make money this summer, and hears the CEO arguing next earnings season that he made that choice in order to invest in something that will (hopefully) produce even larger rewards in, say, 2017, might justifiably be annoyed. Many CEOs see that as too risky; they’d like to keep their jobs and keep investors pacified, thank you very much. There’s an equally valid argument that by taking those risks (and deferring today’s profits), CEOs are doing their investors, and the economy as a whole, a greater disservice. It’s worth noting, incidentally, that two of the companies that have delivered blockbuster “positive surprises” so far this earnings season, Google and Amazon, are both headed by management teams with the ability or willingness to defy Wall Street and march to the sound of their own drummer. Google’s co-founders still control the lion’s share of the company’s voting stock, meaning that they can afford to shrug off grumpy investors, to some extent. Amazon’s Jeff Bezos has made it clear that he’ll tolerate large losses if that’s what it takes to boost revenues and market share – and if investors don’t share his vision, they don’t have to stick around. Clinton argues that companies that become obsessed with “quarterly capitalism” risk throwing the whole system out of balance by focusing only on the short term. Her admittedly wonkish speech criticized “hit and run” activist shareholders and the “culture of short-term speculation”, even if it was short of specifics on how to address those particular features of Wall Street. But we don’t have to wait for Clinton – or any other politico – to lead the way. We can choose how we react to earnings releases, or fail to do so, for instance. Corporate earnings news does matter, but the noise that surrounds it rarely does. Forget about the “beats” and “misses” and focus on the context. What is intriguing about Amazon’s announcement is the fact that the dramatic gain came from the company’s cloud business, rather than the core retail operations with which we’re all familiar. That might give you a lot of food for thought about what this means for other companies offering clients infrastructure web services platforms in the cloud, including Google, Microsoft and even Alibaba. Mattel’s announcement got me thinking about the fact that companies are having to struggle to post higher profits – this could end up being the 16th quarter in a row in which earnings grow at a faster rate than revenues, Thomson Reuters has warned. That means the pressure will be on businesses to keep cutting costs to deliver the earnings that investors expect – including salaries and jobs. Then, too, it’s always good to monitor earnings announcements for what companies say about what they see coming next. What’s happening in China? Will oil prices bounce back to life? Are they worried about Greece or do they see it as a sideshow? CEOs and their chief financial honchos usually have a conference call with analysts after the release of earnings and that’s when the analysts will grill them about what’s going to happen next. One earnings season is now history, and Wall Street is looking ahead for clues to the next. If you really want to play the insider’s game, so should you, by reading the (publicly available) transcripts. Wall Street may still write the rules of the earnings season game, but that doesn’t mean we can’t tilt the boards a little bit in our favor, whether by figuring out what’s going on or finding a way to play on our own terms. This article originally appeared on guardian.co.ukJoin the conversation about this story » NOW WATCH: This drummer created a whole song by only using the sound of coins

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What we can all learn from Wall Street's quarterly earnings obsession

