Key developments during the week
• Govt likely to decide cable TV digitisation deadline next wk
• Source says DGH pulls up Cairn India for Barmer oil output shortfall
• Govt exempts tax on rupee payments for crude imports from Iran
• Ratan Tata buys 425,000 shares of Tata Motors Thu
• GE India to set up $200 mln plant in Maharashtra; begin ops 2013
• Passenger car sales drive Tata Motors' global sales in May
• India Apr industrial growth 0.1% vs 5.3% year ago
• India May WPI inflation rises to 7.55% from 7.23% Apr
• India May exports down 4% on year at $25.68 bln; trade gap narrows
• S&P says India could be first BRIC nation to lose invest grade rtg
• Alstom T&D gets two orders worth 2.25 bln rupees from Power Grid
• Zicom, arm buy 49% in Qatar‐based Phoenix International for $15 mln
• Govt says asked Saudi Arabia for 5 mtpa more crude oil
• Oil min source says HPCL keen to partner ONGC for Barmer refinery
• Infosys in pact with Israel to enhance R&D cooperation
• Source says GAIL plans to enter LNG Shipping business
• Wipro in pact with US‐based Kony Solutions for mobile application
• SEBI to auction FII invest limits in gilts, corporate bonds Jun 20
• RComm gets Singapore Exchange's nod to list undersea cables arm
• Welspun Energy to invest 56.75 bln rupee in Karnataka wind projects
• HCL Tech implements first phase of IT solution at Sharda University
Domestic events week ahead
• Jun 18: RBI to release mid‐quarter policy review.
• Jun 18: CPI for rural, urban areas, and combined for May, by CSO.
• Jun 20: CPI for rural and farm labourers for May, by labour ministry.
Global events week ahead
• Jun 19: Europe Zentrum fur Europaische Wirtschaftsforschung Economic Sentiment.
• Jun 20: German Producer Price Index m‐o‐m, Unemployment Rate of Britain, Crude Oil Inventories of US.
• Jun 21: French Flash Manufacturing & Services PMI , German Flash Manufacturing & Services PMI , Europe Flash Manufacturing & Services PMI , US Unemployment Claims & Philly Fed Manufacturing Index .
Weekly Sector Outlook and Stock Picks
Auto sector ‐ Focus on RBI policy, diesel car tax proposal
With the Reserve Bank of India scheduled to announce its mid‐quarter review of monetary policy on Monday, the central bank's stance on policy rates will set the direction for automobile shares, as well as the broad market this week. While a cut in rates will cheer the market, any decision otherwise may prove to be a drag on the automobile stocks as vehicle purchases in India are largely driven through loans. Society of Indian Automobile Manufacturers presented data on investment and diesel cars sales to the finance ministry that will now take a call on whether to introduce a special tax on diesel vehicles as proposed by the petroleum ministry.
Tata Motors today reported a 12% rise in global vehicle sales for May. Global sales of Jaguar Land Rover rose 35% on year to 30,094 units.Bajaj Auto is likely to launch new vehicles this year and this may support its share price.
Pharma sector – In range this week; may eye RBI policy Mon
Pharmaceutical stocks are likely to trade in a narrow range with a positive bias this week. The broad market is currently testing one of its lows, pharmaceutical stocks, being defensive in nature, are likely to gain this week. Investors are also likely to take cues from the Reserve bank of India's monetary policy review on Monday. The dismal industrial production data released last week has reaffirmed the need for a quick response by the RBI. In April, the index of industrial production grew a mere 0.1% after having contracted 3.2% a month ago. Pertaining to specific events and news, some movement might also be seen in certain stocks. Cadila Healthcare is likely to see some highs this week as the US Food and Drug Administration's approval to the company's Gujarat plant is seen coming in shortly.
Capital Goods sector ‐ To track mkt; RBI credit policy eyed
Shares of capital goods and engineering companies, in early trade on Monday, are likely to track the broad market, which in turn will take cues from the outcome of elections in Greece. Investors will also keenly watch the Reserve Bank of India's mid‐quarter monetary policy review on Monday for direction.
