EUROCORP

Financial Morning News 09/01/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 980.52 posting profits of 1.14%, in a turnover of €84.18mn.

The Prime Minister Mr. Antonis Samaras said after his meeting with the German Chancellor Ms. Angela Merkel that Greece is determined to win back credibility in Europe and is delivering on the reforms and austerity needed to achieve that goal. Ms. Merkel said that she would “of course be interested in what progress the implementation of the Greek reform program is making,” but she didn’t offer any assessment.

Greece sold €975mn of one-month T-bills with a yield of 3.95% and €1.625bn of six-month paper of 4.3% eight basis points below a previous sale in December. The six-month auction’s bid-cover ratio was 1.69, up from 1.54 in the previous auction (PDMA).

The IMF board will meet on January 16 to discuss the next disbursement of financial aid to Greece.

Broker Meteorology

    Morgan Stanley estimates that Greece’s economy will not rebound in 2014 but instead faces one more year of recession amounting to 1%, while Nordea Bank said that Greece’s economic indicators signal its recession may have bottomed out amid a drop in yields and a surge in shares.

    Corporate Impacts

    • Greek Banks:A senior official at the bank support fund said there is no sign at the moment that the four largest banks will need more recapitalisation funds, dismissing a report in a local newspaper, that banks may need more money than the sum earmarked by the central bank due to rising loan impairments (Reuters).
    • Technical

      FTSE 20 March future:

        Support levels: 334-328-322. Resistance levels: 348-355-360.

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