EUROCORP

Financial Morning News 31/01/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,155.81 posting profits of 2.62%, in a turnover of €88.17mn.

The Prime Minister Mr. Antonis Samaras said that Greece will report a budget surplus before interest payments of at least €1bn for 2013. Note that reporting a primary budget surplus for the year would make Greece eligible for further debt relief from its euro zone and IMF partners.

The Greek think tank IOBE said that the economy will pull out of recession and grow 0.6% this year. The unemployment rate would drop to 26% this year from an estimated 27.3% in 2013, helped by a rise in exports and stronger investment activity.

Corporate Impacts

  • OTE: The head of Deutsche Telekom Mr. Timotheus Hoettges met with the Prime Minister Mr. Antonis Samaras and the management of OTE and reportedly told them that Deutsche Telekom plans for the development of the OTE group in Greece with the realization of investments totaling €1.2bn in the next four years.
  • Technical

    FTSE 25 February future:

      Support levels: 376-370-364. Resistance levels: 386-392-398.

    General Index:

      Support levels: 1,140-1,120-1,095. Resistance levels: 1,170-1,190-1,230.

Financial Morning News 29/01/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,136.97 posting losses of 1.94%, in a turnover of €85.95mn.

A senior Finance Ministry official said that Greece’s primary budget surplus for 2013 may exceed previous forecasts and top €1bn. The latest surplus forecast compared with an estimate of at least €812mn in the budget presented in December.

Corporate Impacts

  • PPA: The co-chief executive officer at Samsung Electronics Mr. Yoon Boo-Keun is due to visit Athens tomorrow.
  • Technical

    FTSE 25 February future:

      Support levels: 368-360-355. Resistance levels: 382-388-396.

    General Index:

      Support levels: 1,120-1,095-1,080. Resistance levels: 1,158-1,170-1,190.

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.

Financial Morning News 27/01/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,183.99 posting losses of 3.21%, in a turnover of €90.43mn, due to the negative climate in international markets.

The Finance Minister Mr. Yannis will participate at a summit in Brussels today amid the slow implementation of reforms which has led troika officials to delay their scheduled return to Athens. Although Greece is not officially on the agenda of talks at the summit, it is expected that the progress of reforms will be discussed while Athens hopes that a date for the return of troika envoys could be set.

Technical

FTSE 25 February future:

    Support levels: 385-378-372. Resistance levels: 398-405-412.

General Index:

    Support levels: 1,170-1,155-1,120. Resistance levels: 1,210-1,225-1,250.

Financial Morning News 24/01/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,223.28 posting marginal profits of 0.03%, in a turnover of €88.33mn.

The Finance Minister Mr. Yannis Stournaras said that the negotiations between the government and the troika will last as long as it takes to reach an agreement. He added that this assessment process is difficult, with the government trying to achieve the best possible result for the sake of the Greek people.

Corporate Impacts

  • Cypriot Banks: Cyprus’s economy shrank 5.5% last year, less than previously forecast, thanks to resilience in private consumption and the contribution from tourism.
  • Technical

    FTSE 25 February future:

      Support levels: 396-390-382. Resistance levels: 410-418-424.

    General Index:

      Support levels: 1,200-1,190-1,170. Resistance levels: 1,235-1,255-1,280.

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