FMCG Sector ‐ Seen gaining ground on improved sentiment
Shares of fast moving consumer goods companies are seen gaining ground this week on improvement in investor sentiment. On Friday, shares of FMCG companies gained, with index heavyweights Hindustan Unilever and ITC rising 4.7% and 3.7% respectively. The BSE FMCG Index gained 3.4% in a week when the broader indices, BSE's Sensex and National Stock Exchange's Nifty, gained 1.4% each. The strong business outlook of FMCG companies is attracting buyers to their shares, as demand for FMCG products continues to grow with most leading companies in the sector posting nearly 9‐10% growth in sales volume in the Jan‐Mar quarter.
Cement Sector ‐ To track broad market this week
Shares of major cement companies are seen taking cues from the broad market this week amid lack of any sectorspecific triggers. There are no sector‐specific triggers that may have an impact on shares of cement companies this week. There will be an across‐the‐board upside if the Reserve Bank of India cuts rates in line with street expectations, and that will also benefit cement stocks. The central bank is scheduled to announce its mid‐quarter review of monetary policy on Monday. The RBI is widely expected to cut repo rate by 25 basis points to 7.75%. The broad market will also track global developments. According to sources in the tax department, UltraTech Cement paid 1.10 bln rupees as advance tax in the first quarter of the financial year ending March, nearly 175% higher than 400 mln rupees a year ago. Ambuja Cements paid 20% higher tax at 600 mln rupees, and ACC paid 12.5% higher tax at 450 mln rupees. For the last three quarters, cement makers' advance tax payments have been higher on a year‐on‐year basis due to a low base effect. Also, cement makers have seen an improvement in pricing and demand since October, and stability in raw
IT Sector ‐ To take cues from global developments this week
Shares of major information technology companies may take cues from global developments this week, such as outcome of elections in Greece, the Group of 20 nations' summit, and US Federal Open Market Committee meet, Most Indian IT companies get nearly 85% of their revenue from the US and UK. The IT sector is directly linked to global markets and investors will take cues from what is happening there. Any good news on the global front may lead to a rally in IT shares. Movement in shares of IT companies may also be linked to the broad market this week due to the lack of any sector‐specific triggers. Shares of Tech Mahindra and Satyam Computer may continue with the positive movement. On Mar 21, the respective boards of Tech Mahindra and Satyam Computer had approved the merger with shareholders of the Hyderabad‐based company getting two Tech Mahindra shares for every 17 held. The merger will be effective from Apr 1, 2011.
material prices over the past three quarters, which have benefited earnings
Oil Sector ‐ Focus on petrol price review
Shares of the three state‐owned oil marketing companies‐‐Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd‐‐could be under pressure this week, as the companies are soon expected to announce another cut in the prices of petrol. After the highest ever price hike of around 7 rupees per ltr in May, oil companies announced around 2‐rupee per ltr cut in prices of petrol on Jun 3. Price of the Indian crude oil basket has fallen to under $96 per barrel now from $98.49 per barrel at the beginning of the month, while the dollar‐rupee exchange rate has remained
rangebound leading to talks to cut in petrol prices. The state‐owned companies review prices and revenue loss on the sale of fuels every fortnight. However, in case the Reserve Bank of India announces a rate cut, as expected, on Monday, the shares of oil marketing companies may just be able to offset losses from the possible petrol price cut. BPCL may outperform its peers this week as the company Monday announced a third gas discovery in an offshore block in Mozambique, where it hold 10% stake
Telecom Sector ‐ To track mkt trend, eye EGoM meet this week
In the initial sessions this week, shares of telecommunications companies will track the broad market, which will take cues from the outcome of the Reserve Bank of India's mid‐quarter policy review on Monday. In the latter half of the week, telecom stocks will eye the meet of the empowered group of ministers on spectrum auction norms. The panel is likely to meet Friday to finalise spectrum auction norms. Telecom Regulatory Authority of India, in its recommendations
dated Apr 23, had proposed a reserve price of 36.22 bln rupees per 1 MHz of spectrum in the 1800 MHz band at a pan‐India level. The reserve price set by the regulator has been termed as exorbitantly high by the industry. The regulator had also given its recommendations on spectrum mortgage, spectrum liberalisation and deferred payment.
Steel Stocks Outlook ‐ In range; RBI policy, Greece elections eyed
Shares of major steel companies are expected to trade rangebound this week tracking key indices, which will take direction from the Reserve Bank of India's decision on interest rates Monday, and Greece's elections. At its mid‐quarter monetary policy review, the RBI is expected to cut the repo rate by 25 basis points to 7.75%, which will boost local shares.
