EUROCORP

Financial Morning News 05/09/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 651.77 posting profits of 1.46%, in a turnover of €20.19mn.

The German Finance Minister Wolfgang Schaeuble after his meeting with the Greek Finance Minister Mr. Yannis Stournaras in Berlin said that it is essential for Greece to fully carry out all of its obligations to obtain further financial aid. He added that troika will submit a comprehensive report on Greece in October and further aid for Athens will be decided after the report is available.

The French President Mr. Francois Hollande said the EU summit will find solutions for Greece and Spain and he added that he is in favour of granting Greece more time to meet its economic targets if the troika gives a positive appraisal of its progress.

Greece sold €1.138bn of 26-week T-bills at an auction yesterday with the yield of 4.54%, 14 basis points below the previous auction. The sale’s bid-cover ratio was 1.95 vs. 2.06 in the August 7 auction.

Corporate Impacts

  • Cypriot Banks: The Russia’s Ministry of Finance said that there is no deal yet on a potential loan to Cyprus and the matter is still under discussion.
  • Technical

    FTSE 20 September future:

      Support levels: 230-224-218. Resistance levels: 240-248-252.

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