EUROCORP

Financial Morning News 05/11/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,162.77 posting losses of 1.27%, in a turnover of €80.00mn.

The troika heads returned to Greece yesterday, while a meeting with the Finance Minister Mr. Yannis Stournaras has been scheduled for today at noon and at 4 p.m. with the Labor Minister Mr. Yiannis Vroutsis. The agenda will include the progress of the prior actions for the next disbursement of €1bn and the disputed fiscal gap for 2014.

At the same time, a European Commission official denied reports in Greece that the troika only agreed to return to Greece after Greece agreed that next year’s fiscal gap would be as big as €2.9bn.

The EU Commissioner for Regional Policy Mr. Johannes Hahn said that EU regional funds can play an important part in the recovery of Greece and its regions.

Corporate Impacts

  • Cypriot Banks: The banks are among the most leveraged in the euro area and probably need to increase their equity as a share of assets (ECB).
  • Technical

    FTSE 25 November future:

      Support levels: 380-374-368. Resistance levels: 392-400-408.

    General Index:

      Support levels: 1,150-1,130-1,110. Resistance levels: 1,180-1,200-1,230.

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