EUROCORP

Financial Morning News 06/02/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,240.11posting profits of 2.27% for fifth consecutive session, in a turnover of €145.29mn. Note that Greek 10-year yields slid 29 basis points to 8.12%.

According to two officials with knowledge of discussions being held by European officials, the next handout to Greece may include extending the maturity on rescue loans to 50 years and cutting the interest rate on some previous aid by 50 basis points. The plan, which will be considered by policy makers by May or June, may also include a loan for a package worth between €13bn -€15bn, another official said.

Corporate Impacts

  • Greek Banks: According to press reports, banks are expecting a return to credit expansion in the last quarter of this year after three years of major contraction in the rate of loans issued to the domestic economy.
  • Technical

    FTSE 25 February future:

      Support levels: 400-392-386. Resistance levels: 412-418-426.

    General Index:

      Support levels: 1,225-1,200-1,190. Resistance levels: 1,255-1,280-1,300.

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