EUROCORP

Financial Morning News 09/07/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 858.40 posting profits of 2.08%, in a turnover of €34.73mn.

The Eurogroup notes with satisfaction that the program is broadly on track with the prior actions to be implemented shortly. The economic outlook is largely unchanged from the previous review and is encouraged by the early signals pointing to a gradual return to growth in 2014.

The Eurogroup mandates the EWG to approve the next EFSF instalment, which amounts to €3.0bn. The installment will be disbursed in two sub-tranches. A first sub-tranche of €2.5bn will be approved by the EWG and the EFSF Board following the full implementation of the prior actions and once Member States have finalized their relevant national procedures. The disbursement of the second sub-tranche of €0.5bn will be made in October 2013.

Furthermore, an amount of €2bn, equivalent to the income on the SMP portfolio accruing to euro area national central banks in 2012, will be disbursed to Greece’s segregated account. A first part of €1.5bn will be passed on to Greece’s segregated account together with the disbursement of the first EFSF sub-tranche. The remaining €0.5bn will be passed on to Greece’s segregated account together with the disbursement of the second EFSF sub-tranche.

The consumer prices were 0.4% lower in June 2013, compared with the corresponding onth in 2012 and 0.2% lower compared with May this year, unchanged from the rates of decline reported in May. The annual drop was led by lower costs for communications, household equipment nd recreation and culture (ELSTAT).

The number of building permits issued in April was down 20.8% compared to a year earlier. There was a 24.4% decrease in surface and a 19.7% decrease in volume, compared to the same month of 2012 (ELSTAT).

Corporate Impacts

  • Cypriot Banks: The Finance Minister Mr. Harris Georgiades said that the Cyprus’s central bank must complete the process of radically restructuring of the Bank of Cyprus by early August at the latest. He added that the government is not seeking of renegotiation of bailout deal.
  • Technical

    FTSE 25 September future:

      Support levels: 290-284-276. Resistance levels: 302-312-316.

    General Index:

      Support levels: 830-810-790. Resistance levels: 884-909-930.

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