EUROCORP

Financial Morning News 04/09/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 642.37 posting losses of 0.69%, in a turnover of €17.09mn.

The Finance Minister Mr. Yannis Stournaras is scheduled to visit Berlin today to meet his German counterpart Mr. Wolfgang Schaueble. Mr. Stournaras will present an outline of the package of €11.5bn in austerity measures.

The Prime Minister Mr. Antonis Samaras and his coalition partners are to meet again tomorrow in order to finalize the package of €11.5bn in austerity measures ahead of the scheduled return to Athens on Friday of troika.

The Public Debt Management Agency said that it will seek to sell €875mn of 26-week T-bills at an auction today (previous interest rate: 4.68%).

Corporate Impacts

  • Cypriot Banks: The finance minister Mr. Vassos Shiarly said that Cyprus is now aiming to cut its budget deficit to 3.5% of economic output by the end of this year, down from an upwardly revised 4.5%, which the government is now projecting in the absence of further measures. He added that Russia is still examining the possibility of providing Cyprus with a loan and that this is irrelevant with discussions with the troika. He will discuss with the troika on the date of their arrival (17 September).
  • Technical

    FTSE 20 September future:

      Support levels: 226-220-216. Resistance levels: 238-246-252.

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