The Greek stock exchange was shut down on 29 June, at a time when Greek banks were closed and capital controls were imposed to prevent a bank ...
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How the world sees Greece
Sunday, July 26, 2015
Greek stock market could re-open on Tuesday after being shut for a month
Negotiations on Greek Thrid Bailout Package to Begin on Monday
Representatives of Greece's creditors will begin talks in Athens on Monday on a third bailout package to the debt-swamped Greek government, the IMF and European Commission said.
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| READ THE ORIGINAL POST AT www.ndtv.com |
Greece rocked by reports of secret plan to raid banks for drachma return
Some members of Greece's leftist-led government wanted to raid central bank reserves and hack taxpayer accounts to prepare a return to the drachma ...
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| READ THE ORIGINAL POST AT www.theguardian.com |
Vice President Biden and Gov. Cuomo in Greece Monday to announce high-tech hub
Local, state and national leaders will be in Greece Monday for a visit by the vice president and governor to announce a national photonics institute to ...
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| READ THE ORIGINAL POST AT www.mpnnow.com |
Shark Attacks and Starry Skies: The Week in Pictures
A shark attacks during surfing final, Greece comes under fire, Milky Way lights up the night sky, Santas go to the beach and more.
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| READ THE ORIGINAL POST AT feeds.nbcnews.com |
Greek stock market will remain closed on Monday, might reopen on Tuesday
ATHENS, July 26 The Greek stock exchange might reopen on Tuesday, official sources said on Sunday, after a one-month shutdown which has put at ...
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| READ THE ORIGINAL POST AT www.reuters.com |
Here's how the Greek financial crisis looks from behind the bar
As Greece steps back from the brink of economic anarchy (paywall), a few drinks might be in order. But after the Greek government imposed capital ...
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| READ THE ORIGINAL POST AT qz.com |
Greek stock exchange 'may reopen on Tuesday'
Banks reopened last Monday and Greece submitted a proposal to the European Central Bank last week ahead of a decision by the Greek finance ...
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| READ THE ORIGINAL POST AT www.itv.com |
Cyprus – Greece Successfully Complete Search & Rescue Drill
Cypriot and Greek naval forces have successfully concluded a search and rescue drill, code-named “CYPGRE-01/15,” according to the Cypriot Defense Ministry. The exercise took place on Saturday afternoon, at the sea area south of Cyprus, within the jurisdiction of the Republic, with the participation of National Guard Air Force Command helicopters and navy vessel IKARIA
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Varoufakis’ Approved Plan B Included Hacking and Hijacking
Wiretapped tax identification numbers, hacking, secret accounts for each Greek taxpayer and banks that could operate with euros but instantly change to a drachma-based system were just some of the surreal proposals included in former Greek Finance Minister Yanis Varoufakis’ Plan B. According to an article published in Greek newspaper “Kathimerini” on Sunday, Varoufakis had
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Greek State Minister: ‘Resorting to Snap Elections Soon Is a Possibility’
Greece may soon be forced to resort to elections once again, Greek State Minister Alekos Flabouraris said in an interview to newspaper “Epochi.” “Elections, like a referendum, are democratic processes that are necessary when there are problems, so that the people can provide an answer to them. It is, therefore, possible that we will soon have to go
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
SYRIZA Left Platform Leader Lafazanis Sticks to Hardline Stance
Sticking to his guns, SYRIZA’s Left Platform leader Panagiotis Lafazanis insisted that the Greek government will lose support within the party if it continues down a pro-Memorandum path. “If the government becomes irretrievably identified with new and old Memoranda and the policies that form these, it will find itself opposed not just by me but by the great majority
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
The Greek stock market might reopen Tuesday
ATHENS (Reuters) - The Greek stock exchange will remain closed on Monday but might reopen on Tuesday after a one-month shutdown, official sources said. "It's certain that it will not open on Monday, maybe on Tuesday," a spokesperson for the Athens Stock Exchange told Reuters on condition of anonymity. Another person with direct knowledge of the matter confirmed that Greek authorities aimed to reopen the bourse on Tuesday. The stock market has been closed since June 29 when Athens shut its stricken banks and imposed capital controls to stem a run on deposits that threatened to collapse the tottering Greek financial system. The shutdown has put at risk the bourse's place in global securities indices. Banks reopened last Monday and Greece submitted a plan to the European Central Bank last week for an opinion before a decision was made by the Greek finance ministry which would allow the stock market to resume trading as early as Monday.The Athens Stock Exchange official said Greece needed more time to finalize the details which would allow the market to reopen based on ECB's opinion. (Reporting by Angeliki Koutantou; Editing by Angus MacSwan; Editing by Angus MacSwan)Join the conversation about this story »
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Greek Deputy FinMin: ‘Latest Measures Will Help Tackle Problems Due to Capital Controls’
The recent batch of measures taken by Greece’s government will, to a large extent, solve the problems faced by businesses due to the imposition of capital controls, Deputy Finance Minister Dimitris Mardas said on Sunday. Appearing on Greek TV, Mardas said that the transfer of cash transaction authorizations for sums up to 100,000 euros to banks will greatly
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
World Cup 2018 Qualifiers: Tricky Task for Greece
The draw that took place in Russia on Saturday, July 25, determined that if Greece qualifies for its third FIFA Wold Cup finals in a row, the team will be ...
