EUROCORP

Financial Morning News 18/02/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,276.82 posting losses of 0.28%, in a low turnover of €56.94mn.

European officials meeting in Brussels agreed that troika officials would return to Athens this week to resume stalled negotiations but indicated that a discussion on debt relief would likely not start until after the summer when Greece is confident it can tap international bond markets.

The European Economic and Monetary Affairs Commissioner Mr. Olli Rehn also pressed Athens to focus on reforms, adding that the troika’s review could be finished by March and aid subsequently disbursed.

BoG data confirmed that the primary surplus for the 2013 budget amounted to €812mn on a cash basis at the end of January 2014. Last month’s budget revenues came to €4.46bn, compared with €4.29bn a year earlier, while expenditure reached €3.6bn vs. €3.8bn in the first month of 2013. The amount for January includes some €5mn spent on the repayment of expired debts.

The Harmonized Index of Consumer Prices fell by 1.4% in January compared with a year earlier. In the 12-month period from February 2013 to January 2014 compared with the period from February 2012 to January 2013 the annual average rate of change of the HICP was -1% (ELSTAT).

Corporate Impacts

  • Greek Banks: According to press reports, BoG may release the stress test results by March 5, while the new recapitalization law is expected by March 16.
  • Technical

    FTSE 25 February future:

      Support levels: 410-402-396. Resistance levels: 422-430-436.

    General Index:

      Support levels: 1,250-1,225-1,200. Resistance levels: 1,290-1,305-1,320.

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