EUROCORP

Financial Morning News 10/12/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,182.93 posting profits of 0.47%, in a turnover of €54.44mn.

The Eurogroup President Mr. Jeroen Dijsselbloem said that Greece must step up its efforts in the implementation process of it adjustment program and meet all requirements and milestones before it can receive further loan tranches. He added that it was unrealistic to expect the conclusion of the third assessment report, by the end of the year but appeared optimistic that Greece could get at least receive a delayed J€1bn n loan tranche this month.

The Troika mission will return to Greece today and begin new round of negotiations tomorrow, but the full length mission will not be back until January.

The European Commissioner for Economics and Monetary Affairs Mr. Olli Rehn said that recovery for Greece is around the corner and that the Commission is ready to assist Greece but that certain issues still remain open. He stressed that while 2014 budget issues remain open, the troika must also assess “the magnitude of the 2015 fiscal gap”.

The Greek economy contracted by an annual rate of 3% in the third quarter of the year, in line with the previous estimate. The decline is at a slower place compared with the 3.7% contraction in the second quarter and a 5.5% drop in January-March. The consumption spending fell by 6.6%, while investment spending was off 12.6%. Exports advanced 5.7% vs. a 2.3% increase in imports (ELSTAT).

The consumer prices fell by an annual rate of 2.9% in November, after dropping by 2% and 1.1% in October and September respectively (ELSTAT).

Corporate Impacts

  • NBG:The subsidiary of Saudi Arabian fund ACG, JERMYN STREET REAL ESTATE FUND submitted a bid of €400mn for the Astir Palace Resort and it concerns 90% of the Astir Palace shares.
  • OTE: It announced that it is looking to hire about 500 people for a variety of positions. The company said it will know the exact number of places available once it knows how many employees accept voluntary redundancy.
  • Technical

    FTSE 25 December future:

      Support levels: 382-376-370. Resistance levels: 396-402-408.

    General Index:

      Support levels: 1,170-1,150-1,120. Resistance levels: 1,200-1,230-1,260.

    Disclaimer

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