EUROCORP

Financial Morning News 17/10/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 849.82 posting profits of 1.78, in a turnover of €68.90mn. Eyes remain focused on the two-day EU summit, starting tomorrow.

The leader of the Democratic Left party Mr. Fotis Kouvelis said after the meeting among party leaders that he would not accept demands by the troika to further liberalise the labour market. The troika interrupted the negotiations with the government over the package of austerity measures. Sources suggested that the meeting was interrupted after the troika failed to reach an agreement with the minister over changes to the public sector pay structure.

Greece sold €1.625bn of three-month T-bills yesterday, with the yield of 4.24%, seven basis points less than in the previous sale. The sale΄s bid-cover ratio was 1.90, down from 1.98 in the Sept. 18 auction (PDMA).

Broker Meteorology

  • Credit Suisse said that a Greek exit from the euro zone is unlikely and recent events in the core and in Greece are strengthening this perception. The discussions between the Greek government and the troika are progressing and it expects a compromise to be reached soon on the fiscal measures that will allow the disbursement of the next tranche of funds, probably in November.
  • Corporate Impacts

    • Banks:
      Banks: According to the daily newspaper Kathimerini, the banks will be able to exchange Greek government bond holdings with new ones issued by the EFSF, in a bid to reduce their capital needs. With the exchange of bonds and their pricing at nominal value, commercial banks will save some €7.5bn.
    • Technical

      FTSE 20 December future:

        Support levels: 308-300-296. Resistance levels: 320-328-334.

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