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  • Squawk / 11 December 2014 at 10:12 GMT
    Greek unemployment rates hits 25-month low in September:

    The recovery of Greece's labour market continued in September with the unemployment rate falling to 25.7%, the lowest reading since August 2012. The 25.7% print was in line with expectations and down from August's (upward revised) 26% figure.

    The youth unemployment rate (courtesy of Eurostat) is also trending down, printing 49.3% in August compared with a peak of 60.6% in February 2013.

    Yesterday we got industrial production, which showed an improvement in October:

    The Greek ASE index is down around 24% year-to-date.
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  • Squawk / 10 December 2014 at 10:07 GMT
    Greek industrial production improves in October:

    Output from Greek companies eased 0.7% in October compared to a year ago. That is, however, a marked improvement on September when the rate of change was -5.1% and is the best reading since May's +1.8%. Since then the economy has struggled (again), partly due to the turmoil in Ukraine and Western sanctions against Russia.

    Electricity production is the main culprit behind the decline in total industrial production, down 13.1% year-on-year. Manufacturing is actually up 3.5% while mining and quarrying is down 5.6%.

    Absent any dramatic change in the politic climate in Greece, I expect the recovery to continue in the coming years, but it will be a bumpy ride.
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    vgiaritz vgiaritz
    This is only one evident which will make my outrageous prediction for 2015 come true!! If presidential election will take place from this parliament prepare for the...
  • Squawk / 13 November 2014 at 13:26 GMT
    Greek unemployment rate hits 2-year low in August:

    Greece's six-year depression has come to an end, but the impact continues to be felt in all parts of the economy. This is particularly true in the labour market as a huge number of Greeks are still unemployed. However, the unemployment rate is (finally) trending the right way - down. In August it even reached a two-year low of 25.9%, down from 26.4% in July, while consensus had expected a smaller drop to 26.1%.

    The unemployment rate peaked back in September 2013 at 28% and has thus declined by 2.1 percentage points in eleven months. It expect further declines going forward as Greece returns to (modest) growth. I expect economic output to rise marginally this year before accelerating in 2015 to 1% to 2%.

    Greek stocks have declined roughly 25% this year, and the index is currently trading just 2.4% above the 2014-low from October 15.
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    Peter Garnry Peter Garnry
    The most liquid € denominated is the Lyxor ETF FTSE Athex 20 ETF (Saxo ticker - GRE:xpar) trading on Paris Stock Exchange. The average daily value...
    Peter Garnry Peter Garnry
    If you want a $ denominated go for Global X FTSE Greece 20 (Saxo Ticker - GREK:arcx) trading on NYSE Arca. The average daily value traded for...
  • Squawk / 14 May 2014 at 18:00 GMT
    Senior Equity Trader / Saxo Bank
    S&P raises 4 Greek Banks. Including Alpha Bank and National Bank of Greece
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  • Article / 13 May 2014 at 11:20 GMT

    Overvalued Greek equities are sharply down and will fall further

    Head of Equity Strategy / Saxo Bank
    Overvalued Greek equities are sharply down and will fall further
    We were right when we called Greek equities lower in our recent Q2 Outlook. So far they're down 11 percent but even more downside awaits. Our call is driven by relatively high valuations compared to profit expectations and the high equity risk premium which remains the highest among developed and emerging equity markets. Our fair value price target on the ASE Index is 1,000 — or 15 percent below current levels.
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    manos manos
    ete.xath "National Bank of Greece" stocks are a at historically at a very low price today. Do you still see a downside in this case ? Of...
    Peter Garnry Peter Garnry
    Our general view on NBG is this. NBG is expected to deliver EUR 720 mn before extraordinary items in 2015, this is a pretty rosy forecast in...