It’s time to break free of the “tyranny” of “quarterly capitalism”, Hillary Clinton proclaimed in an economic stump speech on Friday afternoon at New York University. Translation? The Democratic Party’s front-running presidential candidate is taking aim at Wall Street – sort of. Clinton is no Bernie Sanders, or Elizabeth Warren for that matter. For some she is, in fact, just a little too close to the money men. So perhaps unsurprisingly, instead of offering a wide-ranging critique of US capitalism, Clinton’s taking aim at a very specific Wall Street ritual: the corporate earnings report. What makes her comments timely as well as interesting is the fact that they were delivered smack dab in the middle of the second quarter’s “earnings season” – the six-week period during which the vast majority of publicly-traded companies tell us how much money they made during from April 1 until June 30, and analysts and traders rush to compare those figures to forecasts. When the numbers measure up – or even better, exceed – the forecasts, it’s known as a “beat”, and Good Things Happen. Just look at what happened to Google earlier this month when it delivered better-than-expected results, including an 11% jump in advertising revenue. The company’s stock set off for the stratosphere, soaring 16.3%. That wasn’t only Google’s single best day in its own history as a public company, but the biggest one-day gain recorded by any public company, ever, as the total value of Google (the number of shares multiplied by the stock price) increased by a record $66.9bn to $478bn. It’s as if Google suddenly gave birth to several giant new businesses, overnight. Then there’s Amazon, which also startled investors by reporting better-than-expected revenues and by announcing that it actually made money, instead of reporting a loss for the quarter. The stock soared 18%; now Amazon is worth more than Wal-Mart. But if you disappoint, prepare to be punished; Wall Street is unforgiving. Only in the rather bizarre world of earnings season could a 38% gain in profitability and a 35% increase in iPhone sales be dubbed a “disappointment” by analysts covering Apple. But that’s just what happened, in large part because some had expectations that were even higher , and because the company hinted that the current quarter could prove more lackluster. In a flash, $60bn evaporate from the value of the company’s market capitalization. Ouch. Trying to deliver quarterly results that are on target, or a “beat”, has long since become a game. Entire teams of analysts are devoted to tracking the process. So, for instance, as I write this, I can tell you that Thomson Reuters I/B/E/S calculates that of the companies in the Standard & Poor’s 500 index, 186, or 37%, have so far announced their results. Of those, 74% have beaten estimates, while 18% have reported earnings that were worse than analysts had anticipated. In a typical quarter (since 1994), 63% of companies beat estimates; in the last four quarters 70% beat estimates. But – remember that I described this as a game? Heading into reporting season, companies will deliver hints to analysts – hey, your earnings estimate for us is too high; you might want to trim it a bit. They’ll do that throughout the quarter, going back and forth, until by the time the quarter is over, and the earnings are announced, what appears to be a “beat” is actually a figure that is lower than the original forecast. In other words, if analysts hadn’t cut their estimates, that beat would have been a “miss”. Only if you’ve been following the process, and have access to the fluctuating estimates – only if you’re an insider – do you know whether a beat is really a beat, and whether to react with exuberance and excitement. Then, too, what’s happening on the bottom line often isn’t the full story. Consider toymaker Mattel Corp, which analysts were expecting to report a loss of 4 cents a share. When it actually reported a profit of a penny a share, that should have been good news, right? Wrong. That’s still worse than the company’s profits a year ago, and it was accompanied by an unexpected dip in revenues. When Hillary Clinton takes aim at “quarterly capitalism”, it’s stuff like that she is thinking of. Well, that, and the antics that go on behind the scenes in corner offices in order for chief financial officers to deliver on the expectations of analysts and the investors who await each quarterly earnings season announcement anxiously. The critique is an old one, dating back decades. The demand to manage earnings on a quarterly basis frustrates the CEOs themselves, many of whom loathe having to ensure their earnings are squarely on target or incur the wrath of giant activist investors like Carl Icahn or David Einhorn, capable of making their lives a living hell. And it is a real conundrum. On the one hand, CEOs and their chief financial officers are responsible to their investors; their job is to maximize profits. That’s their fiduciary duty. So an investor who sees a company passing up an opportunity to make money this summer, and hears the CEO arguing next earnings season that he made that choice in order to invest in something that will (hopefully) produce even larger rewards in, say, 2017, might justifiably be annoyed. Many CEOs see that as too risky; they’d like to keep their jobs and keep investors pacified, thank you very much. There’s an equally valid argument that by taking those risks (and deferring today’s profits), CEOs are doing their investors, and the economy as a whole, a greater disservice. It’s worth noting, incidentally, that two of the companies that have delivered blockbuster “positive surprises” so far this earnings season, Google and Amazon, are both headed by management teams with the ability or willingness to defy Wall Street and march to the sound of their own drummer. Google’s co-founders still control the lion’s share of the company’s voting stock, meaning that they can afford to shrug off grumpy investors, to some extent. Amazon’s Jeff Bezos has made it clear that he’ll tolerate large losses if that’s what it takes to boost revenues and market share – and if investors don’t share his vision, they don’t have to stick around. Clinton argues that companies that become obsessed with “quarterly capitalism” risk throwing the whole system out of balance by focusing only on the short term. Her admittedly wonkish speech criticized “hit and run” activist shareholders and the “culture of short-term speculation”, even if it was short of specifics on how to address those particular features of Wall Street. But we don’t have to wait for Clinton – or any other politico – to lead the way. We can choose how we react to earnings releases, or fail to do so, for instance. Corporate earnings news does matter, but the noise that surrounds it rarely does. Forget about the “beats” and “misses” and focus on the context. What is intriguing about Amazon’s announcement is the fact that the dramatic gain came from the company’s cloud business, rather than the core retail operations with which we’re all familiar. That might give you a lot of food for thought about what this means for other companies offering clients infrastructure web services platforms in the cloud, including Google, Microsoft and even Alibaba. Mattel’s announcement got me thinking about the fact that companies are having to struggle to post higher profits – this could end up being the 16th quarter in a row in which earnings grow at a faster rate than revenues, Thomson Reuters has warned. That means the pressure will be on businesses to keep cutting costs to deliver the earnings that investors expect – including salaries and jobs. Then, too, it’s always good to monitor earnings announcements for what companies say about what they see coming next. What’s happening in China? Will oil prices bounce back to life? Are they worried about Greece or do they see it as a sideshow? CEOs and their chief financial honchos usually have a conference call with analysts after the release of earnings and that’s when the analysts will grill them about what’s going to happen next. One earnings season is now history, and Wall Street is looking ahead for clues to the next. If you really want to play the insider’s game, so should you, by reading the (publicly available) transcripts. Wall Street may still write the rules of the earnings season game, but that doesn’t mean we can’t tilt the boards a little bit in our favor, whether by figuring out what’s going on or finding a way to play on our own terms. This article originally appeared on guardian.co.ukJoin the conversation about this story » NOW WATCH: This drummer created a whole song by only using the sound of coins

