Investors with one eye on EU forecasts
Trading on the Athens bourse is expected to get off to a cautious start this week with investors keeping an eye out for the European Commission’s report due today. The European Union’s executive arm will shed new light on Europe’s clouded economic outlook with a fresh forecast of just how deep the economy has slumped into recession. Greece’s estimated gross domestic product growth is expected to be revised lower to around 0.2 percent from 2.5 percent previously, according to sources. Last week, the Athens Exchange’s benchmark general index ended at 1,749.95 points, racking up losses of 7.52 percent for the week. Selling pressure picked up after ratings agency Standard & Poor’s cut Greece’s sovereign credit rating by one step, citing weakening finances. The move fanned investor concerns about the economic slowdown and its impact on corporate profits.
