ECONOMY

Macro news may set market tone

Investors will be looking for signs on the state of the Greek economy this week with a slew of macroeconomic news scheduled for release in coming days. Figures on manufacturing (June), construction (May) and industrial output (June) will be released by the Hellenic Statistical Authority (ELSTAT) today, providing information on sectors severely hit by Greece’s first recession in 16 years. Details on the extent of the slowdown will also be on hand on Thursday, when ELSTAT provides estimates on the course of gross domestic product for the second quarter. Last week, the International Monetary Fund (IMF), European Central Bank (ECB) and European Commission reiterated their forecast for a 4 percent contraction rate this year; however, Finance Minister Giorgos Papaconstantinou believes the economy will perform slightly better than this. May unemployment data are also on the agenda for release on Thursday. On Friday, the Athens bourse’s benchmark general index gave up 1.85 percent to end at 1,713.01 points but managed to hold onto gains of 1.84 percent for the week.

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