EUROCORP

Financial Morning News 10/10/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,111.71posting marginal profits of 0.11%, in a turnover of €117.55mn.

The IMF warned that Greece will need to adopt new austerity measures of €6.7bn from 2014 to 2016 in order to make its fiscal adjustment targets. This is €2.6bn more than foreseen in the agreement between Greece and its creditors. Moreover, the IMF reiterated its view that an additional haircut in the official sector is required for the Greek debt to drop below 124% of GDP by 2020.

Greece stayed in deflation territory for the seventh month in a row in September as consumer prices fell 1.1% on an annual basis, after a drop of 1.3% in August (ELSTAT).

Corporate Impacts

  • Greek banks: The central bank governor Mr. George Provopoulos said that banks will have to prove they have enough capital to withstand another two years of recession under the «adverse» scenario of stress tests being carried out in Greece. He added that it is imperative that the unused funds amounting to between €8 to €9bn remain available as a backstop for the banking sector.
    • Aegean Airlines: The company won EU approval to buy Olympic Air, two years after the Brussels-based watchdog blocked a previous attempt because it would create a Greek air monopoly. Aegean would emerge as the sole Greek domestic carrier anyway because Olympic was likely to close in the near future.
      • Jumbo: The company will not distribute dividend this year, as it will pay down debt in May (€145mn).
      • Technical

        FTSE 25 October future:

          Support levels: 362-356-348. Resistance levels: 374-380-386.

        General Index:

          Support levels: 1,090-1,070- 1,050. Resistance levels: 1,115-1,130-1,159.

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