With Wall Street open, with the ECB preparing for the upcoming meeting of its members, investors' attention is focused on the bond markets and interest rates.
Brent at $98.48, the yield on the US 30-year at 5.257%, the VIX/CBOE at 15.30 points and S&P 500 futures 0.15% lower at 7,698.50 points.
The session started from marginally lower price levels in Frankfurt, London, from marginally higher in Paris, while in Athens it is taking place under somewhat better conditions.
The effort by Euronext Athens investors to differentiate themselves from their counterparts in the European markets had a partial result.
It was supported mainly by the banking sector, with help from refining and specifically «front-line» blue chips.
At 3,227.62 points the DTR, after fluctuating within the range of 3,2017.12 to 3,256.72 points. With transactions of 20.38 million shares for the banking sector out of a total of 31.24 million shares.
A session with turnover of 242.8 million euros, with 31.2 million through pre-agreed orders, with Wall Street on holiday, is highly satisfactory.
Yesterday's session had the characteristics of a «pause for...stock picking», with stockbrokers estimating that, for the time being, the upward scenario is not being canceled.
It is obvious that the «strong foreign hands» continue to look to further expansion of the banking sector, with yesterday's inflows into Eurobank, Piraeus, Alpha Bank indicative of the tactic they are following. It is common ground that a significant part of trading concerns «fast money», hence the difference between intraday high prices and final «closing» prices. Part of the trading comes from traders who may act even during the course of the same session. This gives the sector its momentum, with intraday/trading generating capital gains. Significant so far, across all the main time series, a fact that keeps the long trend of the DTR active.
The common assessment is that part of the inflows is looking to/betting on the upgrade wager, with whatever this may mean for the period leading up to Friday, September 18.
Alongside banking, the energy sector as well, with the refining segment in a steadily upward trend, for the past two to three weeks.
Motor Oil shares at 63.15 euros, HelleniQ Energy at 16.26, with partial profit taking discernible mainly in the former. Fully justified and expected.
However, after the strong rise and the partial trip to the «cash desk», signs of peaking are being observed. In practice this means that there will have to be inflows into other «front-line» blue chips that will take the... baton. PPC (24.26), Allwyn (13.10), Cenergy Holdings (23.60) it remains to be seen whether they are harbingers of this effort from the long side. More forces from large caps will certainly be required, which may possibly be activated today and through Friday.
Taking into account business developments, the announcement of financial figures. Today it is the turn of Fourlis Holdings, Sarantis.