EUROCORP

Financial Morning News 11/10/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 799.42 posting losses of 3.64%, in a turnover of €56.80mn. The market was clearly not impressed by German Chancellor Angela Merkel’s visit to Athens.

The ESM Managing Director Mr. Klaus Regling said that he is not among those who believe a new haircut for Greek debt is urgently needed (Die Zeit).

The industrial output rose by 2.5% y-o-y in August for the first time since the country’s debt crisis began, led by higher exports (ELSTAT).

Corporate Impacts

  • Folli-Follie:The group announced an agreement to sell 51% of its travel retail assets to Dufry. The agreement will see the company spin-off its travel retail business sector into a separate subsidiary of the group, to which debt of the sector will be transferred. Following the spin-off, Dufry AG will acquire a 51% stake in the new subsidiary for €200.5mn.
  • Technical

    FTSE 20 December future:

      Support levels: 286-280-276. Resistance levels: 300-308-314.

    Disclaimer

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