EUROCORP

Financial Morning News 25/7/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 586.64 posting marginal profits of 0.10%, in a turnover of €16.93mn.

The Prime Minister Mr. Antonis Samaras said that the Greek economy could shrink more than 7% this year and a recovery is not expected until 2014. He is due to meet EU President Mr. Jose-Manuel Barroso today afternoon and the leaders of the two other parties in his coalition government tomorrow afternoon in order to discuss the €11.5bn in cuts for 2013 and 2014. On Friday, Mr. Samaras is due to meet the troika officials.

The Austrian Finance Minister Maria Fekter said that a Greek exit from the euro zone is not under discussion and she added that Europe would have to wait for a key report on Greece before deciding on further steps.

Greece’s receipts from tourism were 12.5% down in the five months through May to €1.48bn vs. €1.69bn, as fewer people visited the country. Tourism accounts for about 16% of GDP (Bloomberg).

Economic releases

  • 07/27: June’s PPI y-o-y (ELSTAT)
  • Corporate releases

    • 07/25: Jumbo EGM
    • Corporate Impacts

      • Cypriot Banks According to Wall Street Journal, Cyprus will need at least €13bn of aid, which is more than previous estimates, as it struggles to recapitalize its banking system, which has been hammered by the deepening debt crisis in Greece.
      • Technical

        FTSE 20 September future:

          Support levels: 200-196-188. Resistance levels: 218-224-230.

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