Bond yields are rising further, stock prices are correcting. Unlike the markets of Asia, in Europe investors' stance is directly affected by the trend prevailing in bonds.
At 5.628% the US 30-year, at 3.6318% the German 10-year, the benchmark bond for European ones. Already the corresponding Greek one is strengthening somewhat to 4.5660%, with whatever this may mean for a company's "cost of money".
With a clearly selling tactic investors in Frankfurt, Paris, London, a stance that was also reinforced by the negative "turnaround" of futures in the New York derivatives market.
With the main indices (DAX, CAC 40, FTSE 100) in a correction greater than one percentage point, the stance of investors in the Greek stock market could not be different. Sell from the pre-opening session, with the greater part of orders focused on the banking sector, as September's returns (and those of the nine-month period) are particularly high.
Thus, the first sales in all four systemic banks' shares were made with a downward gap, from 3,303 points. Within half an hour the DTR had corrected to as low as 3,232 points, with transactions of 7.2 million shares in banking stocks, out of a total of 7.9 million shares. Trading value at 65.5 million euros, with 19.30 million through pre-agreed orders. This in the 10.30'-11.00' interval, with the picture pointing to a "mini sell-off" with sellers mainly more short-term players.
The selling tactic was total, as beyond bank shares, it was "sweeping" across all blue chips, resulting in the immediate correction of the FTSE 25 from 6,979 to 6,872 points, without particular resistance from buyers. Obviously the (potential) buyers, seeing the pressure in the European markets, the imported disposition for liquidations also in the Greek market, will wait for lower levels.
In the shares of the systemic banks, 7 out of 10 orders, a ratio indicative of the sellers' focus combined with the active presence of "fast money".
In the first four positions of the relevant ranking are the securities of National Bank (17.16), Eurobank (4.826), Piraeus (10.685), Alpha Bank (4.732), all with losses greater than 2% and above 3% for National Bank.
Sales in Optima Bank (14.46), GEK TERNA (43.40), Motor Oil (67.40), PPC (22.96), HelleniQ Energy (18.34), OTE (19.34), Metlen (48.56).
Exceptions to the rule were Allwyn at 11.465 (0.57%) and Jumbo at 25.06 (0.80%).
At just 19 versus 74 was the ratio of stocks with a positive/negative sign.
At 196.3 billion the total valuation of listed companies, taking into account that 200 billion is considered a reference size.