EUROCORP

Financial Morning News 10/7/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 642.62 posting profits of 0.59%, in a low turnover of €24.85mn.

The government spokesman Mr. Simos Kedikoglou said that Greece will have to bring its deficit reduction program within target range before it can demand a renegotiation of its bailout agreement.

The Deputy Labor Minister Mr. Nikos Nikolopoulos submitted his resignation in disagreement over Greece’s decision not to renegotiate changes adopted into Greek labor law which were demanded by the country’s international creditors.

IOBE said in its quarterly review that Greece’s economy will shrink a deeper-than-expected 6.9% this year, while the unemployment rate will hit a new record of 23.6% this year.

The Germany’s Economy Minister Mr. Philip Roesler said that no concessions to Greece’s reform plans can be made and warned that patience with Greece is wearing thin.

According to PDMA, Greece will auction €1.25bn of six-month T-bills today to fund the rollover of a previous €2bn issue that comes due on July 13 (previous auction: 4.73%).

The consumer price inflation slowed to an annual rate of 1.3% in June from 1.4% in May. The public and private building activity, measured by the number of permits issued fell 28% in April from a year earlier compared with a 9.6% drop in March (ELSTAT).

Economic releases

  • 07/10: May’s Industrial Production (ELSTAT)
  • Corporate releases

    • 07/12: PPC AGM
    • Corporate Impacts

      • Cypriot Banks: The Russia’s ambassador to EU Mr. Vladimir Chizhov said that Russia may provide Cyprus a loan to recapitalize its banking system after it began to suffer from ties to Greece’s lenders.
      • Technical

        FTSE 20 September future:

          Support levels: 224-218-210. Resistance levels: 240-246-252.

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