Investors are cautious in the first hour of trading on European markets, with mixed trends on the Greek stock exchange.
A marginal "turnaround" in S&P 500 futures? Trading at a discount, with short-term traders focusing on Wars’ remarks following the Fed meeting. Interest in the interest rate policy to be pursued by the new Fed chair is understandable, given that the rally in AI and tech giants requires low interest rates.
The DAX30 is at 24,913 (0.08%), the CAC40 at 8,406 (0.24%), and the EuroStoxx at 286.74 points, continuing 1.07% higher.
A bullish trend in the European banking sector is making it easier for traders in Athens to partially lock in their short-term positions. It was more or less expected that some of the “quick money” invested, mainly in bank stocks at lower prices on Wednesday and Thursday, would make a run for the “cash.” This expected tactic, within the context of T+2/3 sessions, was mentioned early on in our pre-session commentary as a possible scenario.
Orders for the four systemic banks’ shares were at 2,883–2,845 points, with an L-shaped fluctuation, as approximately 1.8 million bank shares were traded at the initial highs out of a total of 2.4 million shares.
Mixed trends for the shares of the "big four" systemic banks, with buyers dominating at Eurobank (4,208) and Piraeus Bank (9,436), and sellers holding a slight edge at National Bank (16,275) and Alpha Bank (4,179).
Supply is under control, leading to a correction in the DTR to 2,845 points. This fluctuation remains to be confirmed (or not) as the session progresses, while the upward trend for the EuroStoxx Banks index is maintained.
Turnover stands at €33.8 million at the half-hour mark, with the largest share occurring in banking stocks. I remind you that yesterday’s turnover of €373 million was the highest in the last ten days, with the presence of intraday traders being particularly evident.
Tehran’s double game behind the U.S.-Iran (pre)agreement, according to AXIOS, reinforcing the assessment of those who remain skeptical and those who, after the initially enthusiastic reception, are paying closer attention to the “fine print.” According to current plans, the U.S. and Iran will ratify the agreement/memorandum on Friday in Geneva.
Given the latest developments, the caution shown by many investors is considered reasonable, which is why the partial taking of profits is largely justified.
Thus, on Euronext Athens, following an initial 15-minute rally, sellers gradually gained the upper hand in the majority of FTSE25 stocks.
Partial profit-taking was seen in PPC (22.82), Allwyn (13.76), Cenergy Holdings (24.22), Viohalco (19.52), GEK TERNA (44.60), and others.
Buyers dominated in HelleniQ Energy (10.31), with George Fintikakis analyzing the implications of Chevron’s entry into “Block 10,” in Motor Oil(38.74)—with NBG Securities forecasting an even more generous dividend policy for shareholders—in OTE (19.36), Jumbo (23.02), and ElvalHalcor (4.80).
At 4.275 (2.52%) with 320,000 shares traded—as early as 11:15 a.m.—for ADMIE shares, as the rights offering was fully subscribed right off the bat with Capital Group investing 70 million.
Losses for Prodea shares were equal to the rights (dividend), at 3.94 (-27%), among the 54 shares trading in the red. Compared to 42 with a positive sign, at 11:15 a.m., with turnover via pre-arranged orders at €3.68 million.