EUROCORP

Financial Morning News 31/10/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 815.54 posting losses of 0.50%, in a turnover of €106.67mn.

The Greek Prime Minister Mr. Antonis Samaras called his government’s two junior coalition partners to back the €13.5bn austerity and reforms package or otherwise see the country being led into chaos. He added that the talks on the cuts and tax hikes have ended and that his government did the best it could. The junior coalition partner Democratic Left issued a statement saying that it is «not in agreement» with the conclusion of negotiations with troika for labor relations. The draft budget for 2013 is due to go to Parliament today, while the euro-zone will hold a conference call today.

The ECB policy maker Mr. Ewald Nowotny said that Spain might have the luxury of time to delay a request for bailout funds but the timetable for Greece is more urgent. He is less optimistic about Greece’s near-term prospects, however, arguing that there was a greater sense of urgency to find funds for Greece by mid-November.

The German Economy Minister Mr. Philip Roesler said that all future aid to Greece should be paid into an escrow account to ensure greater compliance with agreed plans.

Corporate Impacts

  • Hellenic Petroleum:The Company plans to start its Okta facility in FYROM after a seven-month halt
    over the next few days. The plant has the capacity to process about 50k barrels of crude a day.
  • NBG, Eurobank:NBG will hold another shareholder meeting on November 12 for a vote on its offer to take over Eurobank after yesterday’s assembly did not achieve the required quorum.
  • Technical

    FTSE 20 September future:

      Support levels: 296-290-284. Resistance levels: 310-318-326.

    Disclaimer

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