Driven by the premium on S&P 500 futures and the mild decline in oil prices and U.S. bond yields, buyers are returning to European stock markets.
Trump’s “limited conflict” strategy in the Strait of Hormuz is drawing the investment community’s attention regarding its effectiveness.
Brent at $112.85 (-1.58%), the U.S. 10-year at 4.334 (-0.78%) , the VIX/CBOE at 17.69 (-3.28%), with S&P 500 futures at 7,236 (0.48%)
The DAX 30 is at 24,318 (1.14%), the CAC 40 at 8,017 (0.58%) as longs attempt to recoup yesterday’s correction. The FTSE 100 is at 10,236 (-1.18%), reflecting a delayed correction due to Monday’s holiday.
Buyers have the upper hand on Euronext Athens, led by the banking sector and with inflows into several blue-chip stocks.
With the EuroStoxx Banks at 257.53 (1.84%) and the DTR up 1.95% to 2,502 points, this is entirely justified. It was known from the outset that the trend in the banking sector would be shaped by investor sentiment in European markets; in fact, the pre-session commentary made a clear reference to short-term technical levels (specifically resistance).
Following the pace of yesterday’s session, order flow picked up, with turnover exceeding €100 million shortly after 2:45 p.m. As a reminder, yesterday’s turnover stood at €199.7 million, with PPC and the banks accounting for the largest share of trading value.
This marks the second consecutive session of increased trading in the company’s stock—within the range of 17.93–18.18 euros—with 18 euros remaining a key reference point—potentially for the subscription price in the rights offering.
With net buyers in Eurobank (3,667), Piraeus (8,128), National Bank (13,78), Jumbo (23,04), GEK TERNA (41,20), Alpha Bank (3,495), Metlen (36,26), Allwyn (13,045), Bank of Cyprus (9.38), OTE (18.44), Motor Oil (39.04), Viohalco (15.74), TITAN (46), Credia Bank (1,274), ElvalHalcor (4.255), etc., in what was a fairly satisfactory session for the majority of large caps. In fact, returns of 5% or more for shares of Credia Bank and ElvalHalcor are attracting the interest of “hot money.” A broker attributes the 1.87% decline to 24.08 euros for Cenergy Holdings —citing profit-taking—and the 5.32% gain for ElvalHalcor to an informal rotation.
Among mid-caps, KRI KRI shares hit a new all-time high of 25.05 (3.33%), Ideal Holdings at 6.08 (1.33%), Fourlis Holdings at 4.68 (1.52%), and others, out of a total of 72 stocks trading higher, compared to 41 trading lower.
Trading value stood at 19.18 million euros via pre-arranged orders at 3:10 p.m. Total turnover was 120 million euros.