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Home Greek news Crime Migrants Seeking Ways to Exit Greece After Drop in Trucks Traveling to...
The number of cargo trucks leaving Greece for other European countries, and especially for Italy through the port of Patras, was significantly reduced ...
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Joseph Stiglitz: unsurprising Jeremy Corbyn is a Labour leadership contender
Anti-austerity figures have emerged because young people feel badly let down by centre-left governments such as Blair’s, says Nobel economics laureate A Nobel prize-winning economist has said it is unsurprising that an anti-austerity figure such as Jeremy Corbyn has emerged as a contender for the Labour leadership.Speaking in London on Sunday, Joseph Stiglitz warned that policies from centre-left governments such as Tony Blair’s had undermined the middle-ground message, partly by entrenching wealth for the very few. Membership Event: Guardian Live | The future of Labour: meet the next leader Related: Joseph Stiglitz: how I would vote in the Greek referendum Continue reading...
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| READ THE ORIGINAL POST AT www.theguardian.com |
Week Ahead: Fed, GDP, Earns Amid Global Growth Concerns
LONDON — Amid concerns over slower global growth rates, a slump in commodity prices, the ongoing crisis in Greece and worries about the sustainability of China’s juiced stock markets, the week ahead is packed full of potentially market-moving news. The Dow Jones industrial average fell almost 3% last week. (Getty Images) Faced with these [...]
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Syriza's Hard Left Were Planning A Financial Coup D'Etat And Grexit
So says the Financial Times at least, that the hard left side of Syriza (that's the proper Marxists and there's even a few Maoists in the mix) were planning what would amount to a financial coup d'etat and a Greek exit from the euro. Given the economic knowledge of those [...]
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| READ THE ORIGINAL POST AT www.forbes.com |
New Greek bailout talks to begin
Representatives of Greece's creditors will begin talks in Athens on Monday on a third bailout package for the debt-swamped Greek government.
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| READ THE ORIGINAL POST AT www.theaustralian.com.au |
Greek Police Crack Child Pornography Case with 17-Year-Old Girl as Victim
Greek child pornography The Greek Police electronic crime unit announced on Sunday the cracking of an internet pornography case with a ...
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Varoufakis reveals cloak and dagger 'Plan B' for Greece, awaits treason charges
… but some reports in the Greek press had been twisted, making … 's tough stance on Greece is force a revolution in … made up his mind that Greece must be ejected from the … up his plan to push Greece out of the euro,…
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| READ THE ORIGINAL POST AT world.einnews.com |
Greece bailout monitors question access to ministries
Negotiators from Greece's bailout monitors will fly to Athens on Monday to formally begin talks on a €86bn rescue after days of delays over whether the ...
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| READ THE ORIGINAL POST AT www.ft.com |
Bailout monitors raise doubts over Greece
Creditors see danger of final deal being derailed as negotiators fly to Athens
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| READ THE ORIGINAL POST AT www.ft.com |
Greece financially cut off from the rest of the world, looks to protect its banks in months-long freeze
Athens: It is just the headache Greece's government does not need right now: how can it loosen the capital controls that are shielding its banks, but ...
