EUROCORP

Financial Morning News 01/11/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 801.32 posting losses of 1.74%, in a turnover of €79.99mn.

The president of the Eurogroup Mr. Jean-Claude Juncker, after the yesterday teleconference of the eurozone finance minister called on Greece to swiftly finalize talks with international lenders on the reforms. The Eurogroup expects to further discuss the Greek adjustment programme at its next regular meeting on November 12 on the basis of the relevant program documentation and seek to conclude on the programme, subject to the completion of prior actions by the Greek authorities and of national procedures in member states, in line with the established practice.

The parliament narrowly approved (148 MPs out of 293) a law in a fractious vote yesterday that would give the government greater flexibility to privatize the public utilities. Almost 30 MPs belonging to the three-party coalition failed to back the draft law. The PASOK leader Mr. Evangelos Venizelos and the Democratic Left chief Mr. Fotis Kouvelis abstained from the vote, prompting speculation about whether the coalition will be able to survive.

The revised 2013 budget was submitted to parliament yesterday and is expected to be voted on next week. It anticipates a 4.5% contraction in the economy for 2013 from a previous forecast of 3.8% that was contained in an earlier draft. In addition, Greece will take some €9bn worth of budget cuts next year compared with €7.8bn that the government had initially forecast in its earlier draft. The overall budget deficit next year is expected to narrow to 5.2% of GDP compared with a previous target of 4.2%. At the same time, next year’s primary budget surplus is forecast at 0.4% of GDP, versus a previous target of 1.1%.

The retail sales volume fell at an annual rate of 8.7% in August from 9.2% decline in July, reflecting low consumer confidence levels in the economy (ELSTAT).

Technical

FTSE 20 September future:

    Support levels: 285-280-274. Resistance levels: 300-310-316.

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