EUROCORP

Financial Morning News 03/05/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 686.19 posting losses of 1.96%, in a low turnover of €29.36mn, as investors concern about the outcome of the elections.

S&P’s raised Greece’s long-term local and foreign currency sovereign credit ratings for Greece to “CCC” from “Selective Default” with a stable outlook, reflecting the completion on April 25 of Greece’s distressed debt exchange.

The Greek unemployment is the second highest (24.1%) in the 27-nation European Union.

The manufacturing PMI fell to 46.2 in April from 48.4 in March.

Merrill Lynch said that recent polls suggest that the two main parties that support the MoU are far below the threshold for a majority government on their own and right on the threshold for a coalition government together after the May 6 elections.

UBS said that if Greece does not fulfil its commitments, it is entirely possible that the IMF and in turn the EU, will simply refuse to make the next payment.

Corporate Releases

    05/03: Titan Cement Q1’12 results.

Corporate Impacts

  • Cypriot Banks: The outgoing Cyprus Central Bank Governor Athanasios Orphanides said that Cypriot banks will successfully implement the measures needed to boost their capital that was depleted following a write-down on their holdings of Greek government debt.

Technical

    • FTSE 20 June future: Support levels: 252-246-240. Resistance levels: 268-276-282.

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