Financial Morning News 03/07/2012


The General Index in Athens Stock Exchange (ASE) closed at 615.47 posting profits of 0.71%, in a turnover of €35.62mn.

The ECB executive board member Mr. Joerg Asmussem said that Greece would benefit more from speeding up structural reforms than spending time right now on renegotiating its bailout deal with its lenders.

A senior Greek government official said that Greece has received €1bn withheld from the payment of the last EC and IMF tranche which was paid in May, pending the outcome of elections held last month.

Markit’s manufacturing purchasing managers’ Index dropped to 40.1 points in June from 43.1 in May, its weakest reading since February’s record low of 37.7 points.

Corporate Impacts

  • NBG: It announced that it had held talks with Credit Agricole over possible cooperation. The statement, gave no details but comes following recent press reports suggesting that the bank could be a potential buyer of Emporiki Bank, which Credit Agricole is trying to sell in an effort to exit the Greek market.
  • Cypriot Banks: a) The Cyprus’ Deputy Minister for EU Affairs Mr. Andreas Mavroyiannis said that more clarity about the entry into force of Europe’s permanent bailout fund should emerge in the days to come and he added that the situation is uncertain for Cyprus b) The finance ministry said that troika will start today three days of discussions with the Cypriot government and banking authorities, as well as political parties and trade unions.
  • Technical

    FTSE 20 September future:

      Support levels: 220-214-208. Resistance levels: 234-242-250.


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