Mixed trends in European markets, with attention focused on the Middle East and the U.S.
Tomorrow in Qatar, U.S.-Iran representatives will meet to halt mutual attacks; on Thursday, key economic data will be released that the Fed will take into account.
A shift in trend in the New York futures market: S&P 500 futures at 7,396 points; as soon as tomorrow’s meeting in Qatar was confirmed; the VIX/CBOE at 18.52 points; oil prices on a downward trend.
S&P 500 futures were up 0.73% in New York, at 24,733 (0.27%) The DAX in Frankfurt is at 8,373 (-0.14%), the CAC 40 is down, and the EuroStoxx Banks index is up 0.20% at 290.59 points; in Athens, the market opened with buyers focusing on banking sector stocks.
Starting at 2,766 points with a gap up, the first orders ranged between 2,752 and 2,771 points, with inflows into National Bank of Greece, Eurobank, and Alpha Bank leading the relevant rankings, following a prolonged period of dominance by energy stocks. Relatively satisfactory trading volume in blue-chip stocks with higher weightings in the FTSE25 index.
Allwyn, PPC, Metlen Energy & Metals, ElvalHalcor, and OTE saw the main orders in index stocks; ADMIE saw strong trading volume again today, with Real Consulting ranking high in the list.
The General Index stands at 2,465 (0.65%), with a half-hour trading volume of 13.95 million euros, including 2.01 million euros in pre-arranged orders for Allwyn, National Bank of Greece, and ADMIE.
A total of 1.98 million shares were traded, with 1.53 million in the banking sector, as liquidity is returning to the sector. The underperformance relative to blue chips in June resulted in lower price levels, which could serve as potential re-entry points looking ahead to July. As this is a month of dividends and earnings reports, the sector may once again find itself in an outperforming trend.
For now, orders are in for Piraeus Bank (9,036), National Bank of Greece (15,265), Eurobank (4,139), and Alpha Bank (3,968). Cyprus Bank is at 9,815, Credia Bank at 1,184, and Optima Bank at 9,905.
The FTSE25 is in the 6,250 range (0.75%), with gains for PPC (23.08), Coca-Cola HBC (57), ElvalHalcor (5.27), GEK TERNA (45.30), Metlen (40.98), Allwyn (13.94), OTE (19.60), and others.
For the first time since last week’s trading sessions, inflows and price movements are both higher and more significant for bank stocks compared to blue chips. The DTR is outperforming the FTSE25; even if this trend reversal is short-term, it remains to be seen whether it will continue, likely starting in early July. We’ll see starting Wednesday.
The stock ratio stands at 62/39, with positive/negative signs, as of 11:15 a.m. Standouts include Real Cons (7.30), Lavipharm (1.60), and Intracom Holdings (3.40).