New U.S. attacks on Iran, amid peace negotiations. Acts of self-defense, as Washington has characterized them—a development that does not seem to come as a surprise to those closely monitoring the situation.
Wall Street was closed yesterday , with traders left hanging on Friday’s new highs and record levels—a gap that will be priced in during today’s session.
For now, the situation in the futures markets suggests that traders are on alert or waiting to see how this round of negotiations will unfold. The prevailing view is that a minority trend had anticipated an immediate agreement, which practically means there is room and time for a reversal of positions.
The Brent futures price stands at $95.22, but with the spot price consistently higher, U.S. Treasury yields are once again above their previous highs, specifically at 4.508% for the 10-year and 5.03% for the 30-year, but the change in the VIX/CBOE is marginal at 16.56 points. The futures market “suggests” that investors are discounting a way out, but “in the second half” —not immediately—with interim turbulence, a result of the tactics employed by the main parties involved, the U.S. and Iran, and Israel’s stance.
Mixed trends earlier in Asian stock markets—a drop in oil prices, but...—and a significant premium for S&P 500 futures in New York.
Mixed trends for DAX30 and CAC40 futures, with traders coming off a pre-market rally, showing significant gains in Frankfurt, Paris, etc. The most likely scenario is that of partial position locking, particularly on the part of those who had entered positions at lower prices on Thursday, and especially on Friday.
With DEI and banks, the index recovered above 2,300 points, as noted by Thanasis Stavropoulos. Following a session in which, due to a holiday in London (and New York), trading volume did not exceed 185 million. The GD closed at 2,318.73 (2.07%), the DTR at 2,614.18 (2.77%), the FTSE25 at 5,882.77 (2.13%), and the FTSEMidCap at 3,037.08 (0.99%).
Trading volume reached 20.89 million shares, with 11.44 million in banking stocks and 37% of turnover concentrated in just three: DEI (21.20), Piraeus (8.746), and Eurobank (3.874). A significant portion of yesterday’s trading, especially in banking stocks, was driven by “hot money” within a range that leaves open the possibility of an immediate “closing” of positions. The trend will also depend on the performance of the EuroStoxx Banks index in European markets.
However, today’s session is unique as it marks the “debut” for PPC, with the introduction of new shares, the overall “release” of liquidity from the rights offering, and the unmet demand from the subscription process. Opposing forces—sellers and buyers—will be tested right from the start of the session.
In the short term, as we approach the end of May (and the five-month period), volatility will remain elevated, as will the strategy of selective moves depending on corporate developments, the announcement of quarterly results, and analysts’ targets.
For example, Santander has set a target price of €53 for GEK TERNA shares, while Pantelakis Securities has set a target price of €62 for TITAN
General meetings today for Viohalco and Cenergy Holdings; earnings announcements tomorrow for Motor Oil, Cenergy Holdings, KRI KRI, and others
Technically, for long positions, confirmation of short-term support levels is required; for the DTR, these are defined around 2,600 points.