EUROCORP

Financial Morning News 11/12/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 852.63 posting profits of 1.42%, in a turnover of €51.12mn.

The EU spokesman Mr. Simon O’Connor said that there is scope for additional tenders from domestic and international investors in Greece’s debt buyback and a successful debt buyback is an integral part of Eurogroup agreement. We remind that Greece announced yesterday a one-day extension in its plan to buy back €10bn of debt, after initial offers last week fell short of target.

The head of S&P for Europe, the Middle East and Africa said that tere is a one in three chance that a future Greek government might decide to exit the euro zone. However, such a move would have extremely negative consequences and would likely deter other countries from following suit.

The government is expected today to submit to parliament the new tax legislation, following lengthy consultations between the coalition parties. Furthermore, the Public Debt Management Agency will conduct a large-volume T-bill auction tomorrow, offering a total of €3.375bn and splitting the T-bill supply between four- and 26-week paper.

TThe industrial production rose 2% in October, after a revised drop of 7% in September. The manufacturing output increased 1.1%, while production at mines and quarries rose 15.8%. Electricity and water supply production rose 0.8% and 2% respectively (ELSTAT).

The consumer prices fell 0.5% in November from October, mainly due to falling transport and health costs. Food and housing prices also edged lower. The drop pushed Greece’s annual inflation rate down to 1% from 1.6% in October (ELSTAT).

Corporate Impacts

  • Cypriot Banks: The Finance Minister Mr. Vassos Shiarly said that the Cypriot economy has strong potential to recover in the coming years, especially given recent discoveries of offshore natural gas. He added that in the next few weeks, the Parliament will approve the necessary fiscal changes approved with international lenders and which are the only way for Cyprus to regain credibility.
  • Technical

    FTSE 20 December future:

      Support levels: 290-282-276. Resistance levels: 306-312-314.

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