Tech giants’ stocks rally on Wall Street, with the S&P 500 jumping 1.09% to 7,500 points. Brent crude at $79.51, WTI at $76.82; another significant drop—by 11.06%—for the VIX/CBOE to 16.40 points.
Investors are attempting to price in the “day after” the signing of the U.S.-Iran agreement (as well), given that a ceasefire is not peace—nor a definitive solution to a much more complex problem—making the 60-day period that follows a “critical window” for subsequent developments, leading up to the U.S. midterm elections. The midterms will take place in early November (November 3), and until then, much will be tested on the ground, especially considering that Israel is also heading into elections.
Given all this in a nutshell, traders were quick to price in the prospect of the MoU being signed, as evidenced by the rally on Wall Street, the new highs for the S&P 500, 500, SpaceX’s spectacular IPO, the decline in U.S. bond yields, etc.
The week closes on a positive note for long positions from New York and Frankfurt, through Paris, all the way to Seoul and Tokyo. And that’s where things stand for now, as another week begins on Monday. For Wall Street, the focus is on the Fed’s interest rate policy—specifically, what the Fed’s new chair will do at the upcoming meetings.
As a reminder, these meetings are scheduled for July 28–29 and September 15–16, bearing in mind that maintaining a positive climate for AI companies, tech giants, and IPOs—such as Anthropic’s—requires lower, not higher, interest rates.
Following a session of mixed trends in European markets, long positions hold a slight lead—however, profit-taking is a logical strategy for the last trading session of the week.
This is a strategy that investors in Athens have been following since Wednesday, “locking in” a portion of their gains. The weekly return for the banking sector stands at 3.82%—with the DTR at 2,852.91, 2.11% for the FTSE 25—at 6,284.86 points—with benchmark stocks such as PPC, HelleniQ Energy, and GEK TERNA hitting “new highs.” New highs accompanied by increased trading volume and inflows, which essentially means that “strong hands”—buyers at these prices—are anticipating even higher levels.
The banking sector remains the leading sector, though significant capital is being invested in the energy sector. Giorgos Fintikakis mentions the large funds that “knocked on ADMIE’s door,” and the developments the following day. With the stock at an all-time high of 4.475 euros, this is yet another energy trend with a gain of nearly 40% over the course of a month.
However, the upcoming share capital increase (SCI) by ElvalHalcor is seen as a move that reportedly signals the Viohalco Group’s transition to the next generation—that of Hippocrates, Ioannis, and Michael Stasinopoulos. One of the “key” aspects of the process is the third reason for waiving preemptive rights. ElvalHalcor shares are trading at 4.65 euros, Cenergy Holdings at 24.62, and Viohalco at 19.20. It should be noted that the group (with its triple presence on the FTSE 25) is valued at a total of nearly 12 billion euros, a significant threshold for foreign fund managers as well.
The last trading session of the week, featuring “triple witching” and rebalancing, with Credia Bank in the spotlight—HAMaileon has details on its inclusion in indices—points to an interesting development ahead.
The FTSE Mid Cap index rose to 3,165.28, mainly due to ADMIE but also thanks to the outperformance of bellwether stocks such as Qualco, Intracom Holdings, Hellenic Exchanges, Fourlis, Bally’s/Intralot (with special mention of Eki), as well as mid-caps like Alumil, Thrace Plastics, ONYX, Elinoil, and others, with the encouraging fact that a significant portion of these sectors is active at this stage of the market.