EUROCORP

Financial Morning News 29/08/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 631.41 posting losses of 2.27%, in a turnover of €22.14mn.

The Prime Minister Mr. Antonis Samaras after his meeting with the Greek President Mr. Karolos Papoulias said that the government is fighting to avert the risk of Greece being pushed out of the eurozone and to put the economy on the road to recovery. Mr. Samaras will meet today the PASOK leader Mr. Evangelos Venizelos and the Democratic Left chief Mr. Fotis Kouvelis. They will discuss some of the €11.5bn in austerity measures being demanded by troika. The package of measures is to be finalized by mid-September.

The government said that Greece plans to set up “special economic zones” to attract private investment. The zones would offer investors tax and administrative advantages.

The Austria’s finance minister Ms. Maria Fekter said that Greece must have a clear plan to implement reforms before the possibility of giving the country more time to do so can be discussed.

Economic releases

  • 08/29 PPI y-o-y July
  • 08/31 Retail Sales y-o-y June
  • Corporate releases

    • 08/29 Hellenic Petroleum H1’12 results (after-market)
    • 08/30 BoC (after-market), PPC (before-market) H1’12 results
    • Corporate Impacts

        Banks: a) The private-sector deposits rose about 2% to €159.4bn at the end of July from €156.2bn a month earlier b) Credit Agricole said that a deal to sell its Greek arm Emporiki Bank could be wrapped up within weeks.

        Technical

        FTSE 20 September future:

          Support levels: 222-218-212. Resistance levels: 232-240-246.

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