EUROCORP

Financial Morning News 16/05/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 562.88 posting heavy losses of 3.62% in a turnover of €43.43mn.

The party leaders failed to reach an agreement to build a coalition government. At the today meeting, the political leaders will have to agree on who the new caretaking prime minister will be. In case no agreement is reached, then the Greek institution provides that the Greek President will give the mandate for forming the new government to one of three people in charge of the Supreme Courts of the country (Areios Pagos, Council of State, Court of Auditors). The new elections are likely to be held either June 10 or June 17.

Greece is going to pay out the €450mn foreign law bond, that wasn’t included in the restructuring.

Greece sold €1.3bn 13-week treasury bills with a yield of 4.34% vs. 4.20% on the 17th of April and a bid-to-cover ratio of 2.32 vs. 2.46.

Greece’s GDP contracted by an annual rate of 6.2% in the Q1’12 compared with a year earlier (ELSTAT).

The Sweden Finance Minister, Mr. Anders Borg said that Greeks must seriously consider whether they want to stay in the Euro Zone.

Broker Meteorology

  • BoC: Citigroup downgraded to neutral from buy.

Corporate Releases

  • 05/16: Intralot AGM
  • 05/17: ΟPAP Q1’12 results

Corporate Impacts

  • Banks: The President Mr. Karolos Papoulias told party leaders that Greeks withdrew as much as €700mn from the nation’s banks in the first week after the inconclusive May 6 election (Bloomberg).

Technical

    • FTSE 20 June future: Support levels: 200-196-188. Resistance levels: 222-232-244.

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