A rally driven by oil and Nvidia during yesterday’s Wall Street session. Once again, the catalyst was a statement by Trump that negotiations with Iran are in the final stages, which triggered selling in oil contracts and stock markets.
Nvidia futures are at $220–$223, 0.42% higher than the S&P 500; Brent crude is at $105; the U.S. 10-year yield is at 4.583%; and the VIX/CBOE is significantly lower at 17.44 points.
European stock markets opened strongly higher today, with DAX futures at 24,785 points, awaiting the latest news from the metropolis across the Atlantic... Understandably, much will depend, at least in the short term, on how the situation with Iran unfolds, with volatility a given—and likely to be even greater today.
Iran has received and is reviewing the U.S. positions, a development that constitutes progress, but one that cannot be considered likely to lead to an immediate resolution.
Moreover, the Fed minutes released yesterday confirm the gravity of the situation, as even if an agreement had been reached “yesterday,” the consequences of nearly three months of conflict will take time to be absorbed. However, for traders, yesterday’s strong rally in New York is a good reason for longs to aim for a positive weekly “close” tomorrow , Friday.
Yesterday’s session on Euronext Athens was a mixed bag, with equally strong buyer and seller blocs, the banking sector leading the way for the longest stretch, and spectacular trading activity for National Bank of Greece shares.
The DTR closed at 2,485.08 within a range of 2,454–2,513 points, with intraday position-squaring evident toward the end of the session. Technically, the confirmation of the resilience of the 2,450-point level as support attracted more buyers, resulting in a break above 2,500 points. This specific level is considered resistance; it remains to be seen whether it can be surpassed (at “close”) by the end of tomorrow’s session.
According to a broker, the “key” factor is the completion of PPC’s capital increase, and consequently the imminent “release” of liquidity that has been recorded on the books. This liquidity will enter the system (it will be “released” from investors’ accounts) early next week.
The benefit from the record achieved with PPC’s rightsoffering is twofold , as described by George Fintakis. On the one hand, starting next week, PPC will be the fourth-largest listed company in terms of market capitalization, with a market value of 11.5 billion; on the other hand, part of the liquidity that participated in the subscriptions will be reallocated—gradually— to both the Company’s stock and others in the index, as inclusion in the MSCI index is considered almost certain. With the addition of PPC, Euronext Athens gains greater depth and, moreover, a scale that attracts funds from developed markets.
Exxon is exiting the “West of Crete” block, a development that the Athens Stock Exchange had already priced in as of yesterday. It remains to be seen whether this will affect the broader situation in the oil sector, which has—indirectly—geopolitical implications.
The market is currently focused on quarterly earnings announcements, general meetings, and business developments.
Today, attention is focused on the general meeting of Metlen Energy & Metals, as well as on specific meetings concerning various sectors.
Among mid-caps, the spotlight is on the Credia Bank–Europe Holdings talks, as reported early by HAMileon, noting that Credia Bank’s shareholders’ general meeting is scheduled for tomorrow. Community members anticipate that the bank’s CEO will report on positive developments.
On Tuesday, Viohalco and Cenergy Holdings are scheduled to report , with Motor Oil following with its quarterly results announcement.