EUROCORP

Financial Morning News 05/12/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 810.17 posting losses of 1.13%, in a turnover of €35.56mn.

The Economic Sentiment Indicator rose in November to its highest level in almost two years, reaching at 75.8 points from 79 points in the previous month. The consumer confidence and business expectations in the retail sector had become “less pessimistic,” while sentiment in the industrial and services sectors of the economy had stabilized (IOBE).

The Chief Executive of the Austrian state-owned «bad bank» KA Finanz Mr. Alois Steinbichler said that the bank stands to make a book profit by selling Greek state debt it had marked down sharply.

Positive Impacts

  • Cypriot banks:
      The Cyprus President Mr. Dimitris Christofias announced that his government is close to reaching an agreement with the EU for the rescue plan, saying that there are many measures in the memorandum that are painful and their application will create problems for the people. Up to €10bn will go to the banks and just €1.5bn will go toward covering the state’s needs in the next four years.

    Technical

    FTSE 20 December future:

      Support levels: 278-272-266. Resistance levels: 290-296-302.

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