EUROCORP

Greek Morning News 12/4/2012

GREEK MARKET

The General Index closed at 723.61 posting losses of 0.88%, in a turnover of €48.04mn.

The Prime Minister Mr. Lucas Papademos told his Cabinet that his interim government had achieved its goal of pushing through economic reforms demanded by foreign creditors and he called general election in Greece for May 6.

Οutflows from Greek-managed mutual funds fell to €72mn in Q1’12 vs. €395mn in Q4’11 (Bloomberg).

Elections in Greece in less than a month΄s time could spell trouble for the euro and for euro-zone sovereign bonds. (Dow Jones Newswires)

International arrivals at Greek airports fell by 8.8% in Q1’12. The number of people arriving from abroad fell to 551k through March 31 from 605k in the year-earlier (Association of Greek Tourism Enterprises).

Broker Meteorology

  • OTE: UBS increased its price target to 4.90 from 4.20, keeping its neutral rating, as the organization announced strong quarterly results in a highly competitive environment.

Corporate Impacts

  • CCH: It extended its medium-term financing facility by €1bn to €3bn. A CCH official said that the extension does not mean the firm will make full use of it.

Technical

  • FTSE 20 June future: Support levels: 272-266-258. Resistance levels: 290-298-306.

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