From July 2, 2012 trading session on the BSE-Sofia will continue from 10 to 17 hours instead of the current trading range from 9:30 am to 13:45. European indices ended with minimal growth rates after in Greece was successfully formed government. However, Friday's trade passed in negative mood after the Ifo institute in Munich said that business confidence in Germany has reached its lowest level in two years. Data suggest that growth is slowing in the country because of austerity measures in Europe that have reduced demand for German exports. The U.S. indices reported decreases, while the Fed has decided to extend until the end of the year incentive program known as Operation Twist, in view of economic recovery in the U.S. and the continuing debt crisis in Europe.

By extension of the operation will be purchased long-term securities for USD 267 billion by the end of 2012. In Japan NIKKEI rose 2.67 %, and in May the country's exports grew with the fastest pace in 17 months, mitigating the negative effect of global slowdown on the Japanese economy. Growth amounted to 10 % annually, supported by 38 % growth in deliveries to the U.S. Shipments to China - largest trading partner of Japan, have also risen - for the first time in eight months.

NSI announced that preliminary data for Q1 of 2012 shows that the total cost for employers per hour worked by their employees increased by 6.2 % compared to the first quarter of 2011, an increase in the industry is 4.2 % in services - 9.5 %, and construction - 0.4 %. The composition of total labor costs, wage costs per hour worked rose by 7.1 % versus the first quarter of 2011 and other costs (other than those relating to pay) - by 2.0 %. By economic activities the change in salaries over the same period last year ranged from -0.7 % for "Real Estate" to 18.9 % for "other activities".

Three of the collective investment schemes managed by the "UBB Asset Management" reported increases, and the leader was UBB Patrimonium Land, which added 0.71 % to its value. UBB Balanced Fund and UBB Platinum Bond were contented with increases of 0.10 %. Transactions concluded last week have intended to reach the set target weights for each of the positions in the portfolio....more »

Tihomir Nenov, risk manager