Oil prices and bond yields up, stock prices down.
Yesterday's session on Wall Street was exactly the opposite of Tuesday's, with traders' attention also on Xi Jinping's visit to the US.
Trump personally welcomed his Chinese counterpart at the airport, something that had not happened for six decades. A two-month extension to the US-China trade truce, with traders expecting that the meeting of the two leaders may possibly produce news also on AI.
Earlier, at $103.06 and on an upward trend Brent, at $92.04 WTI. At 5.114% with a decline the yield of the 10-year, at 5.41% with a rise that of the US 30-year. At 15.18 (+6.83%) the VIX/CBOE, with futures at a discount in New York's pre-market. S&P500 futures were 0.22% lower, after yesterday's 0.75% correction to 7,706 points. In focus the 10-year, after the new rise, at 19-year highs.
From slightly lower prices, the start of the session in the main European markets, after yesterday's small correction in Frankfurt and Paris.
Energy is the major problem for the European economy and business, but not the only one, as the signals from Frankfurt suggest that the ECB will proceed with one more interest rate increase, most likely at the December meeting (on 16-17 December).
DAX futures were 0.41% lower, with EuroStoxx Banks futures contracts also at a discount.
Given the bank-heavy nature of the Greek stock market, how traders act in Frankfurt and Paris matters for the stance they will also take on Euronext Athens. The DTR stood at 3,147.55 points, after a strong correction, the biggest in two months, with considerable trading.
In all four systemic bank stocks, the new liquidations most likely came from the "fast money" as a consequence of the earlier long positions it had taken, in anticipation of the market upgrade and the rebalancing. If indeed the correction is due to partial profit-taking by traders, then the slope of the DTR points to levels around 3,100 with intermediate (daily) support at 3,126 points. With a "tail" of selling in all four stocks of National Bank (17.04), Eurobank (4.65), Piraeus (10.15), Alpha Bank (4.504).
On the assumption that a significant part of the rise that preceded Friday's rebalancing was the result of anticipation by the "fast money", the correction under way should have support levels, slightly lower. At Friday's "close", it had been said that the community would have a clearer picture, as three sessions would remain for the completion of September.
For the time being, among the characteristics of investors' stance is the sector "cyclicality" in European markets (primarily concerning the banking sector and the oil-refining sector), the announcement of half-year financial figures, and the individual processes at the business level.
The spectacular "turnaround" for the shares of Motor Oil, HelleniQ Energy was indicative of this "cyclicality". The significant rise, with increased inflows, of shares such as Profile, Alumil, ADMIE, AsCo etc. was the result of the positive assessment of half-year financial figures.
Before the start of the session, the announcement of figures by Jumbo; the Aktor group is also announcing financial results.