EUROCORP

Financial Morning News 07/01/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,205.51 posting marginal profits of 0.05%, in a turnover of €43.83mn.

The Prime Minister Mr. Antonis Samaras and the Deputy Prime Minister Mr. Evangelos Venizelos are to hold their first meeting of the New Year today, just over a week before the troika is due to return to Greece

According to data released by the Finance Ministry, the budget revenues for the first 11 months of 2013 beat their target by 0.4%. This was the first time since March that the year’s revenues beat their target, while tax rebates also exceeded the amount provided by the budget by €500mn to reach €3.06bn.

PIMCO does not see Greece returning to international bond markets this year, contradicting claims by the Prime Minister Mr. Antonis Samaras that Greece would no longer need the support of foreign creditors this year.

Corporate Impacts

  • Greek Banks: Businesses and household deposits rose to €161.04bn from €160.38bn in October (BoG). Note that about €17bn returned to the banking system in the months following a mid-June 2012 election, which led to the formation of a new government and eased fears that Greece would leave the single currency.
  • Technical

    FTSE 25 January future:

      Support levels: 392-386-380. Resistance levels: 408-414-420.

    General Index:

      Support levels: 1,190-1,170-1,150. Resistance levels: 1,230-1,250-1,280.

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