The Dow Jones gained, while the Nasdaq slipped at the close after a fairly balanced session on Wall Street.
Quarterly results and the upcoming Fed meeting (on 27-28 October) are in focus, with the US 10-year yield at 5.1320%, WTI crude at $99.23 and the VIX/CBOE at 17.31, after a sharp 6.13% fall. Earlier, S&P 500 futures were down 0.17% at 7,731.75.
European markets posted losses for a second consecutive session, although they were more modest than on Monday. An effort to stabilise equity markets was evident amid turbulence in bond markets. Developments in France are in focus, with the French 10-year yield at 4.956%, the CAC 40 correcting at 7,838 points and its futures down a further 0.18%, while banking stocks remain under pressure.
In Athens, the cavalry rode in again towards the end of the session, and coordinated buying across all four systemic bank stocks saved some face.
The DTR closed at 3,033.74, up from an intraday low of 2,955, with buying picking up between 17:00 and 17:16. This reflected both a clear reversal in the EuroStoxx Banks at the same time and the lower prices reached during the latest pullback. The DTR’s decline began around 3,335 and has unfolded in two phases, with an intermediate pause at support at 3,235, warranting upward corrections such as yesterday’s.
There is no doubt that the DTR’s monthly trend remains bearish. It is up 30% for 2026 and is attempting a reversal on the weekly timeframe. In practice, this means a significant repositioning of holdings is under way in Eurobank, National Bank, Piraeus and Alpha Bank, involving managers in emerging versus developed markets.
Yesterday’s lows appear to mark the formation of a broader support area, a possibility that remains to be confirmed (or not) between today and Friday. For those long, the key is for the DTR to close above 3,130 points (on Friday).
Yesterday’s upward correction, led by the banking sector, came on turnover of €295 million, with €160 million traded in the four systemic bank stocks. That is where today’s battle over what comes next will be fought.
The gains on higher turnover in PPC, OTE and Jumbo shares, the balancing role played by Coca-Cola HBC, and the rebounds in AKTOR and Credia Bank showed how quickly some big players can react. Is that enough? With the political climate becoming even more charged following developments in Libya (the Chameleon has extensive coverage), that remains to be seen.
Yesterday’s debut by Capital Maritime Finance was more or less expected. Buying was methodical from €7.46, and the shares closed at €7.52 on higher turnover.