EUROCORP

Financial Morning News 28/01/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,014.53 posting profits of 2.74%, in a turnover of €69.24mn.

The Greek Prime Minister Mr. Antonis Samaras will visit Qatar to discuss investment possibilities in Greece, including stakes in Greek state-owned companies and participation in the capital increase of the Greek banks.

The head of the IMF’s program in Greece Mr. Poul Thomsen said that failure to improve tax collection this year would result in further cuts to pensions and wages.

The ECB board member Mr. Joerg Asmussen said that Greece is two-thirds of the way to completing its fiscal consolidation. The reduction in unit labour costs, the shrinking of the current account deficit and an increase in exports as signs that reforms were having a positive impact.

Corporate Impacts

  • Cypriot banks: Fitch downgraded the government bond rating by two notches to ‘B’ with a negative outlook. It estimates that the cost of bailing out all of banks to be €10bn, so the country will need a bailout package of roughly €17bn. This would push up Cyprus debt to 140% of GDP in 2013.
  • Technical

    FTSE 20 December future:

      Support levels: 342-336-330. Resistance levels: 353-358-364.

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