EUROCORP

Financial Morning News 28/09/2012

GREEK FINANCIAL MARKET

The General Index closed at 742.44 posting losses of 1.68%, after the meeting of the government coalition partners, in a turnover of €39.55mn.

Τhe coalition leaders agreed on most of the cost-cutting measures demanded by the troika, but there are still some outstanding issues. They are going to seek for a two-year extension of the fiscal adjustment program. The Finance Minister Mr. Yannis Stournaras described the agreement as a basis for strong negotiation with the troika and he added that the proposed measures will first have to be approved by the troika envoys, expected in Athens during the weekend, before they are voted upon in Parliament.

The French Foreign Minister Mr. Laurent Fabius said that Greece requires a mix of deficit cuts and help from other euro zone members to remain a member of the single currency.

Economic Releases

  • 28/09 PPI y-o-y-August, Retail sales-July.
  • Corporate Impacts

    • Banks: a) According to Kathimerini, the incentives for private investors to take part in recapitalization of banks to be announced after government agree on budget. The investors may have the option to buy 9 shares from government stake for every 1 they hold b) The chief executive officer of Credit Agricole Mr. Jean Paul Chifflet said that the sale of the Greek unit Emporiki Bank will be completed in a few weeks and he added that they are in very advanced negotiations with buyers who have made firm offers. According to sources, Credit Agricole is expected to release an announcement about Emporiki Bank today. Greek authorities have given the French group until Sunday to confirm the winning bidder. There is no doubt that the winner of the tender will boost its capital base considerably.
    • MIG: Vivartia signed a major business deal with Abu Dhabi firm Exeed Industries for the expansion of the Greek enterprise to the Middle East, North Africa and the Persian Gulf through the creation of a consortium aimed at productive and commercial activity. The aim of the consortium will be to evolve into the leader in the region, which has a dynamic market of more than 330mn consumers and sales of more than €165mn per year.
    • Technical

      FTSE 20 September future:

        Support levels: 266-260-254. Resistance levels: 278-286-292.

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