Yesterday was another night of new records on Wall Street, this time spurred by today’s meeting between U.S. and Iranian delegations in Doha, Qatar.
Yesterday marked the penultimate trading session of June for the New York market, with long positions having reasons to engage in window dressing as today marks the close of the half-year books.
SpaceX shares “soared” by 6.9% following the announcement of a fast-track inclusion in the Nasdaq 100 this coming Tuesday, July 7. This development puts long positions back in the driver’s seat starting in early July, given that critical economic data for the Fed’s monetary policy will be released the day after tomorrow, Thursday. As a reminder, the next Fed meeting is scheduled for July 28–29, while the ECB’s meeting will take place a week earlier, on July 22–23.
A controlled correction is underway in the major European indices, with the DAX at 24,626.89 points and its futures trading at a discount. The World Cup—a topic of no immediate economic interest but one that is further weighing on the mood in Berlin—will be the subject of today’s post, later on EKH.
Meanwhile, in Athens, buyers are clearly returning after a streak of four consecutive sessions in negative territory. According to Thanasis Stavropoulos, cumulative losses in the bearish “quadrant” stand at 2.08% for the General Index and 5.25% for the DTR. Long positions have made a strong comeback in the banking sector, with significant inflows into all four systemic bank stocks. Trading volume in the sector’s stocks reached 19.57 million shares out of a total of 30 million shares, with a noticeable shift in positions from the energy sector, where profit-taking was attempted in PPC and ADMIE.
Turnover stood at 237.3 million euros, with 51.6 million euros coming from pre-arranged orders and significant activity in banking stocks as well as PPC, ADMIE, GEK TERNA, and Allwyn.
Eurobank is betting one billion on AI and mobile banking, according to a report by Anastasia Papaioannou, Giorgos Fintikakis analyzes what AKTOR-Motor Oil stands to gain by putting a double deal on the table—a development that caused a stir in the wider community and beyond.
Toward the end of June (and the first half of the year), this development—which, by general assessment, could signal related developments starting in early July (and the second half of the year)—foreshadows a continuation that will keep us on our toes.
The positive aspect for the market and the community is that developments are unfolding across 3–4 sectors—key both from a business and an investment perspective—adding further interest and “depth” to the market.
At this juncture, it remains to be seen how tourism will fare, with Eva D. Oikonomaki noting how last-minute bookings are upsetting the balance in the sector. However, the two main industry representatives on Euronext Athens are trading in negative territory. AEGEAN shares are at 12.76, while those of Athens International Airport “Eleftherios Venizelos” are at 10.60.
Earlier, oil prices were lower, with Brent at $73.29; the VIX/CBOE index at 17.65 points; and S&P 500 futures up 0.19% at 7,452 points.