The Traderszone Network

Turned down for a 10,000 euro ($11,100) loan, George Sarris is one of hundreds of thousands of small business owners shunned by Greek banks. “The economy’s return to growth and its funding from the banking system will be affected by a number of factors, including political stability, the implementation of bailout reforms, a successful conclusion of the first review in October and the completion of banks’ recapitalization with private investor participation,” Fokion Karavias, Chief Executive of Eurobank (EURBr.AT), one of Greece’s top four banks, said.

The private equity arm of BlackRock Inc (BLK.N) is ready to increase its exposure to Chinese commercial real estate as it sees good entry points following recent weakness in the economy and credit environment, an executive of the U.S. money manager said on Monday. John Saunders, Head of Asia-Pacific Real Estate at BlackRock, told Reuters the fund would target mass-affluent shopping malls and Grade A and B offices in China’s first-tier and selective second-tier cities.

read more

Britain’s Tesco (TSCO.L) has agreed to sell its South Korean unit to a group led by private equity firm MBK Partners for $6.1 billion, it said on Monday, in its first major disposal since it hit financial difficulties. Seeking to raise funds to revitalize its domestic business, Tesco said it would sell Homeplus, its biggest overseas unit, to a group of investors led by MBK and including the Canada Pension Plan Investment Board, Public Sector Pension Investment Board and Temasek Holdings [TEM.UL].

The combined assets of the world’s largest 300 pension funds grew more than 3 percent in 2014 to a new high of more than $15 trillion, driven by retirement saving in North America and Europe, a study showed on Monday. North America had the highest five-year combined compound growth rate of around 8 percent, according to the study, compiled by specialist newsletter Pensions & Investments (P&I) and consultants Towers Watson.

read more

German industrial output rose in July at its fastest pace so far this year, data from the Economy Ministry showed on Monday, suggesting Europe’s largest economy powered ahead at the beginning of the third quarter. Factories produced 0.7 percent more goods than in the previous month, the ministry said. “Overall, the slightly positive trend in the industrial sector is continuing,” the ministry said in a statement, adding that order books were filled thanks to strong demand from abroad and that companies remained confident.

Squawk Box Live is keeping an eye on markets, as China closes down after a long holiday and Glencore soars on debt reduction plans.

European stock market open 7 September 2015
– FTSE +0.8%
– Cac +1.0%
– Dax ++1.1%
– Ibex +0.9%
– FTSE Mib +1.0%
European bonds
– Italy 1.85% -2bp
– Spain 2.06% -1bp
China’s SSE closes -2.52% at 3080