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Sunday, July 5, 2015, Ashar 21, 1422 BS, Ramadan 17, 1436 Hijr


European bonds, stocks on caution before Greek vote
Published : Sunday, 5 July, 2015,  Time : 12:00 AM,  View Count : 13

LONDON, July 3: European bonds and stocks traded cautiously on Friday before a Greek referendum on EU-prescribed reforms that could determine the country's future in the euro zone and which polls suggest could go either way.
Yields on top-rated German 10-year Bunds, the benchmark for European borrowing costs, fell as some investors chose to preserve their capital in low-yielding but relatively safe assets. European stocks dipped and were set for the biggest weekly drop in two months, while the euro edged higher.
The moves were marginal, though, as investors did not want to position too heavily on either side.
"The European market is frozen ahead of the Greek referendum," said Markus Allenspach, head fixed income research at Julius Baer.
Supporters of Greece's bailout terms have taken a wafer-thin lead over the "No" vote backed by the leftist government, 48 hours before Sunday's referendum, an opinion poll showed.
The poll by the respected ALCO institute for newspaper Ethnos put the "Yes" camp on 44.8 per cent against 43.4 per cent for "No". But the lead was within the pollster's 3.1 per centage point margin of error, and 11.8 per cent of respondents said they were still undecided.    ?Reuters












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