Investing
Greek Debt & Austerity Deal, Cheered With a Thud (NBG, GREK, FXE, ALU, DB, STD)
Published:
Last Updated:
Reports are out that parties in Greece have finally agreed to a debt and austerity deal that will allow it to get its bailout funding and to remain part of the Euro. This is great news on the surface, but the market investors are not exactly climbing all over each other to load the boat on Greek trading. Maybe the moves to watch are in the Euro currency because the ADRs are just not really moving.
National Bank of Greece (NYSE: NBG) is up 1% on its ADR trading in New York to $3.96 this morning. Keep in mind that this has already more than doubled from the $1.64 low that was seen as recently as January 10, 2012. Not a year ago.. a month ago.
And the Greek stock market ETF, the Global X FTSE Greece 20 ETF (NYSE: GREK) has not even yet traded this morning and it has extremely thin volume even during the trading day. Shares closed Wednesday at $19.16 and its post-launch range has so far been $12.70 to $19.54.
The Rydex CurrencyShares Euro Currency (NYSE: FXE) is up by 0.15% at $132.21.
As far as other “pro-Euro” trading ADRs, we are only seeing mixed action on that front as well:
Alcatel-Lucent SA (NYSE: ALU) is up 1.5% at $1.98 but that may be after a Cisco earnings report (although Cisco is indicated lower).
Deutsche Bank AG (NYSE: DB) is trading up 1.2% at $46.82 in New York.
Banco Santander, S.A. (NYSE: STD) of Spain is trading down 0.5% at $8.71 in active pre-market trading.
Great news may finally be here, but the market has been expecting a deal or has at least been trying to come up with a fair market value around the issue of “Greece, or no Greece…”
As always, until a deal is signed this may be hearsay. Future politicians may also not choose to live up to the agreements. Sad, but possible.
JON C. OGG
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.