EUROCORP

Financial Morning News 16/01/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 951.05 posting losses of 1.78%, due to the seventh consecutive session of losses for most banks, in a turnover of €66.93mn.

Today, the IMF’s executive board will convene to approve its share of the package to Greece, amounting to €3.3bn.

The economic sentiment rose to 84.1 points in December from 79 in November, which is the highest in more than two years. The improvement in sentiment was reflected in all industries except construction, which dropped to the lowest level since March (IOBE).

Greece sold €1.625bn of three-month Treasury bills yesterday, with the yield of 4.07% from 4.11% in the previous auction. The sale’s bid-cover ratio was 1.75, up from 1.73 previously.

Corporate Impacts

  • Greek Banks: According to Dow Jones Newswires, the ECB increased MRO lending linked to Greek Banks, regaining access to the regular monetary policy operations. It is estimated that the benefit is more than €1bn in the cost of money in the long term. In other news, the total credit growth in Greece shrank 3.4% y-o-y in October, with the pace of decline easing from the previous month (BoG).
  • Cypriot Banks:The President Mr. Dimitris Christofias said that the planned aid package for Cyprus is being delayed by the government’s differences with the IMF over Cypriot banks’ capital needs. We remind that Pimco will announce on Friday how much banks in Cyprus need. It is estimated that the rescue of banks in Cyprus may cost as much as €10bn.
  • Technical

    FTSE 20 December future:

      Support levels: 320-315-308. Resistance levels: 332-337-344.

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