GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 631.56, the highest closing price since June 9th posting profits of 1.57%, in a turnover of €15.68mn.
The Prime Minister Antonis Samaras is expected to return to Athens from his holidays on Sunday in order to prepare himself for a crucial week of meetings. On August 22, he will meet with the Eurogroup chief Mr. Jean-Claude Juncker. This meeting will be followed by one with the German Chancellor Mrs. Angela Merkel on August 24 and the French President Mr. Francois Hollande on August 25 and at these meetings, Mr. Samaras is expected to ask for the extending the deadline for Greece’s fiscal adjustment to 2016.
Corporate releases
GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 621.77 posting losses of 0.23%, in a low turnover of €9.44mn.
Greece sold €4.062bn of three-month T-bills on Tuesday with yield of 4.43%, 15 basis points more than in the previous sale. The sale’s bid-cover ratio was 1.36 vs. 2.12 in the July 17 auction. Most of the funds will go to repay €3.1bn in bonds held by the ECB that mature August 20. The remaining funds will go to the general budget and should ensure that Greece has enough money through the end of September.
According to Financial Times, Greece is seeking a two-year extension of its fiscal adjustment program that aims to improve the sustainability of the Greek debt and the country’s prospects to return to growth.
Corporate releases
GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 623.20 posting profits of 0.81%, in a low turnover of €16.31mn.
GDP contracted 6.2% in the second quarter of the year compared with the year earlier, slowing from a contraction of 6.5% in the first three months of the year (ELSAT).
Greece will auction €3.125bn of three-month T-bills today to fund the rollover of a previous issue and repay a €3.2bn bond maturing on Aug. 20 (PDMA).
Corporate Impacts
GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 618.23 posting profits of 0.97%, in a low turnover of €11.67mn.
The state budget deficit in the first seven months of the year was €13.2bn compared with a budget target of €14.8bn. The primary deficit in the period was €3.1bn, compared with a target of €4.5bn. The ordinary budget revenue was €25.8bn compared with €26.8bn a year earlier, while ordinary spending was €38.6bn compared with €41.4bn in the same period of 2011.
Greece will auction €3.125bn of three-month T-bills tomorrow to fund the rollover of a previous issue and repay a €3.2bn bond maturing on Aug. 20 (PDMA).
The former ECB chief economist Mr. Ottmar Issing suggested that if the single currency is to survive some of its current members would have to leave the eurozone.
A leading labor expert said that the €11.5bn of spending cuts will lead to the economy contracting by about 5% next year and unemployment rising to 29%.
Technical
FTSE 20 September future:
Support levels: 216-210-202. Resistance levels: 230-236-242.
GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 612.29 posting marginal profits of 0.13%, in a turnover of €20.12mn.
The ECB governing council member Mr. Christian Noyer said that an exit of Greece from the euro zone is not something which we envisage and there is no plan to prepare for the exit of any country from the euro zone.
The unemployment rate rose to a record 23.1% from 22.6% in April and 16.8% a year earlier. The industrial production recorded an increase of 0.3% in June, after a decline of 13.3% a year earlier (ELSTAT).
According to Der Spiegel, the Euro-zone leaders will likely have no choice but to pay Greece the next tranche of its bailout package.
Corporate Impacts
Disclaimer
The information that EUROCORP (henceforth the “Company”) provides via the web page eurocorp.gr, can be used only for informative aims and not for commercial, investment or other purposes. They cannot be considered as offer, advice, or proposal for purchase or sale of securities issued by companies that are reported in the web page of the Company, or as prompt on the realisation of any form of investments. The Company is not by any chance accountable for commercial or investment decisions that will be taken based on this information.
The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.
The use of web page eurocorp.gr is under the exclusive responsibility of each user, who accepts that the information and services, are provided “as such” and “depending on the availability”, without any guarantee of the Company, indicatively reported the guarantees of satisfactory quality or appropriateness for concrete aims.