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
Nov. 6, 2014, 7:21 PM
Oct. 30, 2014, 9:18 AM
Oct. 29, 2014, 9:15 AM
Oct. 27, 2014, 3:32 PM
- National Bank of Greece (NBG -6.7%) failed the ECB stress test, but was not on the list of those needing to raise capital as the exam was based on how things stood at the end of 2013 (how's that for timeliness?) and the bank has already taken care of this issue.
- Nevertheless, the stock is tumbling again today, and now off about 50% YTD. It also happens to be the largest component of the GlobalX FTSE Greek 20 ETF (GREK -3.5%).
- Also failing the test, but not needing to raise any more capital are Piraeus (OTCPK:BPIRY -1.8%) and Eurobank (OTCPK:EGFEY +5.6%).
- Previously: Skeptical markets hit sell button on EU lenders
Oct. 27, 2014, 9:13 AM| 1 Comment
Oct. 17, 2014, 9:20 AM
Oct. 16, 2014, 10:11 AM
- For anyone who fondly remembers the days of 2010-12 when Eurocrats would step into steep market declines with leaks about some sort of new support program ... they're back. Down about 3% yesterday and 3% earlier in the session, the Stoxx 50 (NYSEARCA:FEZ) has rebounded to a loss of just 1.2% as the WSJ reports on a new ECB liquidity operation for Greece's banks.
- GREK +0.9%, NBG +6,2%
- The crash in Greek bonds - the 10-year yield rose to 8.8% earlier from 5.5% a month previous - is temporarily halted, with the yield now down to 7.89%.
- The bigger issue, writes Richard Barley, is dashed hope of the country exiting its bailout program, and thus the possible rise to power of the anti-bailout Syriza party. Past bouts of falling bond prices have been signals to traders to step in and await central bank support. Is that prop now gone, asks Barley. It appears he has his answer.
Oct. 16, 2014, 9:13 AM
Oct. 15, 2014, 12:56 PM
- The Athens Stocks Exchange about doubled the decline in broader Europe today, diving 6.25% as the yield on Greek 10-year government paper soared 85 basis points to 7.85%. The Greek stock market is off about 35% since a mid-March high.
- The Global X FTSE Greece 20 ETF (GREK -9.4%), led by the National Bank of Greece (NBG -16%).
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