Investor sentiment in European markets turned negative after 1:30 p.m., for the second time today.
Investors are cautious, both regarding Wars’ statements—which left open the possibility of interest rate hikes—and the ambiguity surrounding several points in the U.S.-Iran agreement.
It is widely agreed that the 60-day period—during which the agreement will be put to the test both on the ground and in the markets—is more than enough time for the situation to either improve or worsen. After all, traders “priced in” the initial truce within 2–3 days and are now refocusing on its implementation, as well as on the gradual return to normalcy, which will take time.
The DAX stands at 24,915 (-0.12%), the CAC40 at 8,420 (-0.14%), despite the S&P 500 futures being up 0.31% at 7,469 points.
The EuroStoxx Banks index remained firmly in negative territory, with losses widening slightly to 0.47% lower, at 293.56 points.
In Athens, excluding the first 15 minutes, trading took place with the General Index in negative territory. At 2,474 (-0.43%), this correction is considered normal by many, following the setting of new highs (2,489.11), with sellers dominating the banking sector.
From 2,877—opening with a small downward gap—to 2,847 points, the correction for the DTR and its rebound toward 2,867 between 12:45 and 13:15, with a gradual absorption of selling pressure in shares of Eurobank, National Bank of Greece, and at a more intense pace in Piraeus Bank and Alpha Bank.
Trends were mixed, with buyers dominating in Piraeus Bank (9,398) and Alpha Bank (4,216), while sellers dominated in National Bank (15,44) and and Eurobank (4.33) as part of the rotation we mentioned in our pre-market commentary.
It makes sense at these levels for the DTR, and with sell-offs in European bank stocks, for selling pressure to emerge in domestic stocks as well. The “fund” for the DTR—for 2026—stands at 25.01%, compared to 10.11% for the EuroStoxx Banks index, a significant premium that justifies partial position-taking.
However, taking into account order composition, “net” turnover, and the upcoming triple witching and rebalancing, the trading volume so far is the lowest of the last few sessions. This is because, out of a total trading volume of 198 million, 79 million were executed through block trades—in fact, more than 40 million in Piraeus Bank shares.
In practice, this is a session of position rebalancing (some are taking profits, others are repositioning), noting that this is occurring at a time when blue-chip stocks such as GEK TERNA and HelleniQ Energy are at historic or multi-year highs. Meanwhile, large-cap stocks such as ADMIE are also at “record” prices.
The FTSE25 stands at 8,293 (-0.46%), undergoing a controlled correction as sellers dominate in DEI (22.96), Metlen (41.22), TITAN (53.65), Allwyn (13.60), Jumbo (22.62), OTE (19.01), Viohalco (19.38), and others.
Selling volume was moderate, with corresponding pressure/correction following a significant rally, and it is natural for those looking to cash out to do so.
The ratio of stocks with positive to negative performance stands at 47 to 70, indicating that sellers hold the advantage. However, for stocks such as AKTOR (11.54), Thrace Plastics (4.46), EYDAP (10.38), Intracom Holdings (3.625), and others, it is time to lock in profits.