Greece's elections will also lend cues to local shares. Shares may gain if parties that support austerity measures are elected as then the country may accept a bailout, allowing it to remain in the Eurozone. Back home, seasonal slowdown in demand due to the onset of monsoon could pressurise prices of steel companies' shares.
Bank sector‐ Tad up; RBI policy review, Greece eyed
Shares of most banks may move with an upward bias early Monday, anticipating the Reserve Bank of India to ease its monetary policy at the mid‐quarter policy review, which will be released at 1100 IST. The central bank's decision on interest rates and the underlying tone of the review may lend direction to bank shares for most part of this week. A 25‐ basis‐point rate cut has already been factored in the stocks. In the absence of a rate action, bank stocks may fall sharply lower. More than a repo rate cut, a CRR reduction would augur well for banks as the move will directly inject funds into the banking system and help banks lower their cost of funds, the benefit of which can be passed on to borrowers.
Market Range for Week 4950‐ 5350
Resistance – Nifty facing Resistance level @5150 level above this level it may go up to @5220 &@ 5300 level.
Support ‐ Support comes for market @5105 level for Nifty; below this level Nifty next support @5050 and @4980 will be the major support for Market.
Technical – Last week Nifty opened at 5096 & it made a high of 5146.Last week we have seen some volatility in the market. Nifty made a low of 5015 & closed at 5139.Last week Nifty gain 131 points from its low & on weekly basis it closed at 78point’s higher. Sensex made a weekly high of 16967 & a low of 16553 almost it gain 414 points in the week from its low.So overall last week we have seen some volatility with upside movement.
For the coming week the market range we expect 4950‐5350.
Weekly View –
Last week we had expected market range (4950‐5200) & market made a low of 5015 & made a high of 5146, so overall it hold over both side range
In last week report we had mentioned, on daily chart market was close above 200DMA & short term moving avg (5&20) was showing positive crossover.On weekly chart it had made”Engulfing Bull” candle & it was close above upper channel line, because of all that we had mentioned if market close above 5070‐5080 then we can see some upside & all we have seen same.Now on daily chart market still trading above 200DMA & holding upper downward slopping line.On weekly chart market close above “Engulfing Bull” high which was (5084) & close above upper channel line & osilator also showing positive crossover, so overall 5050‐5000 can act as a good support for market & close above 5150‐5160 can see some more upside in the market.Apart from that on Monday there is RBI policy which can also decide the market direction.
On Friday, the Dow rose 115 points, or 0.9%. The S&P500 gained 14 points, or 1%. The Nasdaq was up by 36 points, or 1.3%. All three indexes ended higher for a second straight week.The Dow & S&P500 jumped 1.7 % & 1.3% respectively for the week, & the Nasdaq gained 0.5%.
Market Commentary ‐
Outcome of a parliamentary election in Greece, Reserve Bank of India's mid‐quarter monetary policy review, progress of the monsoon rains, a two‐day meeting of the Federal Open Market Committee on US interest rates and G20 summit will decide the near‐term trend on the bourses.
The Reserve Bank of India is seen cutting its key policy rate viz. the repo rate by 25 basis points at mid‐quarter monetary policy review on Monday, 18 June 2012. Easing of core inflation, falling crude oil prices, weak industrial production data for April 2012, sharp deceleration in GDP growth in Q4 March 2012 and latest data showing decline in exports in May 2012 have raised expectations that the central bank will cut interest rates to revive economic growth
Greek voters return to the polls on Sunday, 17 June 2012, after the splintered results of a May 6 parliamentary election left no party able to put together a government. The poll could potentially decide whether the nation will remain in the euro zone.
The European Central Bank stands ready to provide support to the euro‐zone system, said its President, Mario Draghi, in prepared statements at a speech on Friday, 15 June 2012. "The Eurosystem will continue to supply liquidity to solvent banks where needed," he said at the ECB Watcher's conference. His comments come amid reports that central bankers are ready to take measures to keep liquidity flowing in international markets should the results of Sunday's Greek
elections trigger a credit crunch.
A key summit of the European Union is scheduled on 28 and 29 June 2012 to discuss the ongoing European debt crisis.The 7th group of 20 industrial and developing nation’s summit is scheduled to be held in Los Cabos, Mexico on 18 and 19 June 2012 to discuss current affairs such as poverty, youth unemployment and environmental issues. The leaders are also likely to discuss the.
