CORRECTION-MARKETS-STOCKS/EUROPE Greek relief rally fades as euro zone stocks slip

Record ID: 146831

  • Title: CORRECTION-MARKETS-STOCKS/EUROPE Greek relief rally fades as euro zone stocks slip
  • Date: 17th July 2015
  • Summary: FRANKFURT, GERMANY (JULY 17, 2015) (REUTERS) FRANKFURT STOCK EXCHANGE TRADERS LOOKING AT SCREENS DAX CURVE STARTING TO MOVE ON BOARD DAX LOGO TRADER LOOKING AT SCREEN PERCENTAGE CHANGE UP 18.51 POINTS / 0.16 PERCENT, CHANGING TO 18.29 POINTS TRADER LOOKING AT SCREEN TRADERS LOOKING AT SCREENS DAX CURVE FALLING STOCK EXCHANGE AND TRADERS (SOUNDBITE) (German) PRIVATE BANK HA
  • Embargoed: 1st August 2015 13:00
  • Keywords:
  • Location: Germany
  • Country: Germany
  • Topics: General
  • Reuters ID: LVA8V2GIBKHPBU2YVNCZUUHA4OE4
  • Aspect Ratio: 16:9
  • Story Text: EDITORS PLEASE NOTE: THIS SHOTLIST AND SCRIPT HAS BEEN CORRECTED TO INCLUDE THE CORRECT NAME OF THE ANALYST, FIDEL HELMER FROM HAUCK & AUFHAEUSER BANK (INSTEAD OF ROBERT HALVER)
    Euro zone shares opened slightly higher before slipping on Friday (July 17), with a recent Greece-driven relief rally showing signs of fading from the previous session.
    Fresh hopes for a Greek deal and more European Central Bank help for Greek lenders had fuelled the previous session.
    The German Dax dipped slightly ahead of a parliamentary debate in Berlin to approve a government request to open talks on a new three-year bailout programme for Greece.
    Following its successful passage through the Greek parliament, German lawmakers are expected to give Berlin a clear green light to start negotiations.
    For all the uncertainty over Greece, European equities overall are set for their best week since January.
    "The DAX started almost unchanged, we have a very friendly week behind us and you can presume that during the day today it will get calmer, so one person or another will be able to take some strategic wins from this week," said Fidel Helmer, an analyst at Hauck & Aufhaeuser.
    "The help for Greece is certainly the right thing to do, because it is funds which will help the economy survive. Above all for the people of Greece, for whom it will be better if the banks open again. And to do this there is a short bridging-loan from the ECB (European Central Bank) for 900 million, and so with this the banks in Greece should probably be open on Monday."
    German lawmakers are expected to give the government their clear backing on Friday to start negotiations on the bailout, despite Finance Minister Wolfgang Schaeuble questioning whether it will succeed.
    Lawmakers from Chancellor Angela Merkel's conservatives and her junior coalition partners, the Social Democrats, already voted overwhelmingly in favour of the euro zone opening talks with Athens in test ballots held on Thursday.
    These results indicate that Merkel is likely to get the mandate she needs from the Bundestag lower house of parliament, with some opposition parties also expected to vote 'Yes' at the end of the debate, which began shortly after 10 am. (0800 GMT).
    Helmer also spoke of the difficulties faced by Deutsche Bank as the German regulator BaFin joined others in criticising the bank's supervisory body.
    "The Deutsche bank has a cases filed against it in America, that is nothing new, but today the BaFin has also spoken out and criticized the Board of Executives of the Deutsche Bank, because they didn't follow up on their duty of supervision and investigation."
    The New York State Department of Financial Services (DFS) has asked Deutsche Bank for detailed information on possible money-laundering transactions by some of its clients in Russia that could exceed $6 billion in total, a source familiar with the matter said.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2015. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register