EUROCORP

Financial Morning News 28/01/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,159.43 posting losses of 2.07%, in a turnover of €77.06mn.

The Greek Prime Minister Mr. Antonis Samaras will hold talks with the Russian President Mr. Vladimir Putin in Brussels today. The meeting is due to take place at 5 p.m. local time and will focus on bilateral issues, with an emphasis on economic cooperation.

The Finance Minister Mr. Yannis Stournaras said that further rescue funding is unlikely to be approved before March as European officials meeting in Brussels pressed Athens to intensify its reform efforts. Note that Greece was not officially on the agenda but was discussed on the sidelines. Mr. Stournaras added that the primary surplus for 2013 is estimated at €830mn and would help plug a fiscal gap for 2014, while any fiscal gap for 2015 would be covered with structural reforms and not further austerity measures.

The President of the Eurogroup Mr. Jeroen Dijsselbloem said that the review is not yet concluded and further work is needed in Greece before the troika can return to Athens.

The German Finance Minister Mr. Wolfgang Schaeuble noted that Greece’s fiscal data “looked good” but that “further efforts are needed,” while Michael Spindelegger of Austria expressed concerns about structural reforms and a lagging privatization program.

After an 11-month study, the OECD identified in November 555 regulatory restrictions which it says undermine competition. It made 329 recommendations on legal provisions that should be amended or repealed. The OECD estimates the benefit to the Greek economy would be around €5.2bn (2.5% of GDP).

Corporate Impacts

  • Frigoglass: The company announced its intention to discontinue manufacturing at its Spartanburg, South Carolina, facility. This follows a decision to change the operating model in the US and focus on the commercial activities of sales & marketing, distribution and servicing. Manufacturing is expected to cease by the end of the first quarter of 2014. The company will provide an update on the expected annualized cost savings and related restructuring charges at the time of announcement of its fourth quarter 2013 results.
  • Technical

    FTSE 25 February future:

      Support levels: 376-370-365. Resistance levels: 388-396-400.

    General Index:

      Support levels: 1,120-1,095-1,080. Resistance levels: 1,170-1,190-1,210.

    Disclaimer

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