EUROCORP

Financial Morning News 23/01/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 999.20 posting profits of 2.41%, in a turnover of €63.541mn. The yield on the Greek 10-year bond dropped to its lowest point in 30 months yesterday.

The state budget deficit for 2012 was €15.7bn or 8.1% of GDP (target: €16.3bn), which was a 31% reduction on the 2011 figure. The primary deficit amounted to €3.5bn, beating its target by €1.1bn or 0.6% of GDP.

The ECB board member Mr. Joerg Asmussen said that the financial problems of Cyprus should not be underestimated, because they could still derail the still fragile confidence in the eurozone. He added that the country could impact Greece through banking sector channels. We remind that a final agreement on the Cypriot program could be reached at the end of March.

Corporate Impacts

  • Cypriot banks: The country said that it has no reason to consider privatizing state-owned companies now.
  • Technical

    FTSE 20 December future:

      Support levels: 334-328-320. Resistance levels: 346-352-358.

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