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Greek Budget Primary Surplus Up in January-May‏

The Greek budget showed a primary surplus of 1.506 billion euros in the January-May period this year, from a surplus of 707 million euros in the corresponding period in 2014 and a budget target for a primary surplus of 556 million euros. State budget figures, on an amended cash basis, showed a deficit of 1.399 billion euros in the five-month period, from a deficit of 1.990 billion last year and a budget target for a shortfall of 3.481 billion euros. Net budget revenue totaled 18.626 billion euros in the first five months of 2015, down 2.8 pct from targets, while regular budget net revenue totaled 17.048 billion euros, down 5.4 pct from targets. This development was attributed to a 94.5 pct fall in corporate income tax revenue and a 6.4 pct decline in VAT revenue. On the other hand, property taxes surpassed targets by 18.4 pct and other non-tax revenue were up 22.3 pct in the January-May period. Public Investment Program revenue reached 1.577 billion euros, up 417 million from targets. In May, state budget net revenue fell short of targets by 24.6 pct, while regular budget net revenue were down 24 pct from monthly targets. This development was attributed partly to the non collection of the first installment of corporate taxes (555 million euros) and the non collection of ANFAs (132 million euros). State budget spending totaled 20.025 billion euros in the five-month period, down 2.628 billion euros from targets, while regular budget spending totaled 19.053 billion euros, down 1.939 billion from targets. Regular budget spending was down 3.8 pct from the same period last year. Public Investment Program spending reached 971 million euros, down 689 million from targets and down 809 million euros from the same period last year. In May, state budget spending reached 3.7 billion euros, down 591 million from targets, while regular budget spending totaled 3.55 billion euros, down 311 million from targets. (Source: ANA-MPA)

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Greek Budget Primary Surplus Up in January-May‏

