Financial Morning News 09/11/2012


The General Index in Athens Stock Exchange (ASE) closed at 794.67 posting losses of 3.77%, in a turnover of €61.14mn. The parliamentary vote for the 2013 Greek budget on Sunday is very crucial for the future of the coalition government.

The Germany’s Finance Minister Mr. Wolfgang Schaeuble said that he does not expect decisions on Greece on Monday, when euro-zone finance ministers are set to meet in Brussels.

The European Commission spokesman Mr. Simon O’Connor said that Greece’s international creditors need to reach an agreement on the country’s debt sustainability and financing needs before a decision can be made to give the country a much-need tranche of aid.

According to Dow Jones Newswires, eurozone considers lowering interest rate on first Greek bailout and the cut would be to around 80 bps above Euribor. In addition to this, the plan would double the repayment period to as much as 30 years.

The Greek socialist lawmaker of Pasok Mr. Mimis Androulakis resigned from his party and become an independent deputy. This event lowers the government’s majority to 168 out of a 300-seat parliament. We remind that six of Pasok’s lawmakers were expelled after voting against or not casting a vote.

The rate of unemployment rose to a new record high in August to 25.4% from 24.8% in July and 18.4% in August 2011 (ELSTAT). The unemployment among those 24 years of age or younger is the highest among the bloc’s 27 members (58%).

Economic Releases

    Industrial Output September CPI y-o-y October

    Corporate Announcements

      Hellenic Telecom Q3’12 results (before the market) Estimates: Sales: €1.21bn, EBITDA: €437.67mn and Net Income: €94mn.

      Corporate Impacts

      • CCH:The Company announced net sales of €5.47bn (+3%) in the first nine months of 2012. The volume declined by 1% (emerging markets: +3%, established markets: -5%, developing markets: -2%). The EBIT declined by 12% to €412.5mn, due to higher input costs and unfavourable currency movements. The company generated free cash flow of €381mn, while working capital improved by €35mn. The management expects to generate free cash flow of €1.45bn for 2012-2014.
      • Cypriot Banks:The finance ministry said that the troika will begin talks with the Cyprus today to seek a draft agreement on a bailout deal for the country. The talks at the “technocratic and political level, are intended to bring forward the discussions on policy issues.
      • Technical

        FTSE 20 December future:

          Support levels: 282-276-270. Resistance levels: 296-308-316


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