EUROCORP

Financial Morning News 05/10/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 790.04 posting profits of 1.62%, in a turnover of €44.03mn.

The ECB President Mr. Mario Draghi rejected the suggestion that the ECB would participate in any further restructuring of Greek government bonds, saying that it would constitute monetary financing, which is against the ECB’s policy.

The troika and the Finance Minister Mr. Yannis Stournaras failed to agree on €2.5bn of spending cuts. Mr. Stournaras said that his aim remains to reach a basic agreement before the Eurogroup summit on Monday.

The German Finance Minister Mr. Wolfgang Schaeuble said that with the exception of Greece, all countries in the euro zone hit by the debt crisis have made remarkable progress.

The Economic sentiment fell to 76.1 points in September from 77 the month earlier. The business expectations in the industrial sector stabilized in September but that was this outweighed by a sharp drop in consumer sentiment (IOBE).

Corporate Impacts

  • Cypriot Banks:According to Bloomberg News, the Cypriot government will seek an €11bn bailout (62% of GDP) to recapitalize its banks (€5bn) and pay its bills (€6bn). The Finance Ministry spokesman declined to comment on the information.
  • Technical

    FTSE 20 September future:

      Support levels: 280-274-268. Resistance levels: 292-300-308.

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