EUROCORP

Financial Morning News 02/10/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 744.42 posting profits of 0.72%, in a turnover of €43.87mn.

According to the government’s draft 2013 budget, Greece hopes to narrow the budget gap to 4.2% of GDP (€8bn) from a projected 6.6% ratio this year. Not including interest payments on Greece’s towering debt burden, the government hopes to achieve a small primary budget surplus of 1.1% (€2.2bn). The draft budget sees Greece’s economy contracting by a 3.8% rate next year and following a projected 6.5% decline this year.

The troika rejected €2bn worth of cutbacks and tax measures proposed by the three leaders, saying the measures are too uncertain to be counted towards deficit targets. The negotiations between the government and the troika will be continued.

The unemployment rate for August reached 24.4% from 17.2%. Greece has the highest youth unemployment rate in the euro zone and the second highest overall jobless rate (Eurostat).

Technical

FTSE 20 September future:

    Support levels: 266-258-252. Resistance levels: 280-286-292.

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