A tech rally on Wall Street overnight was followed by losses on Asian stock markets in the early hours.
The S&P 500 stood at 7,690 (up 0.41%), with Amazon (up 5.3%) and IBM (up 2.4%) posting spectacular gains. Morgan Stanley’s call that the months-long correction may be nearing its end helped shape sentiment.
A few hours later, concerns about geopolitical developments dominated Asian markets, with oil prices rising again and share prices falling.
Brent was at $109.91 and WTI at $98.79. The US 10-year yield stood at 5.21%, while its French equivalent was dangerously close to 5%, leaving sentiment in Paris particularly gloomy. European stock markets ended in the red yesterday, with attention focused on France. Understandably so, one might say, as a domino effect of selling in the sovereign debt of EU member states is dragging down markets across the board. Earlier, Germany’s 10-year yield was at 3.4528%, and Greece’s at 4.392%.
The VIX/CBOE index stood at 18.44 points, while S&P 500 futures were up 0.42% at 7,692 after the Euro Stoxx Banks index fell sharply by 2.07% to 285.15 points.
With European bank shares under sustained pressure, the Greek stock market could hardly have fared differently. Shares in the four systemic banks came under selling pressure, taking the banking index down to 3,007.72 points. They accounted for 16.48 million of the 22.30 million shares traded. Trading was moderate and turnover similarly subdued, but it remained steady throughout the session, with buyers stepping in only after the index fell as low as 2,988 points.
As we noted yesterday, investor sentiment on Euronext Athens depends to a large extent on the trend in Frankfurt and Paris and on movements in the Euro Stoxx Banks index.
The significant scope for outperformance in 2026 for investors holding shares in Eurobank, National Bank, Piraeus Bank and Alpha Bank fully justifies taking some profits. The banking index is up 31.12% since the start of the year.
That, however, does not dispel the appetite to sell, nor does it mean the October correction is over — October is typically a negative month for bulls. A similar approach has been taken to most blue chips, particularly those that had outperformed by the end of September (the close of the nine-month period). The FTSE 25 stood at 6,657.26 points, up 24.41% in 2026 so far.
That performance justifies partially locking in gains on index shares, a strategy that may continue as prices move somewhat lower.
Against this backdrop, GEK TERNA is proceeding with a seven-year bond issue worth €500 million.
At this stage of the market, Capital Maritime Finance’s debut on Euronext Athens, along with Cenergy Holdings management’s plan to take a more aggressive approach in the US market — as Chameleon explains early on.
Moving in the opposite direction, ElvalHalcor is falling towards its year low of €3.34, while Motor Oil shares continue to rise, with insiders selling part of their holdings. Chameleon reports on the latest sales by Giannis B. Vardinoyannis.