Oil prices are declining, stocks are strengthening.
With Brent marginally below $100, the Stoxx 600 is 1.07% higher at 642.28 points (14.15').
With the S&P500 futures at a 0.17% discount, from 7,644 points, the CAC40 is at 8,139 (0.93%), the DAX at 25,305.
From the start of the session until earlier, the DAX lags behind the CAC40, as a result of liquidations in heavyweight stocks (e.g. Porsche). Obviously the political developments in Europe's largest economy are being taken into account by managers, with the 10-year yield having declined slightly to 3.454%.
Of the euro-indices concerning Euronext Athens, Banks is at 318.43 (1.59%) and Oil & Gas at 603.54 (0.08%).
In Athens, the session may have started with a small "tail" of sell orders, resulting in low prices initially being recorded for the DTR and FTSE25 at 3,149.59 and 6,743.11 points respectively, but with supply being absorbed and after 11.10'-11.20' buyers beginning to gain the upper hand. Since then (from 11.20') for the DTR and FTSE25 orders have been placed in positive territory.
Order flow in the usual names, moderate trading, corresponding turnover. At about 150 million euros around 14.30' with transactions of 15.8 million shares, with 10.02 million taking place in banking stocks. However, trading is comparatively stronger in "second-tier" stocks, especially in specific company shares that are being included in the FTSE/Russell Small Cap (and related international indices).
According to a stockbroker, it could be considered that on Friday, the main part of managers' selections in "first-tier" stocks (systemic banks, PPC, Motor Oil, etc.) took place, while today more targeted/selective placements are being made in lower-capitalization stocks.
At the same time, buyers are returning to shares of the refining groups, after Friday's mini sell-off. Initially in HelleniQ Energy with trades at 16.80-17.84 and then in Motor Oil at 64.90-69.45 euros. In our previous comment, we described HelleniQ Energy as a signal-bearer of the trend not only for the sector but more broadly for the FTSE25.
The DTR at 3,230 from the initial low of 3,150 points, the FTSE25 at 6,885 from 6,743, a change indicative of the momentum that gradually formed from 12.30'-13.00' onwards.
Eurobank (4.70), Piraeus (10.47), Motor Oil (68.85 ), National (17.71), Metlen (47), HelleniQ Energy (17.80) are the top six in the relevant ranking, with a clear advantage for buyers.
Strong reaction for the shares of Viohalco ( 16.16), Cenergy Holdings (22.36), ElvalHalcor (3.72) as well as AEGEAN (11.49), Autohellas (11) etc., reinforcing brokers' view of targeted inflows into "second-tier" stocks.
At 85/39 the ratio of stocks with a positive/negative sign, at 14.30'.