• Govt likely to decide cable TV digitisation deadline next wk
• Source says DGH pulls up Cairn India for Barmer oil output shortfall
• Govt exempts tax on rupee payments for crude imports from Iran
• Ratan Tata buys 425,000 shares of Tata Motors Thu
• GE India to set up $200 mln plant in Maharashtra; begin ops 2013
• Passenger car sales drive Tata Motors' global sales in May
• India Apr industrial growth 0.1% vs 5.3% year ago
• India May WPI inflation rises to 7.55% from 7.23% Apr
• India May exports down 4% on year at $25.68 bln; trade gap narrows
• S&P says India could be first BRIC nation to lose invest grade rtg
• Alstom T&D gets two orders worth 2.25 bln rupees from Power Grid
• Zicom, arm buy 49% in Qatar‐based Phoenix International for $15 mln
• Govt says asked Saudi Arabia for 5 mtpa more crude oil
• Oil min source says HPCL keen to partner ONGC for Barmer refinery
• Infosys in pact with Israel to enhance R&D cooperation
• Source says GAIL plans to enter LNG Shipping business
• Wipro in pact with US‐based Kony Solutions for mobile application
• SEBI to auction FII invest limits in gilts, corporate bonds Jun 20
• RComm gets Singapore Exchange's nod to list undersea cables arm
• Welspun Energy to invest 56.75 bln rupee in Karnataka wind projects
• HCL Tech implements first phase of IT solution at Sharda University
Domestic events week ahead
• Jun 18: RBI to release mid‐quarter policy review.
• Jun 18: CPI for rural, urban areas, and combined for May, by CSO.
• Jun 20: CPI for rural and farm labourers for May, by labour ministry.
Global events week ahead
• Jun 19: Europe Zentrum fur Europaische Wirtschaftsforschung Economic Sentiment.
• Jun 20: German Producer Price Index m‐o‐m, Unemployment Rate of Britain, Crude Oil Inventories of US.
• Jun 21: French Flash Manufacturing & Services PMI , German Flash Manufacturing & Services PMI , Europe Flash Manufacturing & Services PMI , US Unemployment Claims & Philly Fed Manufacturing Index .
Weekly Sector Outlook and Stock Picks
Auto sector ‐ Focus on RBI policy, diesel car tax proposal
With the Reserve Bank of India scheduled to announce its mid‐quarter review of monetary policy on Monday, the central bank's stance on policy rates will set the direction for automobile shares, as well as the broad market this week. While a cut in rates will cheer the market, any decision otherwise may prove to be a drag on the automobile stocks as vehicle purchases in India are largely driven through loans. Society of Indian Automobile Manufacturers presented data on investment and diesel cars sales to the finance ministry that will now take a call on whether to introduce a special tax on diesel vehicles as proposed by the petroleum ministry.
Tata Motors today reported a 12% rise in global vehicle sales for May. Global sales of Jaguar Land Rover rose 35% on year to 30,094 units.Bajaj Auto is likely to launch new vehicles this year and this may support its share price.
Pharma sector – In range this week; may eye RBI policy Mon
Pharmaceutical stocks are likely to trade in a narrow range with a positive bias this week. The broad market is currently testing one of its lows, pharmaceutical stocks, being defensive in nature, are likely to gain this week. Investors are also likely to take cues from the Reserve bank of India's monetary policy review on Monday. The dismal industrial production data released last week has reaffirmed the need for a quick response by the RBI. In April, the index of industrial production grew a mere 0.1% after having contracted 3.2% a month ago. Pertaining to specific events and news, some movement might also be seen in certain stocks. Cadila Healthcare is likely to see some highs this week as the US Food and Drug Administration's approval to the company's Gujarat plant is seen coming in shortly.
Capital Goods sector ‐ To track mkt; RBI credit policy eyed
Shares of capital goods and engineering companies, in early trade on Monday, are likely to track the broad market, which in turn will take cues from the outcome of elections in Greece. Investors will also keenly watch the Reserve Bank of India's mid‐quarter monetary policy review on Monday for direction.
