EUROCORP

Financial Morning News 23/07/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,150.17 posting marginal profits of 0.10%, in a turnover of €95.19mn.


According to Eurostat, Greece was the Eurozone’s most indebted country with sovereign debt of 174.1% of GDP in the first quarter of 2013.

The European Stability Mechanism chief Mr. Klaus Regling said that Portugal and Greece have money set aside to recapitalize their banks if the European Central Bank uncovers problems during its asset-quality review and stress test.

The latest Nielsen Global Survey of Consumer Confidence and Spending found that consumer confidence improved by two index points in the second quarter of 2014 compared to the same period last year, reaching 55 points, though still significantly below the global average of 97 points.

Corporate Impacts

    • Greek Banks: According to press reports, Bank of Greece ruled out the creation of a single “bad” bank that would gather all the commercial lenders’ nonperforming loans (NPLs).

Technical

FTSE 25 September future:

        Support levels: 364-358-352. Resistance levels: 375-382-388.

General Index:

      Support levels: 1,140-1,100-1,080. Resistance levels: 1,180-1,210-1,230.

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