Wed, Jan. 28, 12:44 PM
Wed, Jan. 28, 9:14 AM
Wed, Jan. 28, 7:17 AM
- Stocks in Athens are off another 6.2% today, extending their losses to 13% in the three sessions following the coming to power of the anti-bailout Syriza party.
- The yield on the country's 3-year note is higher by 276 basis points today to 16.78% vs. 10.08% before Sunday's election.
- Adding a cute foreign policy angle to events, the new government questioned the West's move to impose more sanctions on Russia.
- GREK -6.8%, NBG -23% premarket
- Previously: Greek shares drop on privatization freeze (Jan. 28)
Tue, Jan. 27, 12:40 PM
Tue, Jan. 27, 9:10 AM
Tue, Jan. 27, 7:26 AM
- The election result "prolongs financing, liquidity and economic growth risks" for Greece as it "throws into question the new government's ability to renew Greece's financial support program with the troika," says Moody's.
- New Prime Minister Alexis Tsipras has pledged to renegotiate his country's bailout terms, but the troika - at the moment - is having none of that.
- The yield on 10-year Greek government paper jumps another 48 basis points today, and is now up to 9.5%. Stocks in Athens are lower by another 4% in today's session.
- GREK -2%, NBG -14.2% premarket
Mon, Jan. 26, 12:46 PM
Mon, Jan. 26, 11:39 AM
- The Athens Stock Exchange General Index is down 3.2% and the FTSE/Athens Stock Exchange Large Cap Index off 5.6%, after the hard-left Syriza party comes to power in Greece.
- Trading here, the Greece ETF (GREK -4.6%) and the National Bank of Greece (NBG -8.3%).
- The rest of Europe, however, continues to enjoy the ECB's QE program, and the Stoxx 50 (NYSEARCA:FEZ) is higher by 0.9%, led by Italy (NYSEARCA:EWI) and Spain (NYSEARCA:EWP) each up 1.15%.
- The euro (NYSEARCA:FXE) sunk below $1.11 in knee-jerk trade last night, but has reversed to $1.1278, up 0.7% on the session.
- Meanwhile, European officials - led by Germany's Angela Merkel - move quickly to shoot down any idea of relaxed terms on Greece's bailout. On their mind, no doubt, is the striking success of Syriza yesterday possibly energizing other anti-austerity, left-wing movements elsewhere on the continent. The eurocrats don't want to give the idea that eased bailout conditions await new governments.
- ETFs: FXE, VGK, EUO, FEZ, ERO, IEV, HEDJ, EPV, EZU, DRR, FEU, FEP, EUFX, UPV, ULE, EURL, URR, ADRU, FEEU, DBEU, IEUR, FIEU, HEZU, ESTX, FEUZ, DBEZ
Mon, Jan. 26, 9:14 AM
Fri, Jan. 23, 9:11 AM
Sun, Jan. 18, 10:19 AM
- Greece's central bank has moved to protect its banks from any fallout from the coming general election, asking the European Central Bank to approve a stand-by domestic emergency funding line, Reuters reports.
- "We have sent a request to the ECB on ELA (emergency liquidity assistance) approval for all four major banks to have a shield for the banking system," a Bank of Greece official said.
- Greece's left-wing Syriza party, which wants to cancel austerity measures and a chunk of Greek debt, is currently leading in the polls.
- Greek banks: NBG, OTCPK:ALBKY, OTCPK:EGFEY, OTCPK:BPIRY
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
NBG vs. ETF Alternatives
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