Fri, Jan. 16, 9:11 AM
Mon, Jan. 12, 9:14 AM
Thu, Jan. 8, 9:15 AM
Mon, Jan. 5, 11:54 AM
- Europe closes on the lows, the Stoxx 50's (NYSEARCA:FEZ) 3.7% decline led by Italy's 4.8% slump. Germany (NYSEARCA:EWG) -3%, France (NYSEARCA:EWQ) -3.3%, Spain (NYSEARCA:EWP) -3.5%, U.K. (NYSEARCA:EWU) -2.1%.
- "Grexit" fears were rekindled by a weekend story in Der Spiegel suggesting Angela Merkel feels financial markets are stable enough to handle Greece's withdrawal from EMU. Veterans of the EU debt crisis have seen way too many of these weekend sorties from the Germans to take them seriously, but, for today, it's having its effect. As far as we know, Mario Draghi's "whatever it takes" pledge still holds.
- Athens fell more than 5% today. GREK -6.8%, NBG -8.4%
Mon, Jan. 5, 9:10 AM
Dec. 29, 2014, 12:00 PM
- The National Bank of Greece (NBG -8.8%) has dived towards its 52-week low of $1.76 after politicians failed to elect a president in today's vote, thereby triggering an early-2015 snap election that could potentially bring the anti-bailout Syriza party to power.
- Over in Frankfurt, Alpha Bank (OTC:ALBKF) is down 6.1%, and Eurobank Ergasias (OTCPK:EGFEY) is down 7.3%. The Athens exchange is down 3.9%.
Dec. 29, 2014, 9:13 AM
Dec. 15, 2014, 9:12 AM
Dec. 12, 2014, 8:39 AM
- It's been a few years since we had to pay attention to the uttering of EU pezzonovantes, so, to review, Jean-Claude Juncker is the former PM of Luxembourg and is now the president of the European Commission.
- Juncker's warning comes ahead of this month's snap election in which the ruling party could fall to the anti-bailout Syriza party. His comments are of import because it's considered bad form for EU officials to take sides in state elections.
- "I assume that the Greeks - who don't have an easy life, above all the many poor people - know very well what a wrong election result would mean for Greece and the eurozone," says Juncker. "I won't express my own opinion. I just wouldn't like extremist forces to take the wheel," he adds (sounds like his opinion).
- The Greek stock market (NYSEARCA:GREK) has been on a tough run of late, but is enjoying a small bounce today, gaining 0.5%.
- National Bank of Greece (NYSE:NBG) +6.1% premarket
Dec. 11, 2014, 9:11 AM
Dec. 9, 2014, 12:45 PM
Dec. 9, 2014, 9:09 AM
Dec. 9, 2014, 7:25 AM
- The election was originally scheduled next year, but will now take place next week, and stocks in Athens is lower by 11.3%. The yield on the Greek 10-year note is higher by 29 basis points, and the banks are faring the worst - National Bank of Greece (NYSE:NBG) is off 15% (the ADRs are down 12% premarket).
- Prime Minister Samaras moved forward with the election after failing to win support from the troika for his 2015 budget, and eurozone finance ministers signaled they're moving towards granting the country a 2-month extension to its bailout program - something the government didn't want as the austerity policies are killing it politically.
- GREK -7.8% premarket
- Broader Europe is lower as well, with Italy (NYSEARCA:EWI) -1.4%, Spain (NYSEARCA:EWP) -1.7%, France -1.3%, and Germany -1%.
- ETFs: VGK, FEZ, IEV, HEDJ, EPV, EZU, FEU, FEP, UPV, EURL, ADRU, FEEU, DBEU, IEUR, FIEU, ESTX, HEZU, FEUZ
Dec. 5, 2014, 1:05 PM
- For political reasons (the bailout remains unpopular in Greece), the Samaras government only wants an extension for a few weeks into the new year, but the EU is considering keeping the bailout in force for another six months.
- At issue are negotiations between lenders and the Greek government over what Athens need do to get the another €1.8B and secure a back-up credit line for after the bailout ends.
- The government had hoped to have this settled by Dec. 8, but it's looking like another week will be necessary to reach a deal.
- Athens gained 4% today amid a major rally across the eurozone on QE hopes.
- GREK +2.1%, NBG +1%
- Previously: Europe rebounds as 2015 QE eyed (Dec. 5, 2014)
Nov. 14, 2014, 11:42 AM
- GDP grew at a 1.7% annualized pace in Q3, and Q2's 0.4% contraction was revised to 0.4% growth, thanks to a new methodology which revises lower the YTD contraction to 0.4% from 1.1%.
- The government and the troika expect 2014's full-year growth to be 0.6%, and picking up to 2.9% in 2015.
- GREK +2%, NBG +1.9%
Nov. 12, 2014, 9:18 AM
NBG vs. ETF Alternatives
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