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| READ THE ORIGINAL POST AT www.thetimesgazette.com |
Greek officials reportedly wanted to raid central bank reserves to prepare a return to the drachma
ATHENS (Reuters) - Some members of Greece's leftist government wanted to raid central bank reserves and hack taxpayer accounts to prepare a return to the drachma, according to reports on Sunday that highlighted the chaos in the ruling Syriza party. It is not clear how seriously the plans, attributed to former Energy Minister Panagiotis Lafazanis and former Finance Minister Yanis Varoufakis, were considered by the government and both ministers were sacked earlier this month. However the reports have been seized on by opposition parties who have demanded an explanation. The reports came at the end of a week of fevered speculation over what Syriza hardliners had in mind as an alternative to the tough bailout terms that Tsipras reluctantly accepted to keep Greece in the euro. Around a quarter of the party's 149 lawmakers rebelled over the plan to pass sweeping austerity measures in exchange for up to 86 billion euros in fresh loans and Tsipras has struggled to hold the divided party together In an interview with Sunday's edition of the RealNews daily, Panagiotis Lafazanis, the hardline former energy minister who lost his job after rebelling over the bailout plans, said he had urged the government to tap the reserves of the Bank of Greece in defiance of the European Central Bank. Lafazanis, leader of a hardline faction in the ruling Syriza party that has argued for a return to the drachma, said the move would have allowed pensions and public sector wages to be paid if Greece were forced out of the euro. "The main reason for that was for the Greek economy and Greek people to survive, which is the utmost duty every government has under the constitution," he said. However he denied a report in the Financial Times that he wanted Bank of Greece Governor Yannis Stouranaras to be arrested if he had opposed a move to empty the central bank vaults. In comments to the semi-official Athens News Agency, he called the report a mixture of "lies, fantasy, fear-mongering, speculation and old-fashioned anti-communism". In a separate report in the conservative Kathimerini daily, Varoufakis was quoted as saying that a small team in Syriza had prepared plans to secretly copy online tax codes. It said the "Plan B" was devised to allow the government to introduce a parallel payment system if the banking system was closed down. In remarks the newspaper said were made to an investors' conference on July 16, Varoufakis said passwords used by Greeks to access their online tax accounts were to have been copied secretly and used to issue new PIN numbers for every taxpayer to be used in transactions with the state. "This would have created a parallel banking system, which would have given us some breathing space, while the banks would have been shut due to the ECB's aggressive policy," Varoufakis was quoted as saying. Varoufakis, an outspoken academic economist who became deeply unpopular with other European finance ministers during his five months in office, stood down earlier this month to facilitate bailout talks. He has been a strident opponent of the deal ever since. Under the plan, which the report said went back to before Tsipras was elected in January, transactions through the parallel system would have been nominated in euros but could easily change into drachmas overnight, he was quoted as saying. Varoufakis has so far not responded to the Kathimerini report. SHADOW SYSTEMS The center-right New Democracy party and the centrist To Potami and the Socialist Pasok parties, which all backed Tsipras in parliamentary votes on the bailout this month, demanded a response to the reports. "The revelations that are coming out raise a major political, economic and moral issue for the government which needs in-depth examination," it said in a statement. "Is it true that a designated team in the finance ministry had undertaken work on a backup plan? Is it true they had planned to raid the national Mint and that they prepared for a parallel currency by hacking the tax registration numbers of the taxpayers?" To Potami said the reports of covert plans were worthy of a bad thriller. The Kathimerini report said access to the Greek tax service's computer systems was under the control of inspectors from the "troika", the international creditors' group, and therefore inaccessible to the government. As a result, Varoufakis and an official in charge of information systems planned to copy taxpayer codes from online accounts and set up a shadow system. However, according to the report, he said the plan had never been approved by Tsipras. Deputy Finance Minister Dimitris Mardas denied the government had ever discussed plans to take Greece out of the euro. "I have repeatedly said that such discussions have never taken place at a government policy level," he told Skai television. (Writing by James Mackenzie; editing by Anna Willard)Join the conversation about this story »
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| READ THE ORIGINAL POST AT uk.businessinsider.com |
Italy calls for eurozone political union
Finance minister seeks deeper integration following Greek crisis
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| READ THE ORIGINAL POST AT www.ft.com |
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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“Free Market Manipulation” and the Escalation of Greece's Public Debt
This ratio debt/GDP has passed through variations that can be explained and do explain why Greece was already in bad shape even before the crisis ...
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| READ THE ORIGINAL POST AT www.globalresearch.ca |
Latest measures will help tackle problems due to capital controls, Greek minister says
#politics
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| READ THE ORIGINAL POST AT en.enikos.gr |
Greek minister: Resorting to early elections soon is a possibility
#politics
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| READ THE ORIGINAL POST AT en.enikos.gr |
What Will A $15 Minimum Wage Do To New York State? Ask The Greeks
Among all the causes of the current unprecedented Greek crisis, one stands out -- strict labor regulations and employment guarantees, including job security, early retirement, and a generous minimum wage. Greece’s minimum wage rose from slightly below 600 euros in 2000 to close to 900 euros by 2011, according to [...]
