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Next Week’s News Today: Greece Decides

By Monday we should know, one way or the other, as to whether Greece will remain a part of the Eurozone. The people of Mediterranean country will vote in a referendum on Sunday to either reject – an OXI vote – or accept – a NAI vote – to stay as part of the Union.

Pollsters say the vote is too close to call. But they said that when Scotland voted in a referendum to remain part of the United Kingdom. They also said the recent UK General Election was too close to call too. But neither poll was.

Staying with Greece, the embattled country is expected to report trade numbers on Monday. Greece has regularly imported more than it exports. It would be a surprise if the figures for May are markedly different to past numbers.

Closer to home, consumer spending in Indonesia have been remarkably robust recently. South East Asia’s largest economy said retail sales in April jumped by over a fifth compared to a year ago.

The strong numbers are likely to bode well for shopping centre operator Lippo Malls Indonesia Retail Trust (SGX: D5IU). It could also augur well for Dairy Farm International (SGX: D01), whose Indonesian operations include grocers Hero and Giant, and furniture store Ikea.

Staying in Asia, China is setting up a stabilisation fund to stem the stock-market selloff, which has seen US$3.7 trillion wiped off the value of Chinese-listed companies. The fund, which will reportedly be made up of investments from 21 brokerages and the People’s Bank of China, could have over US$19.3b worth of firepower.

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