Warnings from Iran about a new escalation of the war, but the change in oil prices is imperceptible.
States should take immediate action to reduce their debts, yet the change in bond yields is likewise marginal.
Earlier, the Brent (contract) was at 102.47$ and WTI at 94.86$. The yield on the US 10-year was at 4.971% and that of the 30-year at 5.329%. Lower at 14.81 points was the VIX/CBOE index, while S&P500 futures were up 0.13% at 7,644.75 points.
From the US side, on Wall Street there appears to be no reason for a correction in today’s session in New York.
In Europe, and specifically in Frankfurt, traders’ attention is focused, as they are pricing in political developments after the election result in Mecklenburg-Western Pomerania, Berlin. The CDU is out of the local parliament in the first state, making it highly likely that a leadership issue will be raised in the ruling party. Germany’s 10-year is already at 3.5217% after a 1.25% rise and with an upward trend.
The DAX is at 25,305.52 points, after a 1.02% correction last week. Volkswagen out of the EuroStoxx 50, with the stock at 16-year lows.
With these outside, inside the Greek stock market mainly traders are (pre)paring for the “first day after” Friday’s rebalancing, with the GD from 2,661.30 points, the DTR from 3,205.51 and the FTSE 25 from 6,833.85 points.
Brokers consider today’s session one of an initial clearing of net outflows-inflows, after the record turnover of 4.3 billion euros. The “key” to today’s trend lies in the composition of sellers-buyers in the 3.74 billion that was “played” in the index rebalancing.
It should be noted that, according to Alpha Trust, a consequence of the correction (on Friday) was the reduction in valuation by 1.7 billion euros. Total market capitalization stands at 195.1 billion, while 200 billion remains a reference point, whose convincing surpassing will require a rationalization of outflows-inflows, of the new positions acquired by “strong hands”, but also of sales made due to “force majeure”.
The targeted sales in shares of Coca-Cola, Motor Oil and HelleniQ Energy were carried out mainly by “strong foreign hands”, with whatever that may mean in the short term.
Taking into account the signals from the movements of 2.8 billion of passive funds, as highlighted by Dr. Panos Dantis, the bet on shaping the trend is today-tomorrow, and we are looking toward Friday.
At the same time, some houses have begun to take into account other parameters (political, energy-related, inflationary, etc.) which, as time passes, will be factored into the tactics of traders and investors. Growth cannot happen with the many in crisis, is the assessment of Giorgos Papanikolaou, clouds are weighing on the energy front, the government is seeking solutions, according to Giorgos Fintikakis, while inflation remains persistently high and the cost of money is rising.
What is sought for today is the recording of “net” transactions as a “tail” of outflows-inflows (the turnover that will be recorded today will be of interest), the rationalization of extreme changes (of Friday) with indicative cases being those of DAA, EXAE, and the continuation (or not) of inflows into shares e.g. of Optima Bank, OLP, Star Bulk etc.
The adoption of a tactic of selective moves is likely, also based on the announcement of half-year financial figures. Today it is the turn of Alter Ego Media, tomorrow of Alumil, Thrace Plastics, on Wednesday of ADMIE Holdings, KRI KRI and so on.
Technically, the trend will be judged by the DTR, whose low-high reference points are 3,180 and 3,230 points respectively. A standard-bearer for the sector is the share of National Bank, the only one among the systemic banks with buyers prevailing on Friday. At 17.50 euros, with transactions worth 816.5 million euros. With a premium, the 530 contracts on the ETE share (current, new series).