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World 5K Swim Silver for Araouzou
American Haley Anderson defended her world 5K Open Swim title in Russia on July 25, with Greece's Kalliopi Araouzou taking silver just behind. The post World 5K Swim Silver for Araouzou appeared first on The National Herald.
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Greece bailout talks format still being negotiated: Greek labor minister
Greece and rescue lenders are still working out the format of upcoming talks, the labor minister said Sunday, confirming a delay in the negotiations for ...
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| READ THE ORIGINAL POST AT economictimes.indiatimes.com |
Greece shows compassion to migrants while Australia stops the boats
Given Greece's economic troubles, you might assume its people would have little sympathy for the boatloads of migrants that arrive from North Africa, ...
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| READ THE ORIGINAL POST AT www.theage.com.au |
Greek PM Tsipras under pressure over covert Syriza drachma plan reports
By Angeliki Koutantou ATHENS (Reuters) - Some members of Greece's leftist government wanted to raid central bank reserves and hack taxpayer accounts to prepare a return to the drachma, according to reports on Sunday that highlighted the chaos in the ruling Syriza party. It is not clear how seriously the plans, attributed to former Energy Minister Panagiotis Lafazanis and former Finance Minister Yanis Varoufakis, were considered by the government and both ministers were sacked earlier this month. Around a quarter of the party's 149 lawmakers rebelled over the plan to pass sweeping austerity measures in exchange for up to 86 billion euros in fresh loans and Tsipras has struggled to hold the divided party together In an interview with Sunday's edition of the RealNews daily, Panagiotis Lafazanis, the hardline former energy minister who lost his job after rebelling over the bailout plans, said he had urged the government to tap the reserves of the Bank of Greece in defiance of the European Central Bank.
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Greeks give more blood during the economic crisis
The Greek crisis may have bled Greeks dry but they are now giving their blood to save others
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| READ THE ORIGINAL POST AT en.protothema.gr |
Varoufakis’ Plan B: Hack FinMin’s software, introduce parallel banking system
The first scenario that wanted ex Energy Minister Lafazanis to seize the Greece’s assets and arrest the governor of Bank of Greece did not thrill the public. Now a new scenario with much more suspense claims that former Finance Minister Yanis Varoufakis wanted to hack the Ministry’s software, hijack taxpayers’ […]
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Greece bailout negotiations facing delay, minister confirms
Greece and rescue lenders are still working out the format of upcoming talks, the country's labour minister said today, confirming a delay in the ...
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| READ THE ORIGINAL POST AT www.belfasttelegraph.co.uk |
BLACKROCK: There are reasons to be suspicious of Dow Theory
The Dow Jones Transportation Average index has underperformed the broader Dow Jones Industrials Average and entered correction territory this month, leading some market watchers to speculate that a deeper U.S. selloff could be coming soon. Under the so-called Dow Theory, divergence between the Dow Transports—20 companies in the rail, airline and shipping industries—and the Dow Jones Industrials Average has long been followed as an early indicator of trends in the overall stock market. Weakness in companies at the heart of the economy’s supply chain would—so the logic goes—portend looming troubles for the economy and earnings. However, while developments related to Greece, China, Puerto Rico and even the U.S. Federal Reserve (Fed) have the potential to unsettle stocks in the short term, the recent outsized setback in the Dow Jones Transports tells us more about subsector trends than about the health of the equity market. Though the logic of Dow Theory appears solid, we think there are reasons to be suspicious of it today. The U.S. recovery doesn’t appear over While Purchasing Managers Indices (PMIs) and some leading indicators have disappointed to the downside, they’re not suggesting that the economy is headed into a recession. That U.S. and global economic activity is likely to be more subdued than was thought at the beginning of the year may explain some of the pullback in the Dow Transports. The Dow Transports correction is partly a function of valuation The recent correction in transports has to be viewed in the context of the index’s 120 percent advance from its 2012 lows. According to Bloomberg data, the two years heading into the end of 2014, the Transport Index posted returns double that of the broader Industrials index. Keep in mind as well that according to Bloomberg data, Transports outperformed by a wide margin during 2014 thanks to several factors: continued growth in e-commerce, lower oil prices benefiting airline earnings and expected crude-by-rail volume growth. This year, the bottoming in oil prices, weak natural gas prices (which reduces demand for coal shipments), declining trade volumes and lackluster consumer spending have brought Transports valuations back down to earth. Profound