A cautious start to the summer for investors in New York, European, and Asian stock markets.
The latest developments in May did not confirm the expectations of those who had hoped for an initial agreement to extend the ceasefire between the U.S. and Iran, a fact that once again weighed slightly on market sentiment. However, the prevailing view is that either next week—as the U.S. president is now stating—or shortly thereafter, the two sides will arrive at some sort of win-win solution.
It is telling that, from the close of trading on Wall Street on Friday through yesterday—the first of June— oil prices, bond yields, and leading indicators remained below the warning thresholds (of a war scenario).
Earlier, the (futures) price of Brent stood at $94.28, the yield on the 10-year U.S. Treasury note at 4.438%, and the VIX/CBOE at 16.05 points.
S&P 500 futures are trading at marginally lower levels , as are investors in Frankfurt and Paris following yesterday’s correction.
In the short term, the trend in international markets is bearish; it remains to be seen how this will play out in the Greek market following yesterday’s holiday.
May’s “full cash position” serves as a “cushion” for those trading on a weekly horizon (Friday’s market close); under certain conditions, it could act as a counterbalance to selling pressure that may emerge early today.
Additional hedging could emerge due to the prior rebalancing, with the addition of GEK TERNA to the MSCI Greece index—alongside the increased weighting for the PPCgroup. Trading volume for the PPC share reached €244 million on Friday—with €194.2 million occurring during the auctions.
Trading volume for GEK TERNA shares stood at 193 million euros—with 174 million occurring during auctions—with net inflows into both listed companies that may have a counterbalancing effect.
PPC shares at €21.56, GEK TERNA shares at €42.76.
The banking sector remains the leading sector, showing a positive trend across all major time series. The DTR index stands at 2,739.40 points, following gains on a weekly and monthly basis, with all that this may imply for this week’s four trading sessions.
Investors’ attention is focused on earnings announcements, dividend distributions, and the ECB meeting (June 10–11).
The broader energy sector is leading the way, with PPC as the main driver of momentum, along with Metlen Energy & Metals, Motor Oil, and HelleniQ Energy, which are seeing steady inflows.
Most FTSE25 stocks are on an upward trend, which in the short term may justify some profit-taking today, depending on the prevailing trend in European markets and on the New York futures market.
Today marks the “debut” for Safe Bulkers—with an initial listing price of 5.7 euros and the ticker symbol SB—putting an end to the long-standing exclusion of the leading shipping company from the Greek stock exchange.