EUROCORP

Financial Morning News 07/11/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 832.37 posting profits of 0.40%, in a turnover of €71.30mn.

The lawmakers are due to vote on the draft law late today, ahead of a vote on the 2013 national budget late on Sunday. It is expected that the government will get the majority it needs for the measures to pass. We remind that the coalition government has 175 seats in the 300-seats parliament with New Democracy controlling 127 seats, Pasok 32 and Democratic Left 16. The government needs 151 votes to pass the legislation, assuming all lawmakers are present in the vote. The DIMAR leader Mr. Fotis Kouvelis said that his party’s lawmakers will vote “present” today and “yes” for the budget on Sunday. In contrast, PASOK agreed to support the bill, but faces the prospect that some of its MPs will dissent from the party line. At the same time, the public sector workers continue the 48-hour strike in protest against further austerity plans.

The European Union commissioner for economic and monetary affairs Mr. Olli Rehn said that Greece’s three major creditors remain on track to find a solution for the country’s massive debt burden before a meeting of euro-zone finance ministers scheduled for November 12.

The President of the Eurogroup Mr. Jean-Claude Juncker said that he is confident that Greece will continue to carry out reforms as it works to rescue its economy from a sovereign debt crisis.

Greece sold €1.3bn of 26-week T-bills yesterday, with the yield of 4.41%, down from 4.46% in the previous auction in October. The sale’s bid-cover ratio was 1.70 from 1.60 (PDMA).

The Economic sentiment in Greece dipped further in October to 75.8 points from 76.1 the month earlier (euro zone: 84.5 points), with consumer confidence hurt by ongoing talks between the governing coalition on finalizing the multi billion euro austerity plan demanded by the troika.

Corporate Impacts

  • Cypriot Banks:The German lawmakers said that they will be allowed to review a classified intelligence report on alleged Russian money laundering in Cyprus before voting on a bailout for the country.
  • Technical

    FTSE 20 September future:

      Support levels: 300-294-287. Resistance levels: 315-320-326.

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