Trading on the BSE was unable to form a single trend past week. Two of indexes - BG REIT and Sofix ended in positive territory with gains of 2.89 % and 1.39 %, respectively, while the other two - BG TR30 and BG40 reported small decreases. The indices that we track all finished at plus, except NIKKEI, which lost 0.13 %. Ministry of Finance announced that the balance of the Consolidated Fiscal Program (CFP) for June is -222 million BGN, and improved significantly from -604 million BGN in the same month last year. At the end of the first half of 2012, the budget balance under the CFP is positive, amounting to 62.4 million BGN compared to deficit amounting to 649.7 million BGN to June 2011, says a press release. The fiscal balance of the consolidated budget to June 2012 is formed from the national budget surplus of BGN 467.7 million and deficit in EU funds amounting to BGN 405.3 million. Compared to the same period last year, the budget balance on a cash basis improved by 1 percentage point of GDP (BGN 712.1 million) The fiscal reserve as of 06/30/2012 amounts to BGN 5.1 billion.

NSI preliminary data published by labor force survey in the second quarter. The number of unemployed in the country is 409 thousand and the unemployment rate - 12.3 percent. In the second quarter of 2011 the unemployment rate increased by 1.1 percentage points. For the period the total number of employees was 2.91 million and their share of the population 15 and over was 46.2 %.

American companies have revealed 163,000 new jobs outside the agricultural sector in July, according to the U.S. Treasury. Economists had expected an increase of new jobs to 100,000. However, unemployment rose to 8.3 percent from 8.2 percent in June, as more people turned again in the workforce were unable to find work. Unemployment remains above 8 % for 3 years now and this is the longest such period since the Great Depression of the 30s of the XX century.

Collective investment schemes managed by the "UBB Asset Management" reported increases, for the fourth consecutive week, the best presented again UBB Premium Equity, which grew by 1.71 %. 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