| Global Markets-14 July 2008 |
US stocks fell for a sixth week, sending the Standard and Poor’s 500 Index into a bear market, as fuel prices climbed to records and investors speculated Fannie Mae and Freddie Mac won’t survive the mortgage crisis. European stocks declined for a sixth week to their lowest in three years as oil surged to a record, fueling inflation, while companies from banks to retailers said a slowdown in economic growth is hurting earnings. In the currencies market the dollar rose for the first time in four days against the euro after U.S. Treasury Secretary Henry Paulson announced funding plans for Freddie Mac and Fannie Mae to restore confidence in financial markets. In the energy market crude oil pared losses of almost 2 percent in New York as a five-day strike by Brazil's Oil Workers Confederation threatened to cut the nation's daily output by more than half. In the commodities market gold may rise for a fifth straight week on speculation record energy costs and slumping equities will spark demand for a haven. In Euro-Zone the Euro-Zone Industrial Production for May will be released today. European industrial production unexpectedly rose in April, as gains in France and Italy counter weakness in Germany, the region’s largest economy. Industrial output in the 15 nations that share the euro jumped 0.9% in April from the previous month. In the UK the Producer Price Index on Output for June will be release today. UK producer prices increased at the quickest pace in two decades in May. Prices charged by factories rose 1.6% in May, the most since comparable records began in 1986 and double the 0.8%
median forecast by economists.
On Friday, the Statistical service announced the latest figures on Industrial Turnover index for April 2008. The Industrial Turnover Index (Mining and Quarrying, Manufacturing, Electricity, Gas and Water Supply) for April 2008 increased 19,7% compared to April 2007. For the
period January-April 2008 the index recorded a rise of 14,1% compared to the same period of the previous year. For Manufacturing, the index for April 2008 increased of 17% compared to April 2007. On corporate announcements today, Vasilikos (VCW) and Papantoniou (PAPA) go ex-dividend. Transactions on VCW and PAPA taking place as of today will not receive dividend payment. Display (DISP) goes cum-dividend. It is the last day of trading of the share of Display (DISP) during which the shareholders will be entitled to receive the dividend of 0.0085 euro per share. On a different note Philoktimatiki will pay dividend of 0.05 euro per share to its shareholders. Bank of Cyprus announced the decision to revise the interest rate of the convertible bond issue 2013/2018. Convertible Bonds will bear a fixed interest rate of 7,5% for the first two interest periods (that is until 30 June 2009) and floating interest rate thereafter, which will be set at the beginning of each six-monthly period and will apply to the specific interest period. For the period commencing 30 June 2009 until 30 June 2013 the floating interest rate will be equal to the 6-month Euribor in force at the beginning of each interest period plus 1,00%. In the event that the Convertible Bonds are not redeemed, then for the period 1 July 2013 to 30 June 2018 the floating interest rate will be equal to the 6-month Euribor in force at the beginning of each interest period plus 3,00%. Furthermore the Strike Price range at 1 euro to 1.01 euro and
also will be determined via the method of book building. In Greece, Forthnet trade without the right to participate in a sale of new shares to existing shareholders as of today. Forthnet is offering 3 new shares for each 1 held in a bid to raise 299.6 million euros. Hellenic
Exchanges was raised to “buy” from “hold” by analysts at Citigroup Inc. On a different note Hellenic Telecommunications said a 2006 acquisition of a phone-service retailer was conducted in a legal manner, responding to press reports that executives at the company face criminal charges. Cosmote, agreed to pay about 1.6 billion to buy Germanos to spur its expansion.
14 July 2008, Xak.com
|
|
|
|
15-07-2008 |
|
 Email This News Article
 Print this News Article
|
