At a 19-year high is the yield of the US 10-year bond, while the S&P500 is 0.77% lower at 7,683 points.
Brent at $106.84, the 30-year yield at 5.552%, the VIX/CBOE at 16.07 points and 0.33% lower S&P500 futures, earlier (09.30').
Yesterday’s session in Frankfurt and Paris saw marginal changes, making investors’ wait-and-see stance reasonable. Wholesale electricity prices are soaring, between 146-180 euros/MWh in Central European countries, and October has not even arrived yet.
Led by the banking sector, the Greek stock market’s General Index surpassed 2,700 points, after a session in which trading in sector shares reached 38.60 million shares out of a total of 47.72 million shares. The DTR stood at 3,281.72 points, with significant inflows into all four systemic banks’ shares.
The fact that buying started at 10.48' and continued uninterrupted until the very last order of the session points to a return of "strong hands" with a medium-term horizon.
According to a stockbroker, in the first week after the upgrade and index restructuring, there was a repositioning by fund managers investing in emerging/developed markets, with the corresponding outflows/inflows. A necessary process in order for the new balance of power (sellers-buyers) to take shape, with longs positioning themselves in the leading banking sector, since yesterday Monday. An approach that remains to be confirmed (or not) today-tomorrow at the September (and nine-month period) "close".
The two-day period (Tuesday-Wednesday) is interesting, as even with a marginal predominance of buyers over sellers, September will "close" with a positive "balance". In this case, it would be the sixth consecutive month of gains, indicative of the momentum that has formed on Euronext Athens.
The banking sector is the leading sector, with the broader energy sector as co-driver (and at this phase of the markets, the spearhead being the oil-refining groups) and parallel inflows into "front-line" blue chips. It is obvious that some managers investing in developed markets are "building" positions in listed companies’ shares that will have "accessibility" to "larger portfolios" (of the developed markets).
Taking into account technical analysis, the companies’ financial data and the processes/developments at the business level, this is the investors’ tactic for the last two days of September.
Navigation instructions from Dr. Panos Dantis for the proper reading of reports and stock recommendations. Continuation of the announcement of half-year results today, standing out are PPA, Intracom Holdings.
The European Commission plans to propose a postponement of the entry into force of the methane regulation. High energy prices are at the center of attention. Alexandros Exarchou’s forecast was vindicated.