FMCG Sector ‐ Seen gaining ground on improved sentiment
Shares of fast moving consumer goods companies are seen gaining ground this week on improvement in investor sentiment. On Friday, shares of FMCG companies gained, with index heavyweights Hindustan Unilever and ITC rising 4.7% and 3.7% respectively. The BSE FMCG Index gained 3.4% in a week when the broader indices, BSE's Sensex and National Stock Exchange's Nifty, gained 1.4% each. The strong business outlook of FMCG companies is attracting buyers to their shares, as demand for FMCG products continues to grow with most leading companies in the sector posting nearly 9‐10% growth in sales volume in the Jan‐Mar quarter.
Cement Sector ‐ To track broad market this week
Shares of major cement companies are seen taking cues from the broad market this week amid lack of any sectorspecific triggers. There are no sector‐specific triggers that may have an impact on shares of cement companies this week. There will be an across‐the‐board upside if the Reserve Bank of India cuts rates in line with street expectations, and that will also benefit cement stocks. The central bank is scheduled to announce its mid‐quarter review of monetary policy on Monday. The RBI is widely expected to cut repo rate by 25 basis points to 7.75%. The broad market will also track global developments. According to sources in the tax department, UltraTech Cement paid 1.10 bln rupees as advance tax in the first quarter of the financial year ending March, nearly 175% higher than 400 mln rupees a year ago. Ambuja Cements paid 20% higher tax at 600 mln rupees, and ACC paid 12.5% higher tax at 450 mln rupees. For the last three quarters, cement makers' advance tax payments have been higher on a year‐on‐year basis due to a low base effect. Also, cement makers have seen an improvement in pricing and demand since October, and stability in raw
IT Sector ‐ To take cues from global developments this week
Shares of major information technology companies may take cues from global developments this week, such as outcome of elections in Greece, the Group of 20 nations' summit, and US Federal Open Market Committee meet, Most Indian IT companies get nearly 85% of their revenue from the US and UK. The IT sector is directly linked to global markets and investors will take cues from what is happening there. Any good news on the global front may lead to a rally in IT shares. Movement in shares of IT companies may also be linked to the broad market this week due to the lack of any sector‐specific triggers. Shares of Tech Mahindra and Satyam Computer may continue with the positive movement. On Mar 21, the respective boards of Tech Mahindra and Satyam Computer had approved the merger with shareholders of the Hyderabad‐based company getting two Tech Mahindra shares for every 17 held. The merger will be effective from Apr 1, 2011.
material prices over the past three quarters, which have benefited earnings
Oil Sector ‐ Focus on petrol price review
Shares of the three state‐owned oil marketing companies‐‐Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd‐‐could be under pressure this week, as the companies are soon expected to announce another cut in the prices of petrol. After the highest ever price hike of around 7 rupees per ltr in May, oil companies announced around 2‐rupee per ltr cut in prices of petrol on Jun 3. Price of the Indian crude oil basket has fallen to under $96 per barrel now from $98.49 per barrel at the beginning of the month, while the dollar‐rupee exchange rate has remained
rangebound leading to talks to cut in petrol prices. The state‐owned companies review prices and revenue loss on the sale of fuels every fortnight. However, in case the Reserve Bank of India announces a rate cut, as expected, on Monday, the shares of oil marketing companies may just be able to offset losses from the possible petrol price cut. BPCL may outperform its peers this week as the company Monday announced a third gas discovery in an offshore block in Mozambique, where it hold 10% stake
Telecom Sector ‐ To track mkt trend, eye EGoM meet this week
In the initial sessions this week, shares of telecommunications companies will track the broad market, which will take cues from the outcome of the Reserve Bank of India's mid‐quarter policy review on Monday. In the latter half of the week, telecom stocks will eye the meet of the empowered group of ministers on spectrum auction norms. The panel is likely to meet Friday to finalise spectrum auction norms. Telecom Regulatory Authority of India, in its recommendations
dated Apr 23, had proposed a reserve price of 36.22 bln rupees per 1 MHz of spectrum in the 1800 MHz band at a pan‐India level. The reserve price set by the regulator has been termed as exorbitantly high by the industry. The regulator had also given its recommendations on spectrum mortgage, spectrum liberalisation and deferred payment.
Steel Stocks Outlook ‐ In range; RBI policy, Greece elections eyed
Shares of major steel companies are expected to trade rangebound this week tracking key indices, which will take direction from the Reserve Bank of India's decision on interest rates Monday, and Greece's elections. At its mid‐quarter monetary policy review, the RBI is expected to cut the repo rate by 25 basis points to 7.75%, which will boost local shares.
