EUROCORP

Financial Morning News 18/10/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 865.22, the highest level since September 9th 2011, posting profits of 1.81, in a turnover of €91.69mn.

Eyes remain focused on the two-day EU summit, starting today. The European Commission spokesman Mr. Olivier Bailley said that he does not expect any developments on Greece at the summit of European Union leaders, as the troika is still carrying out its assessment of Greece.

The French President Mr. Francois Hollande said that the Greek situation had to be dealt with definitively as Greece has made so much effort and it must now be assured of staying in the euro zone.

Greece and troika have agreed on most austerity cuts and reforms needed to unlock the aid. The talks on the labour market reforms will be continued with the aim of reaching a deal in the coming days. The Prime Minister Mr. Antonis Samaras is confident that they are doing everything they have to do in order to reach a deal. We remind that Greece will run out of money next month, so the next €31.5bn aid tranche is essential for the country.

Corporate Impacts

  • Cypriot Banks:S&P’s downgraded Cyprus’ sovereign credit rating to ‘B’ from ‘BB’, with the outlook remaining on watch negative. The deterioration in the banking sector’s domestic loan book has increased uncertainties about the final cost of Cyprus’ banking crisis and the implications of this for the government debt burden.
  • Technical

    FTSE 20 September future:

      Support levels: 318-312-206. Resistance levels: 330-336-344.

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