EUROCORP

Financial Morning News 03/02/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,176.92 posting profits of 1.83%, in a turnover of €94.48mn.

According to press reports, the Russian Gazprom is reportedly close to an agreement with Greece’s Public Gas Corporation (DEPA) on the price of natural gas, with Gazprom sources suggesting on Friday that only a few details remain to be settled before a deal is reached in ongoing talks in St Petersburg.

According to Der Spiegel, Germany’s finance ministry is preparing the ground for a third aid package for Greece before European elections in May. The package could amount to €10bn – €20bn from the European rescue fund. A spokesman for the finance ministry denied that a new debt writedown was planned for Greece.

The US Assistant Secretary of State for European and Eurasian Affairs Ms. Victoria Nuland will visit Athens today and meet with the Deputy Prime Minister and Foreign Minister Mr. Evangelos Venizelos.

According to press reports, Greece is behind in the implementation of 153 actions demanded by its lenders. Of the outstanding actions, 57 are the responsibility of the Finance Ministry, 17 fall to the Development Ministry, another 17 to the Labor Ministry and 8 to the Administrative Reform Ministry. The rest are divided among other ministries.

Corporate Impacts

  • OTE: According to Bloomberg, Deutsche Telekom is expressing renewed interest in acquiring the 10% stake in the company that belongs to the Greek state.
  • Technical

    FTSE 25 February future:

      Support levels: 378-370-366. Resistance levels: 390-398-406.

    General Index:

      Support levels: 1,150-1,120-1,095. Resistance levels: 1,190-1,210-1,230.

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