The Greek budget showed a primary surplus of 1.506 billion euros in the January-May period this year, from a surplus of 707 million euros in the corresponding period in 2014 and a budget target for a primary surplus of 556 million euros. State budget figures, on an amended cash basis, showed a deficit of 1.399 billion euros in the five-month period, from a deficit of 1.990 billion last year and a budget target for a shortfall of 3.481 billion euros. Net budget revenue totaled 18.626 billion euros in the first five months of 2015, down 2.8 pct from targets, while regular budget net revenue totaled 17.048 billion euros, down 5.4 pct from targets. This development was attributed to a 94.5 pct fall in corporate income tax revenue and a 6.4 pct decline in VAT revenue. On the other hand, property taxes surpassed targets by 18.4 pct and other non-tax revenue were up 22.3 pct in the January-May period. Public Investment Program revenue reached 1.577 billion euros, up 417 million from targets. In May, state budget net revenue fell short of targets by 24.6 pct, while regular budget net revenue were down 24 pct from monthly targets. This development was attributed partly to the non collection of the first installment of corporate taxes (555 million euros) and the non collection of ANFAs (132 million euros). State budget spending totaled 20.025 billion euros in the five-month period, down 2.628 billion euros from targets, while regular budget spending totaled 19.053 billion euros, down 1.939 billion from targets. Regular budget spending was down 3.8 pct from the same period last year. Public Investment Program spending reached 971 million euros, down 689 million from targets and down 809 million euros from the same period last year. In May, state budget spending reached 3.7 billion euros, down 591 million from targets, while regular budget spending totaled 3.55 billion euros, down 311 million from targets. (Source: ANA-MPA)

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Greek Risks Spur Demand for Fixed Income in Europe

Total volume of deposits in Greek banks decreased 3.6% in April to some 133.7 bln euros, down from 138.6 bln euros the previous month, according ...

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Every Greek has an Average of 3 Bank Accounts, Almost €29 Bln Fled in 5 Months

Greeks have a total of 34,715,719 bank accounts, which means that every Greek possesses an average of three bank accounts. Also, Greeks have withdrawn 28.81 billion euros in the November 2014-March 2015 period, according to a Capital.gr report. According to the report, 26,158,285 are savings accounts, 7,100,264 are checking accounts, 1,457,158 time deposit accounts and 12 repos accounts. There was a total of 3.388 billion euros withdrawn in March, while it is estimated that April figures will show a 5 to 6-billion-euro outflow. March was a relatively quiet month. However, due to the political turmoil in Greece, total cash outflow from banks was 12.917 billion euros in January, while 7.88 billion euros were withdrawn in February. The upward trend in April is due to the stalling in negotiations and the climate of uncertainty in the market. Regarding account totals, Greeks had a total of 177.845 billion euros in the bank at the end of November 2014. The total at the end of March 2015 was 149.035 billion euros (28.81 billion outflow). During the same period, deposits were down by 25.741 billion euros (from 164.296 to 138.555).

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STOCKS TUMBLE: Here's what you need to know (SPY, DJI, IXIC, USO, WTI, VDE, OIL, DIS, MSFT, CRM, AVP, BABA)

