Financial Morning News 10/10/2012


The General Index in Athens Stock Exchange (ASE) closed at 829.59 posting profits of 0.55%, in a turnover of €61.59mn.

The German Chancellor Ms. Angela Merkel affirmed her support for Greece’s continued membership inside the euro zone during her visit to Greece and she added that Greece has covered much of the ground required for recovery. Tens of thousands of demonstrators protested in Athens against her visit.

The Germany’s Finance Minister Wolfgang Schaeuble said that Greece’s official creditors are sceptical about restructuring the country’s large debt, topping off a long discussion amongst European finance ministers that failed to reach a decision on how to handle Greece’s mounting debt crisis.

The European Union Economics Chief Mr. Olli Rehn said that the decision on the €31.5bn bailout tranche for Greece can be expected in November at the latest and he added that the two-year extension to Greece’s fiscal targets will have to be considered by euro-zone finance ministers. We remind that Greece will run out of cash in November. The Greek government will have to legislate and implement a list of 89 “prior actions” before it can hope to get the funding it needs.

The ECB President Mr. Mario Draghi said that Greece has made progress on reforming its economy but has more work to do. The troika is working on a report on Greece’s progress in tackling its debts.

Greece sold €1.3bn of six-month T-bills yesterday, with the yield of 4.46%, 8 basis points less than in the previous sale. The sale’s bid-cover ratio was 1.60, down from 1.95 in the September 4 auction (PDMA).

The 12-month consumer price inflation slowed to 0.9% in September from 1.7 % in August (ELSTAT). We remind that the Greek government has estimated an average inflation rate of 0.6% for the year overall.

Economic Releases

  • Industrial Production Index y-o-y August
  • Corporate Releases

    • MIG EGM – 2nd call [if required] for reduction of share capital of MIG
    • Technical

      FTSE 20 December future:

        Support levels: 298-290-284. Resistance levels: 310-314-322.


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