First session of October, and happy new month. Investors in Asian markets are in a wait-and-see stance, with attention on oil prices, bond yields and economic data in the US that will shape the tactics of Fed members.
At $97.36 Brent, at $89.35 Crude WTI, the yield on the US 30-year already at a 24-year high of 5.626%, the VIX/CBOE at 16.34 points and S&P500 futures up by 0.54%. From 7,706.5 points earlier (09.40') and after three consecutive sessions of decline, the possibility of a reaction, an upward correction, is likely if and provided that the data announced today-tomorrow are supportive.
With sellers in the leading role, the last session of September in Frankfurt, Paris, London, with emphatic differentiation of buyers in Athens.
On Euronext Athens, with buyers having the upper hand, new 17-year highs were recorded, after a session in which the value of transactions came to 636.7 million euros and for a second consecutive session with increased turnover through pre-agreed orders.
At 78.6 million, turnover through block trades, with the GD at October 26, 2009 levels. At 199.7 billion the total valuation of listed companies, marginally at the threshold of 200 billion, which for some time had been referred to as a "turning-point size". In practice, at these sizes, the market upgrade and the index restructuring have been priced in, incorporated. At these levels, it seems that the first cycle of the post-rebalancing repositioning among emerging-developed markets managers is being completed.
October starts from 200 billion in total stock market value, a month in which for Wall Street the various scenarios will be "priced" based on the outcome of the midterm elections in the US (Tuesday, November 3). In the meantime, the meetings of Fed members on October 27-28 and of the ECB on October 28-29 will have taken place.
This period, toward the US midterms, can be considered a medium-term horizon for investors. A first indication of the intentions of sellers-buyers will be given today-tomorrow, in the first two sessions of October.
In the Greek stock market, traders and investors now have the half-year financial data of all listed companies, and consequently the ability to in principle "price" them.
The leading sector remains steadily the banking one, with the DTR from 3,345.13 points, with a "cash register" of 48.59% in the nine-month period. With double-digit outperformance versus EuroStoxx Banks, nothing seems to be changing for what comes next. At least for the first 2+5 sessions of October.
The co-leading sector is the broadly understood energy one, with oil-refining having delivered spectacular returns. To the extent that major shareholders and executive figures are locking in part of them, with the case of Motor Oil highlighted by CHAMaileon being indicative. And by general estimation it should not be the only one.
At the same time, business processes foreshadow developments in significant projects, with that of DAA being the most characteristic.
The fact that the management of the entity is among the claimants for the 22 regional airports, combined with the dramatically increased transactions in the DAA stock, are shaping a particularly interesting scene for what comes next. The most interesting thing, according to what Eva D. Oikonomaki reports, is the fact that GEK TERNA and the Copelouzos group, which for the DAA expansion tender worth 1.3 billion had "entered" in a joint scheme, now appear with GMR and Fraport respectively.