EUROCORP

Financial Morning News 03/12/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,228.23 posting profits of 2.72%, in a turnover of €159.50mn, registering a new 29-month high, due to the two-notch upgrade of Greece’s credit rating by Moody’s.

Fitch affirmed Greece’s long-term foreign and local currency issuer default ratings (IDR) at B-. The issue ratings on Greece’s senior unsecured foreign and local currency bonds have also been affirmed at B-. The outlooks on the long-term IDRs are stable. The short-term foreign currency IDR has been affirmed at B and the country ceiling upgraded to B+ from B. Fitch expects negotiations with the troika of the troika to reach a satisfactory conclusion by year-end. Near term, Greece is fully funded until February 2014, it added. Fitch has revised its real GDP forecast for 2013 to negative 4% from negative 4.3%, leaving 2014 unchanged at 0.5%.

According to Markit, the Manufacturing Purchasing Managers’ Index (PMI) in November rose for the first time since September 2009 to 49.2 points from 47.3 points in October. New orders meanwhile stabilised after having fallen in the prior month and employment decreased at a slower rate, both developments also contributing to the PMI’s rise.

The Prime Minister Mr. Antonis Samaras and the SYRIZA leader Mr. Alexis Tsipras will address the 24th annual “The Greek Economy Conference” today.

The spokesman for European Economic and Monetary Affairs Olli Rehn Mr. Simon O’Connor said that the troika has not asked Greece to lift the moratorium on home foreclosures but to prevent people “systematically abusing” the protection it officers.

Corporate Impacts

  • Hellenic Telecom: :S&P upgraded its longterm rating to “BB -” from “Β +”, previously, with a stable outlook..
  • Technical

    FTSE 25 December future:

      Support levels: 398-390-384. Resistance levels: 410-416-422.

    General Index:

      Support levels: 1,210-1,200-1,180. Resistance levels: 1,250-1,280-1,300.

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