EUROCORP

Financial Morning News 14/05/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 611.96 posting heavy losses of 4.52% in a turnover of €147.26mn. The market depends entirely on the political developments.

The Greek President Mr. Karolos Papoulias met with the heads of the political leading parties yesterday, but no agreement on ecumenical government reached. The talks will be continued today.

The European Commission forecasts that the GDP will shrink by 4.7% in 2012 and will be flat in 2013, whereas concerning the unemployment rate EU forecasts that it may increase to 19.7% in 2012 from 17.7% in 2011.

The head of Bundesbank Mr. Jens Weidmann warned that there would be no basis for further financial aid to Greece if the country backs off agreements with international creditors.

The Germany’s finance minister Mr. Wolfgang Schaeuble suggested the euro area could handle Greece dropping out and the risks of contagion for other countries of the euro zone have been reduced and the euro zone as a whole has become more resistant.

The Germany΄s foreign minister Mr. Guido Westerwelle said that the future of Greece in the euro zone lies in the hands of Greece. They want Greece, but Greece has to be ready to accept help.

The Greek Public Debt Management Agency said that it will seek to sell €1bn of 13-week T-bills at an auction tomorrow.

Broker Meteorology

  • OTE: Bank of America cuts its PO to €2.70, due to macro and political uncertainty, incorporating the risk that Greece will leave the euro, while remaining neutral on its valuation. On the contrary, Barclays rises its target price for the company at €3.90 (from €3.70).

Technical

    • FTSE 20 June future: Support levels: 222-216-210. Resistance levels: 238-244-250.

    Disclaimer

    The information that EUROCORP (henceforth the “Company”) provides via the web page eurocorp.gr, can be used only for informative aims and not for commercial, investment or other purposes. They cannot be considered as offer, advice, or proposal for purchase or sale of securities issued by companies that are reported in the web page of the Company, or as prompt on the realisation of any form of investments. The Company is not by any chance accountable for commercial or investment decisions that will be taken based on this information.

    The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

    The use of web page eurocorp.gr is under the exclusive responsibility of each user, who accepts that the information and services, are provided “as such” and “depending on the availability”, without any guarantee of the Company, indicatively reported the guarantees of satisfactory quality or appropriateness for concrete aims.

    Get Adobe ReaderYou will need Adobe Reader to open the files. If you do not have it already, you may download it from Adobe’s website by clicking the icon on the right.

Cannot retrieve http://vtickersrv.monopoly.gr/eurocorp.htm