2 de junio de 2015 / 16:34 / hace 2 años

Southern European stock markets outpace weaker Greek shares

* Greek shares fall on lingering uncertainty over debt problems

* Southern European markets outperform weaker DAX

* Concerns over margins weigh on Pernod

* Europe bourses in 2015: link.reuters.com/pap87v

* Asset performance in 2015: link.reuters.com/gap87v

By Sudip Kar-Gupta

LONDON, June 2 (Reuters) - Greek shares fell on Tuesday on lingering uncertainty over the country’s debt problems, while a rebound in the euro -- whose weakness has boosted German exporters -- pushed investors out of German stocks towards southern European bourses.

Athens’ benchmark ATG equity index dropped 2.5 percent, reflecting some investors’ concerns over a lack of concrete progress in Greece’s talks with its creditors.

Greece must repay four loans totalling 1.6 billion euros ($1.8 billion) to the International Monetary Fund this month, starting with a 300 million euro payment on June 5.

Failure to reach agreement this month could trigger a Greek default and lead to the imposition of capital controls and a potential exit from the euro zone.

The euro currency itself managed to shrug off the Greek worries, however, and rose following better-than-expected euro zone inflation numbers.

The euro’s rebound weighed on Germany’s DAX index, which hit record highs in April as the country’s exporters benefited from the euro’s general weakness so far this year, and pushed traders out of the DAX towards other markets.

While the DAX fell 0.9 percent, southern European stock markets seen as less sensitive to the euro’s exchange rate managed to rise, with the Italian, Spanish and Portuguese markets all up between 0.3-0.7 percent.

“The Italian market is looking much stronger than the German one at present,” said ActivTrades’ chief market analyst Carlo Alberto de Casa.


The pan-European FTSEurofirst 300 index fell 0.9 percent, with French drinks group Pernod sliding 4.9 percent on concerns over the company’s margins.

Nevertheless, the FTSEurofirst 300 remains up 15 percent since the start of 2015.

The DAX is also up 16 percent since the start of the year, but is some 8 percent below its April record highs.

Most investors expect Greece to remain in the euro zone, and record low interest rates and other economic stimulus measures from the European Central Bank have enabled European stock markets to rally this year, despite the Greek uncertainty.

Goldman Sachs strategists saw earnings growth as still supporting European equities, while Charlemagne Capital’s co-chief investment officer Julian Mayo added there was still a good chance of another compromise for Greece and its creditors.

“Politically, there is huge appetite for a deal,” said Mayo, whose firm has an ‘underweight’ position on Greek assets in its Eastern Europe portfolios and no investments in Greece in its Global Emerging Market portfolios.

Today’s European research round-up (Additional reporting by Alasdair Pal and Francesco Canepa; Editing by Catherine Evans)

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