Investors in European markets are cautious following the Wars/Fed statements. The EuroStoxx Banks index is down slightly, while the Euronext Athens Banking Index has fallen more sharply, with investors “paying the price” for the shallowness of the bank-heavy stock market, where foreign (and “foreign”) hands call the shots, particularly in the leading sector.
Is the premium on S&P 500 futures holding up in New York? In Frankfurt and Paris, however, investors remain quite cautious.
There were limited sell-offs and losses in European bank stocks, with the EuroStoxx Banks index down 0.19%—to 294.42 points—following yesterday’s significant rise (2.03%), suggesting some “locking in” of positions.
Selling was more widespread, leading to a correction in Athens, with the DTR falling from 2,877 to as low as 30 points lower within half an hour.
With three large pre-arranged orders for Piraeus Bank shares, totaling 45 million euros in value, trading volume reached nearly 70 million earlier, at 11:00 a.m. Specifically, at 10:44 a.m., two blocks of 2.1 million shares each were traded at prices of 9.384 and 9.382 euros, followed by a third block of 900,000 shares at 9.31 euros (at 10:52 a.m.). Significant positions—primarily held by foreign custodians—were adjusted, with the share price settling at 9.404 euros, up 0.28%, with all that this may imply for the future.
Piraeus Bank tops the relevant ranking, followed by the other three systemic banks, while GEK TERNA and HelleniQ Energy occupy positions 5 and 6. The trend for the first stock remains firmly bullish, with new orders up to 46.54 euros (a new all-time high), while the second stock continues to see rapid inflows up to 11.25—with an active bullish trend (and for reasons mentioned in the EKI).
Significant oversubscription of ADMIE’s rights offering—bids below 4.05 euros are not being considered—with the current price at 4.30 euros.
As soon as the “international book” for AIA’s Eurobond opened and closed (with spectacular oversubscription from “foreign investors”), the current price stands at 10.72 euros.
There are also specific developments contributing to increased interest and expanded leverage in another segment of the market, where “strong hands” are playing a very active role.
Gradually, starting at 11:00 a.m., a significant volume of selling pressure emerged, initially in the banking sector, while buyers gained ground in another 3–4 blue-chip stocks.
Motor Oil shares traded at 38 euros, Metlen at 41.54, AEGEAN at 12.70, and Allwyn at 13.485 euros.
Among FTSEMidCap stocks, although the price of Ideal Holdings shares has been adjusted, buyers are in the majority with orders in the range of 6.61–6.78 euros. Buyers also held the upper hand in Autohellas (11.10), Intracom Holdings (3.595), and Profile (7.65). Thrace Plastics shares are trading at 4.48 euros, up 3.11%, with comparatively higher trading volume, following the announcement of quarterly results.
The ratio of shares with positive to negative performance stood at 54 to 50, indicative of the...stalemate prevailing during the first hour of trading.