Wall Street closed lower overnight, with the tech-heavy Nasdaq (-1.88%) and smaller-cap stocks (Russell 2000, -1.9%) coming under the heaviest pressure, amid growing expectations that “the latest rise in US inflation, which exceeded forecasts, reinforces the view that the Federal Reserve will tighten policy further by the end of the year, weighing on highly leveraged companies funding the expansion of artificial intelligence infrastructure”.
The negative mood spread to Asia this morning (Nikkei -4.77%, Kospi -7.57%). South Korea’s stock market halted trading for 20 minutes amid a wave of selling, while the Kospi clocked up its seventh consecutive session of losses, with today’s close putting it at levels last seen in early April.
By contrast, a slight easing in Brent prices and a further, sharper decline in government bond yields allowed major European bourses to show greater composure, with mixed moves and modest changes.
The negative surprise came from the Athens Exchange, where the Greek market showed signs of outperforming on the downside in an unequivocally negative session, with the main indices (General Index, FTSE 25) in negative territory throughout. At the day’s lows, only Coca-Cola HBC (+2.33%) remained in positive territory among large caps, while declining shares outnumbered rising ones five to one.
The banking sector led today’s decline, as confirmed by the Banks Index’s final loss of 1.73%.
Today’s session could be seen as a negative surprise, prompting an experienced market participant to tell this columnist that “if today’s initial picture is repeated, 2,490 points will start to look closer than 2,600”.
It is also worth noting that today’s decline came with a marked increase in turnover — the highest in the past three sessions — which is not a positive sign for what lies ahead.
Analysts are sharply divided. The more optimistic point out that the ATHEX General Index had recorded three consecutive sessions of gains, rising by a cumulative 1.74%, and that today’s pullback could be considered “part of the plan”.
On the other hand, market participants say sentiment among active traders was also affected by a report from Alpha Finance – AXIA, which struck a more “cautious” note on the outlook for the Greek equity market in the final quarter of 2026.
In its new strategy report, entitled “Time to slow down?”, it says the Athens Exchange has already exceeded its targets for this year and is heading for a fifth consecutive year of gains, outperforming major international indices.
The analysis attributes this year’s rise mainly to the re-rating of valuations, as well as upgrades to earnings estimates, while Greece’s promotion to developed-market status also played a decisive role.
Alpha Finance - AXIA analysts identify four factors that justify a more cautious stance through to year-end:
Strong returns could trigger profit-taking.
The 18 September rebalancing linked to the move to developed-market status probably prompted significant positioning in advance.
Investors looking to increase their exposure to Greece may prefer to wait until the new year.
Rising volatility in bonds and energy prices could spill over into equities.
Nevertheless, Alpha Finance - AXIA maintains that macroeconomic and corporate trends remain healthy and are underpinned by political stability. It therefore sees any correction as an opportunity to build positions with a medium-term horizon.
As part of its more defensive stance, the analysts remove Eurobank from their top picks. ADMIE Holdings takes its place, with a target price of €4.71.
The morning report from Eurobank Equities may also warrant attention. It says that “the cost of taking part in efforts to contain fuel prices, particularly through the heating oil subsidy, will amount to €83 million in EBITDA for each of the two refining companies, with the discount in place until the first quarter of 2027. The brokerage has factored in around €100 million per refinery for discounts”.
Beyond that, today’s session highlighted the scarcity of domestic news, while mid- and small-cap stocks remain on the sidelines in terms of trading and investor interest, yet at the centre of selling pressure.
Capital Maritime’s public offering closed today, aiming to raise up to €300 million to expand its fleet. The maximum offer price was €7.68 per new share and the minimum €7.00. Trading in the new shares will begin on Tuesday 20 October 2026. Demand for the offering came to close to €1 billion, with the offer closing today at 16.00.
Over the next six months, according to sources, two more shipping companies could list on the Greek stock market.
GEK TERNA is planning to proceed with its Eurobond issue next week. The offering could reach €500 million.
METKA’s public offering, paving the way for its return to the Athens Exchange, is also imminent.
October contracts in the derivatives market expire tomorrow.
Meanwhile, according to the Capital Market Commission report, the following net short positions exceed 0.5%:
Qube Research & Technologies Limited retains a net short position of 0.79475% in BYLOT, 0.77143% in ADMIE and 0.61914% in CREDIA. AKO Capital LLP has a net short position of 1.05351% in MTLN.
As of 14/10/2026, Qube Research & Technologies Limited increased its net short position in AKTR to 0.82746%, from 0.72509%.
Major European markets are trading mixed as they try to price in signals from oil and government bond markets, as well as incoming macroeconomic data.
More specifically, US wholesale inflation rose year on year in September to 6.3%, from 5.4% in August. This was the highest level since 2022. The index rose 1.3% month on month. Analysts had forecast annual growth of 5.3% and monthly growth of 0.5%.
Excluding the volatile food and energy categories, the core index rose 5% year on year and 0.7% month on month. Analysts had forecast annual growth of 4.4% and monthly growth of 0.3%.
Despite these figures, bond yields have fallen substantially.
The yield on the US two-year bond has eased to 4.72%, and that on the 10-year to 5.05%. The 30-year yield is at 5.38%. The Greek 10-year yield is at 4.271%, while the equivalent French yield is 4.73%.
According to the economic calendar, the next ECB meetings and announcements are scheduled for 29/10 and 17/12/2026.
The corresponding Fed meetings are scheduled for 28/10 and 9/12/2026.
The next monetary policy meetings of the BoJ are scheduled for 30/10 and 18/12, and those of the BoE for 5/11 and 17/12.
The General Index remained in negative territory throughout, falling as low as 2,571.37 points (-1.24%). At 17.00 it stood at 2,588.15 (-0.60%) and ended the session at 2,582.10 points, down 0.83% on the day.
Turnover was €342 million, of which €61.8 million involved pre-agreed trades (MTLN, CREDIA, BYLOT, CENER, ΠΕΙΡ, ΕΥΡΩΒ, ΕΛΠΕ, ΔΕΗ, ΑΛΦΑ, ΕΤΕ, ΓΕΚ ΤΕΡΝΑ, ΔΕΗ). Eurobank, Piraeus and Alpha accounted for 48% of total gross trading value.
Of the total turnover of €342 million, €323.1 million came from trading in FTSE 25 shares.