EUROCORP

Financial Morning News 08/06/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 492.19 posting profits of 3.09% in a turnover of €46.09mn.

The unemployment rate rose to a record high to 21.9% in March from a revised 21.4% in February and 15.7% in March 2010 (ELSTAT).

The economic climate index posted a small decline in May to 76 points from 77.3 in April, due to the pressure on the industry and construction sectors (IOBE).

The National Australia Bank stopped all transactions with the Greek credit system due to uncertainty regarding the outcome of the crisis and all money sent from the bank will be directed to Greece through Deutsche Bank (Athens News Agency).

Economic Releases

  • 06/08: Q1’12 GDP, May’s CPI and April’s Industrial Production

Corporate releases

  • 06/08: Titan Cement AGM, OPAP Ex-Dividend €0.72

Broker meteorology

Nomura estimates that the possibility of Greece leaving the euro is 50%, as there is a very large chance that the Greek elections will produce a government that is committed to rejecting Greece’s obligations to its international creditors.

Corporate Impacts

  • OTE: S&P’s lowered the long-term corporate credit rating to B- from ‘B’ (negative outlook), reflecting the continued deterioration of macroeconomic conditions, including another potential sovereign default or Greece’s exit from the eurozone. The high country risk and challenged banking sector could continue to impair its ability to refinance or repay with cash its large upcoming debt maturity of €1.2bn in August 2013.
  • PPC: S&P’s downgraded its rating to CC from CCC and said that the company will likely default in the near term, as a lack of resources to pay back its debt (€1bn of debt by the end of 2012, mostly to Greek banks and that about half the amount comes due later this month) comes at a highly uncertain time in the country.
  • ATEbank: Reuters reported that EC is putting pressure on the government to wind down certain lenders, including the bank.

Technical

FTSE 20 June future:

    Support levels: 171-166-158. Resistance levels: 186-192-198.

Disclaimer

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