Stocks tanked after we saw a massive jump in the trade deficit, and global bonds sold off on new concerns about Greece's debt crisis. First, the scoreboard: Dow: 17,921.49, -148.91, (-0.82%) S&P 500: 2,089.43, -25.06, (-1.19%) Nasdaq: 4,938.58, -78.35, (-1.56%) And now, the top stories on Tuesday: The US trade deficit ballooned to $51.4 billion in March. This was an unprecedented jump on a couple of fronts: it was a six-year high, much more than the $41.7 billion forecast, and was the biggest deficit since October 2008. It was a 43.1% increase from last month, the largest jump in 18 years. The surge in the deficit — the gap between imports and exports — has been largely blamed on the nine-month slowdown at West Coast ports, and on the strong US dollar. This means the economy likely contracted in the first quarter. Many economists downgraded their estimates for Q1 Gross Domestic Product into negative territory. "Guess you can kiss the positive 0.2% rise in first quarter real GDP good-bye," wrote Chris Rupkey at Bank of Tokyo-Mitsubishi. TD Securities estimates that the jump in the deficit could erase between 0.2 and 0.3 percentage points from first-quarter GDP. Pantheon Macroeconomics' Ian Shepherdson had this take: "Barring a miracle in other data, the March trade numbers mean Q1 GDP growth will be revised to less than zero. Recession!* *Not really." So there's some relief. West Texas Intermediate crude oil crossed the $60 per barrel mark for the first time since December. Reuters reported that protests in the eastern Libyan oil port of Zueitina stopped crude flows, and blocked exports. Also, Saudi Arabia raised its official selling price for crude oil to the US and Northwest Europe, Reuters reported. Still, Saudi Arabia's oil minister told CNBC in a morning interview, "No one can set the price of oil — it's up to Allah." Disney posted earnings per share above analysts' forecasts, and the stock rose to an all-time high in pre-market trading. The company saw diluted earnings per share of $1.23 (vs $1.10 forecast,) and revenues of $12.46 billion (vs $12.25 billion.) Disney has beaten EPS estimates in every quarter for four years. It’s revenues were boosted by theme park sales and continued demand for "Frozen" merchandise. Income from cable networks fell.  Microsoft is thinking about buying Salesforce. Salesforce has been approached by another suitor about a possible acquisition, sources told Bloomberg. Additionally, a deal with Microsoft is not yet in the works though Salesforce has reportedly hired two investment banks to respond to offers.  Avon shares tanked by more than 11% following a report that it's struggling to sell its North American business. In March, the Wall Street Journal reported that Avon is considering strategic alternatives for the unit, which could include selling parts or all of it. And late Monday, the New York Post reported that companies interested in buying out Avon are struggling to finance an offer. Avon's North American revenues fell 18% in Q1. The service sector expanded in April. Markit Economics' latest services PMI came in at 57.4, just below expectations. ISM's non-manufacturing index also indicated expansion last month, rising to 57.8 from 56.5 in March while topping expectations for a reading of 56.2. Alibaba shares fell to an all-time low ahead of its earnings release on Thursday. The stock fell by up to 3% to as low as $77.77 per share. In an earnings preview, Morgan Stanley analysts noted that in a speech on April 23, Alibaba CEO Jack Ma said he expects a headcount freeze in 2015. That could be interpreted to mean earnings will come under pressure in the near term, the firm noted. Jefferies has a big new call for Tesla: $350. Jefferies initiated research coverage on the stock with a "Buy" rating and $350 price target for Tesla, which saw shares rally by up to 3% to around $239 per share. A recent survey of 700 people suggested that Tesla could sell "at least" 500,000 cars a year by 2020. According to Bloomberg data, only Stifel, which has a price target of $400, is projecting more upside for Tesla shares. DON'T MISS: Americans are losing confidence in the economy »Join the conversation about this story » NOW WATCH: Here are the 11 smartest high schools in America

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Greek Budget Primary Surplus Increases to 1.732 Billion Euros in Q1 2015

