Investors are on edge as they await the outcome of the exchange of messages between Trump and Khamenei, amid market volatility.
The outlook on the U.S.-Iran negotiation front remains unclear, but traders are pricing in the expectation that (some sort of) agreement will be reached within a reasonable investment horizon.
The main market anticipating this is the oil futures market, with Brent prices falling below $98 per barrel.
Meanwhile, the yield on the 10-year U.S. Treasury note is below 4.5%, and the 30-year yield is just above 5%. The VIX/CBOE stands at 17.01 points, and earlier, S&P 500 futures were trading at a premium of 0.11%, at 7,530 points.
Earlier, mixed trends in Asian stock markets, and mixed trends in the futures market for the DAX 30 and CAC 40.
With the main scenario being that no agreement will be reached by the end of the week, traders will close their May (and 5-month) positions with the smallest/largest “cash” position, depending on the market. For example, the S&P 500 is up 1.16% for the month and up 9.84% since the start of 2026. Not bad, given what has unfolded during these periods, already “closing” a third consecutive month since the start of the war in Iran.
Investors in Frankfurt and Paris also saw positive returns, with Athens outperforming. With the General Index at 2,347.55 points, the change is 5.76% over the month and 11.70% since the start of 2026. Similarly, for the DTR at 2,685.72, the change is 8.07% and 17.08%, while for the FTSE 25 at 5,958.23, it stands at 5.85% and 11.28%.
The DTR’s outperformance relative to the EuroStoxx Bank index is in the double digits, with the leading sector making the difference. This sector will be represented in the FTSE 25 starting with the June 16 session, including Credia Bank’s seventh inclusion. This development will also be reflected in the weighting (as it appears that Sarantis shares will be removed).
However, following the spectacular capital increase by PPC and the rise in its valuation to 12.832 billion (as of yesterday, in fourth place in the relevant ranking), the broader energy sector (including oil and refining) is also gaining significant weight—a development already being “priced in” by foreign fund managers. Funds already have the option to choose between the banking and energy sectors, a fact reflected both in trading activity and in returns.
Giorgos Fintikakis refersto the 10-billion-euroData Center Mega Project, a joint venture between PPC and American partners in Kozani, an investment that is set to transform the entire landscape both in business and investment terms. Obviously, there will be a corresponding “price tag” over time.
In the list of the top 11 winners and losers of the war, a related topic is mentioned, with the composition of the former being particularly interesting. This is because it consists of a broad range of stocks (from GEK TERNA, HelleniQ Energy, and ADMIE, Bally’s/Intralot to Lavipharm, Austria Card, etc.). This illustrates the alternatives available to investors, ranging from FTSE 25 stocks to specific mid- and small-caps.
Supporting this rise are corporate stories, business developments, and financial metrics. Regarding the latter, interest is focused on Motor Oil, Cenergy Holdings, KRI-KRI, Lavipharm, and others.
Politics, a factor already being factored in, remains to be seen how it will be taken into account in the coming period. Starting on Tuesday— the first trading session of June—following the Monday/Pentecost holiday.