On Wall Street, investors’ attention is focused on SpaceX, while in European markets, interest is also turning to the ECB’s general meeting.
Full steam ahead for the largest initial public offering in market history—specifically in New York—raising the reasonable question of how the process will affect the behavior of traders and investors in stock markets worldwide.
The top story in the international financial press is the IPO at $135 per share, corresponding to a group valuation of $1.77 trillion. To put this into perspective, France’s GDP was $3.60 trillion (in 2025).
Given the common view that Friday’s mini sell-off on Wall Street was attributed to a rush to raise liquidity—to participate in the IPO—it remains to be seen what the short-term outlook will be. It should be noted that Goldman Sachs secured the coveted position of lead underwriter (known as the “lead left”) after a fierce “battle” with rival Morgan Stanley.
Our report is brief on this topic, which is already taking center stage and is widely believed to be a double-edged sword for Wall Street and international markets, given the ongoing debate over the “reasonable valuation” of companies such as SpaceX, OpenAI, Anthropic, etc., which are also planning to list on the NYSE/Nasdaq.
We’ll see how things unfold, day by day, in a week that begins with a “stagnation” in the Middle East and heightened activity in business, currency, and other areas of economic interest.
From 7,383.74 points, with significant losses (2.35%) for the S&P 500 last week.
Losses were smaller (1.38%) for the DAX 30, at 24,759.05 points on Friday, as investors did not catch the widening of the mini-sell-off in New York. Investors in Paris saw a marginally positive result (0.40%).
The Athens Stock Exchange’s General Index closed at 2,355.67 points, up 0.65% on Friday, but with a weekly loss of 0.72%.
The DTR saw the biggest losses at 2.72% for the week, but rebounded 1.14% on Friday as buyers returned to National Bank (14.72), Alpha Bank (3.708), and Eurobank (3.893). During Wednesday’s session (6/10), the ex-dividend date was set for National Bank (0.2914/share) and Eurobank (0.71/share).
The banking sector is the leading sector and will remain in this position, partly due to the ECB meeting.
The 25-basis-point interest rate hike is already priced in, with Giorgos Flokas presenting BETA Securities’ analysis of what the domestic banking sector stands to gain from the rise in the base rate to 2.25%. What the banks stand to gain is one side of the coin; the other concerns the burden that will inevitably be borne by a significant portion of the business sector, the real economy, and society.
This coming Thursday, ADMIE’s general shareholders’ meeting will take place, ahead of the upcoming capital increase of one billion euros.
The energy sector is leading the way, with PPC firmly at the center. The share price stands at €21.56, with a market capitalization of €12.879 billion. It will be interesting to see how management proceeds with synergies/agreements with other groups in the (broadly defined) sector, recently with Metlen Energy & Metals, and last week with Motor Oil. The details of the PPC agreement with Motor Oil were reported by XAMileon on Friday.
The subscription process for Lamda Development’s bond closed on Friday, with demand at 593.5 million—1.7 times oversubscribed.
Motor Oil will likely follow with a Eurobond issuance—a possibility we discussed on May 29 in EKH. According to banking sources, AIA management is also reportedly considering a eurobond issuance to finance part of its €1.2 billion investment program.
And coming up, toward the end of June, is the subscription process for the listing of "Attica Department Stores" on the Main Market of Euronext Athens. It remains to be seen how these (and other factors) will influence the stance of traders and investors, with the former having been particularly active recently.
HelleniQ Energy and Motor Oil, with a combined valuation of 7.575 billion, form a duo with their own investor base, and a significant development is the HelleniQ Energy-Chevron agreement for the American giant’s entry (with a 70% stake) into the “Block 10” project. George Fintakis provided a detailed account of Chevron and ExxonMobil’s plans and timelines on May 29.
Beyond those involving large-cap stocks, trading activity is also being recorded in select stocks/companies of the FTSEMidCaps.
For ADMIE, the focus is on which foreign investors will participate in the capital increase; for Bally’s/Intralot, the data on (potential) revenue and EBITDA that the agreement to acquire Evoke will generate, according to what Eva Kantilari noted, as well as the next steps by Ideal Holdings’ management, with Alexandra Gitsis having the details of what was said at the general meeting.
Technically, the start of the week suggests investor activity, with 2,320 serving as support and 2,410 points as resistance for the General Index.