Greek budget deficit widened slightly to 503 million euros in the January-March period this year, from 448 million euros in the corresponding period in 2014, but it was significantly lower compared to a budget target for a deficit of 2.11 billion euros. The Greek budget recorded a primary surplus of 1.732 billion euros in the first quarter of the year, from a primary surplus of 1.541 billion last year and a budget target for a primary surplus of 119 million euros. State budget net revenue totaled 12.020 billion euros in the three-month period, up 0.8% from target, while regular budget net revenue totaled 10.571 billion euros, down 5.3% from target. Tax revenue totaled 9.314 billion euros in the January-March period, down 7.4% from target. This development is attributed to an 11.7% shortfall in direct tax revenue to 3.901 billion euros, reflecting a 9.3% decline in income tax, a 37.2% fall in direct taxes, a 4.1% fall in indirect taxes, while VAT on oil products fell 13.3%, VAT on tobacco surpassed target by 44.3% and a special consumption tax on energy products surpassed target by 3.0%. Other non-tax revenues surpassed target by 45.9% in the three-month period. Tax returns totaled 796 million euros, up 135 million from target. Public Investment Program revenue totaled 1.449 billion euros, up 679 million from target. State budget spending totaled 12.522 billion euros, down 1.516 billion from target, while regular budget spending totaled 11.980 billion euros, down 1.338 billion from target reflecting an 1.181-billion-euro reduction in primary spending and a 130-million-euro reduction in defense spending. Regular budget spending was down 2.2% compared to the first quarter of 2014. Public Investment Program spending totaled 542 million euros, down 178 million from target and down 376 million compared to the same period in 2014. (source: ana-mpa)

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FTSE jumps after positive results from Arm and Sky

Markets shrug off Greek worries to push shares back towards record highsThe FTSE 100 is continuing the week’s recovery, with chip designer Arm leading the way.The company, which supplies Apple’s iPhone, has jumped more that 5% to £12.13 after it beat forecasts for its first quarter. Boosted by the iPhone 6, Arm said profits rose 24% to £120.5m and royalties were expected to continue growing. Chief executive Simon Segars said:As the world becomes more digital and more connected, we continue to see an increase in the demand for Arm’s smart and energy-efficient technology, which is driving both our licensing and royalty revenues.In recent months many handset [manufacturers] have announced smartphones and tablets based on Armv8-A and Mali graphics processors. As production of these mobile computers start to ramp up in the second half of the year, Arm will benefit from the higher royalty percentage per chip that these technologies deliver compared to the processors in previous generations of mobile devices.Overall Arm’s results were a good set of numbers and we expect 2015 consensus to nudge up. Royalty growth was stellar with higher royalty chips now coming through (V8 was 3.5% of volume) with sales up 31% to $167.5m versus our $160.1m (consensus $159.9m). However licences were down 2% to $109.3m versus our $113.8m (consensus $113.2m) with backlog down 7%. The exceptional licence growth of last two years could not continue forever so we are not overly concerned with this one data point. Shares are at our target and we stay at hold.This is a strong start to the year as the mobile industry continues to expect strong progress in 2015, demonstrated at the Mobile World Conference in February.Having spoken to the company we don’t expect any material changes to consensus estimates for 2015 (royalty nudged up, licensing nudged down). Expect the royalty growth to be well received, but don’t expect any change to numbers.We reduce EBITDA by around 9% largely due to increased investment in technology. At the adjusted earnings per share level however our estimates are increased 7% for 2015 and 1% for 2016 as we adjust for acquired amortization, in line with recent company reporting. Continue reading...

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National Bank of Greece (NBG) Stock Lower Today on Reports Country to Run Out of Cash Next ...

NEW YORK (TheStreet) -- Shares of National Bank of Greece (NBG - Get Report) are down by 2.11% to $1.39 in mid-morning trading on Tuesday, ...

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National Bank of Greece (NBG) Stock Lower Today on Reports Country to Run Out of Cash Next ...

NEW YORK (TheStreet) -- Shares of National Bank of Greece (NBG - Get Report) are down by 2.11% to $1.39 in mid-morning trading on Tuesday, ...

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National Bank of Greece (NBG) Stock Lower Today as Greek Markets Decline

NEW YORK (TheStreet) -- Shares of National Bank of Greece (NBG - Get Report) are down 5.37% to $1.14 in morning trading today as Greek markets ...

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Frigoglass posts lower fourth-quarter loss

Greek refrigerator maker Frigoglass reported a smaller loss in the fourth quarter compared to the same period a year earlier on Thursday, helped by cost savings and lower input costs.

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