OECD says UK economy to shrink 1.1 pct in 2009

Yesterday, The Bank of England kept the benchmark interest rates unchanged as policy
makers weighed the threat of Britain's first recession in a generation against the risk of
accelerating inflation. The Monetary Policy Committee left the bank rate at 5 percent today as economists projected dismissing calls from unions and executives to lower it for the fourth time since December. U.S. stocks rose, helping the Standard & Poor's 500 Index rebound from a two-year low, after Dow Chemical Co.'s agreement to buy Rohm & Haas Co. for $15.4 billion overshadowed a $5 increase in the price of oil. European stocks fell; led by retailers and food companies, on concern the economic slowdown and waning consumer demand will hurt earnings. In the currencies market the dollar headed for a weekly loss against the Euro on speculation a report today will show U.S. consumer confidence fell to a 28-year low, signaling the Federal Reserve will refrain from raising interest rates this year. In the energy market crude oil was little changed in New York after rising 4 percent yesterday as Brazilian oil workers threatened a strike and on rising concern that supplies from the Middle East and Nigeria may be disrupted. Today, US authorities will publish the Trade Balance for May, the Import Price Index for June and the University of Michigan Confidence for July based on preliminary results. The US trade deficit widened in April as the surge in oil prices propelled imports to a record, overshadowing the biggest gain in exports in four years. The trade balance grew 7.8% to $60.9 billion in April, more than forecast and the most since March 2007. Prices of goods imported into the US raised less than forecast in May as smaller increases in the costs for autos and other consumer goods from abroad cushioned record energy expenses. The 2.3% rise in May, in the import price index, followed a revised 2.4% gain the prior month. Confidence among US consumers fell in June to the lowest level in 28 years as record-high gasoline and rising joblessness rattled Americans. The University of Michigan final index of consumer sentiment dropped to 56.4 in June, the weakest level since May 1980, from 59.8 the prior month.

Yesterday, the Statistical service announced the latest figures on foreign trade for May 2008 based on provisional data. On the basis of preliminary estimates for Foreign Trade in May 2008, total imports/ arrivals were €585,8 million, of which €355,6 million were arrivals from
other Member States of E.U. and €230,1 million imports from Third countries. Total exports/dispatches were €107,3 million of which €73,3 million were dispatches to other Member States of E.U. and €34,0 million exports to Third Countries. Today the Statistical service will announce the latest figures on Industrial Turnover index and the new publication on Intra-Extra EU Trade Statistics (summarized data) for April 2008, the latest figures on Turnover Value Index of Retail Trade, final data for March 2008 and provisional data for April 2008 and the latest figures on Turnover Volume Index of Retail Trade, final data for March 2008 and provisional data for April 2008. On corporate announcements today, Vasilikos (VCW) and Papantoniou (PAPA) go cum-dividend. It is the last date of trading of their shares during which the shareholders will be entitled to receive dividend payment. On a different note Zorpas (ZRP) goes ex-dividend. Transactions of Zorpas (ZRP) taking place as of today will not receive final dividend payments of 0.105 Euro per share. Stademos (SHL) will pay a final dividend of 0.015 Euro per share to its shareholders and Pierides (PGE) will pay a final dividend of 0.017 Euro per share to its shareholders.

11 July 2008, Xak.com
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