changes in the underlying economy during the past century—the rise of services, growth of the digital economy and declines in manufacturing—limit the potential application of the Dow Theory. Recent divergence between Industrials and Transports would be more compelling if it was confirmed by a sharp drop in any new orders or manufacturing surveys. However, here the evidence is mixed. For instance, recent factory orders and Chicago Purchasing Managers data have been soft, but the national ISM Manufacturing index, particularly its new orders component, rebounded sharply in June. To be sure, we are witnessing an increasing number of global risks surrounding unsustainable debt and credit creation—consider this summer’s headlines out of Greece, Puerto Rico and China. These risks have the potential to further weigh on global markets, at least in the near term. However, such risk aversion is likely to be short lived, given continued central bank accommodation in much of the world and some modest improvement in economic growth. As such, we remain overweight stocks, cyclicals and credit. As for the transports sector, we remain neutral on the broader industrials sector because of its stretched valuations, and we wouldn’t see the current pullback as an opportunity to add exposure. Rather, within cyclicals, we prefer the technology and financials sectors. This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date indicated and may change as subsequent conditions vary. The information and opinions contained in this post are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this post is at the sole discretion of the reader.Join the conversation about this story »
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10 Types of Seafood You Have to Taste in Greece
Sit under the shade of a tree in a picturesque Greek restaurant by the sea, grab a glass of wine or ouzo, and let locals guide you through a wide list of traditional Greek seafood dishes, all made of good quality fresh ingredients, topped with the appropriate doze of spices and herbs, and flooded with the famous Greek
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Greek bailout talks delayed as format is negotiated: minister
ATHENS, Greece -- Greece and rescue lenders are still working out the format of upcoming talks, the labour minister said Sunday, confirming a delay ...
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Thomas Cook set to suffer £20m loss following Tunisia and Greek crises
Thomas Cook could be set to lose £20m after losing out on holiday bookings following the Tunisian terrorist attack and Greece's financial woes.
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The Greek Debt Crisis and the Road Ahead
The main causes of the Greek debt crisis came down to restrictions of the Eurozone, which do not allow Greece to take monetary control into their own ...
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| READ THE ORIGINAL POST AT themarketmogul.com |
Gold sinks to 2010 levels
Commodity has been hit by a deal to avert a Greek bankruptcy, a potential US interest rate increase and a sharp selloff in ChinaGold fell to its lowest price for more than five years last week, as the precious metal was buffeted by the deal to avert a Greek bankruptcy, a potential US interest rate increase and a sharp selloff in China.A wave of selling in Asia drove it down almost 4% to as low as $1,088 an ounce on Monday – before making attempts to recover throughout the week but languishing at around $1,079 on Friday evening. The last time gold has traded at that level was in March 2010. Related: Anglo American and Lonmin cut jobs amid commodity slump Continue reading...
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ATHENS, Greece: Minister: Greek bailout talks format still being negotiated
Greece on Friday invited the International Monetary Fund to participate in its negotiations with European creditors over a vital third bailout. The talks ...
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Greece Braces For Heat Wave
Austerity-weary Greeks, already girding for more tough conditions, now will have to face a heat wave expected to send temperatures past 104 degrees, 40 degree celsius, this week. The temperature in Athens is due to be as high as 98.6 on July 27, leaving many Greeks with few options to cool off as there are […] The post Greece Braces For Heat Wave appeared first on The National Herald.
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Talks About Reform Talks Talked
Greece and rescue lenders are still working out the format of upcoming talks, the Labor Minister said, and will involve high-level sit-downs. The post Talks About Reform Talks Talked appeared first on The National Herald.
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Greek banks set for months-long freeze
… argued are excessive. BERLIN CALLING Greek officials, alarmed by a downward … big banks dominate Greece. Of those, National Bank of Greece, Eurobank and … everyone is hoping will resuscitate Greece, namely the corporates. You…
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Turns out Kavos was ready for you
It seems that getting 'proper mortal' has not endeared these holidaying Brits to residents of the popular Greek town. Set up by Silvar Laidlow – the ...
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| READ THE ORIGINAL POST AT metro.co.uk |
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