EUROCORP

Financial Morning News 11/7/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 621.69 posting heavy losses of 3.26%, in a turnover of €31.98mn.

The Finance Minister Mr. Yiannis Stournaras said that Greece will not get fresh bailout money before September and doesn’t expect to get more time to meet fiscal targets until the country gets its austerity program back on track. Greece would have to find another €3bn of savings in the coming weeks. He added that he had been given assurances that Greece would get some kind of interim funding over the summer to repay a €3.1bn bond, held by the ECB, maturing Aug. 20.

A high ranking Eurozone official said that the EU will freeze disbursement of aid loans to Greece until inspectors from the EC, IMF and ECB conclude their assessment of the Greek economy, which could take until mid-September (MNI).

Greece sold €1.625bn of six-month T-bills, with the yield of 4.70% from 4.73% in a previous auction in June. The sale’s bid-cover ratio was 2.16, up from 2.14 in the June 12 auction.

The industrial production fell 2.9% on the year in May, after declining 2.2% on the year in April (ELSTAT).

Corporate releases

  • 07/12: PPC AGM
  • Corporate Impacts

    • BoC: The chief executive Mr. Andreas Eliades resigned, citing a lack of coordination in dealing with Europe’s banking crisis. The board will convene tomorrow to discuss various issues, including the issue of succession. The Deputy CEO Mr. Yiannis Kypri is expected to replace him.
    • Banks: The Greek central banker Mr. George Provopoulos sees satisfactory inflow of deposits into Greek banks, after elections last month reduced uncertainty about the country’s future in the eurozone. He called on government to take measures to bring back deposits.
    • ATEbank: According to press reports, the bank will be broken in “good” and “bad” bank. NBG and Piraeus Bank have shown interest for the “good” piece of the bank.
    • Piraeus Bank: The bank denied media reports about a merger with NBG and Emporiki Bank.
    • Technical

      FTSE 20 September future:

        Support levels: 218-210-204. Resistance levels: 232-239-245.

      Disclaimer

      The information that EUROCORP (henceforth the “Company”) provides via the web page eurocorp.gr, can be used only for informative aims and not for commercial, investment or other purposes. They cannot be considered as offer, advice, or proposal for purchase or sale of securities issued by companies that are reported in the web page of the Company, or as prompt on the realisation of any form of investments. The Company is not by any chance accountable for commercial or investment decisions that will be taken based on this information.

      The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

      The use of web page eurocorp.gr is under the exclusive responsibility of each user, who accepts that the information and services, are provided “as such” and “depending on the availability”, without any guarantee of the Company, indicatively reported the guarantees of satisfactory quality or appropriateness for concrete aims.

      Get Adobe ReaderYou will need Adobe Reader to open the files. If you do not have it already, you may download it from Adobe’s website by clicking the icon on the right.

Error Page

GlobalSoft Perquote Server 1.0.2.9

    Error 404:   

    The page requested not found!