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Euro ETFs Up On Greek Banks Merger

European ETFs surged on August 30, following news about two Greek banks being merged.

European ETFs surged on August 30, following news about two Greek banks being merged, ETF Trends reports. The Athens General Stock Exchange gained 15%, a reaction to the combination of Alphabank and Eurobank. The exchange’s benchmark index is still down 28% year-to-date.

The IShares MSCI EMU Index Fund allocates about 1.18% of assets to Greece and rose 2.7% as of Monday. Top allocations within the portfolio are France, Germany, Spain and Italy. The Vanguard European ETF rallied 2.7% on news of the merger, but Greece only accounts for 0.6% of the portfolio as of now.

Click here for the story from ETF Trends.

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