Greece's elections will also lend cues to local shares. Shares may gain if parties that support austerity measures are elected as then the country may accept a bailout, allowing it to remain in the Eurozone. Back home, seasonal slowdown in demand due to the onset of monsoon could pressurise prices of steel companies' shares.
Bank sector‐ Tad up; RBI policy review, Greece eyed
Shares of most banks may move with an upward bias early Monday, anticipating the Reserve Bank of India to ease its monetary policy at the mid‐quarter policy review, which will be released at 1100 IST. The central bank's decision on interest rates and the underlying tone of the review may lend direction to bank shares for most part of this week. A 25‐ basis‐point rate cut has already been factored in the stocks. In the absence of a rate action, bank stocks may fall sharply lower. More than a repo rate cut, a CRR reduction would augur well for banks as the move will directly inject funds into the banking system and help banks lower their cost of funds, the benefit of which can be passed on to borrowers.
Market Range for Week 4950‐ 5350
Resistance – Nifty facing Resistance level @5150 level above this level it may go up to @5220 &@ 5300 level.
Support ‐ Support comes for market @5105 level for Nifty; below this level Nifty next support @5050 and @4980 will be the major support for Market.
Technical – Last week Nifty opened at 5096 & it made a high of 5146.Last week we have seen some volatility in the market. Nifty made a low of 5015 & closed at 5139.Last week Nifty gain 131 points from its low & on weekly basis it closed at 78point’s higher. Sensex made a weekly high of 16967 & a low of 16553 almost it gain 414 points in the week from its low.So overall last week we have seen some volatility with upside movement.
For the coming week the market range we expect 4950‐5350.
Weekly View –
Last week we had expected market range (4950‐5200) & market made a low of 5015 & made a high of 5146, so overall it hold over both side range
In last week report we had mentioned, on daily chart market was close above 200DMA & short term moving avg (5&20) was showing positive crossover.On weekly chart it had made”Engulfing Bull” candle & it was close above upper channel line, because of all that we had mentioned if market close above 5070‐5080 then we can see some upside & all we have seen same.Now on daily chart market still trading above 200DMA & holding upper downward slopping line.On weekly chart market close above “Engulfing Bull” high which was (5084) & close above upper channel line & osilator also showing positive crossover, so overall 5050‐5000 can act as a good support for market & close above 5150‐5160 can see some more upside in the market.Apart from that on Monday there is RBI policy which can also decide the market direction.
On Friday, the Dow rose 115 points, or 0.9%. The S&P500 gained 14 points, or 1%. The Nasdaq was up by 36 points, or 1.3%. All three indexes ended higher for a second straight week.The Dow & S&P500 jumped 1.7 % & 1.3% respectively for the week, & the Nasdaq gained 0.5%.
Market Commentary ‐
Outcome of a parliamentary election in Greece, Reserve Bank of India's mid‐quarter monetary policy review, progress of the monsoon rains, a two‐day meeting of the Federal Open Market Committee on US interest rates and G20 summit will decide the near‐term trend on the bourses.
The Reserve Bank of India is seen cutting its key policy rate viz. the repo rate by 25 basis points at mid‐quarter monetary policy review on Monday, 18 June 2012. Easing of core inflation, falling crude oil prices, weak industrial production data for April 2012, sharp deceleration in GDP growth in Q4 March 2012 and latest data showing decline in exports in May 2012 have raised expectations that the central bank will cut interest rates to revive economic growth
Greek voters return to the polls on Sunday, 17 June 2012, after the splintered results of a May 6 parliamentary election left no party able to put together a government. The poll could potentially decide whether the nation will remain in the euro zone.
The European Central Bank stands ready to provide support to the euro‐zone system, said its President, Mario Draghi, in prepared statements at a speech on Friday, 15 June 2012. "The Eurosystem will continue to supply liquidity to solvent banks where needed," he said at the ECB Watcher's conference. His comments come amid reports that central bankers are ready to take measures to keep liquidity flowing in international markets should the results of Sunday's Greek
elections trigger a credit crunch.
A key summit of the European Union is scheduled on 28 and 29 June 2012 to discuss the ongoing European debt crisis.The 7th group of 20 industrial and developing nation’s summit is scheduled to be held in Los Cabos, Mexico on 18 and 19 June 2012 to discuss current affairs such as poverty, youth unemployment and environmental issues. The leaders are also likely to discuss the.
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