Losses are widening across European markets, with the banking sector down more than 3% on the Greek stock market.
S&P 500 futures remain firmly lower in New York. The DAX in Frankfurt is at 25,408 (-0.92%), the CAC 40 in Paris at 7,813 (-1.37%), and the EuroStoxx Banks index is down sharply, losing 3.12% to 279.26 points. A mini sell-off in bank shares in Athens is unavoidable.
The French 10-year yield stands at 5.1030%, as continued selling in the country’s banking stocks triggers a domino effect in neighbouring markets, including Frankfurt, Madrid and Milan.
Brokers are describing a sell-off in European assets, with a significant share of outflows directed towards US debt securities. They note that the US 10-year yield of 5.05% makes the bonds “buyable” at this stage, whatever that may mean initially. They also point to the upcoming Fed and ECB meetings, on 27-28 and 28-29 October respectively.
The direction of the Greek stock market had been clear even before trading began, as the EuroStoxx Banks index’s 1.5% decline foreshadowed the strategy of short-term traders.
Bank stocks were in focus even before the opening, with the first orders coming in from the 3,063-point level. They opened at slightly lower prices than in the previous session, and the selling pressure that emerged in the first half-hour was absorbed without significant strain. The picture began to change from 11:30-11:45, when it became clear that sellers in European bank stocks would become more numerous and more aggressive.
The EuroStoxx Banks index’s reversal, falling towards 275 points from 286.82, triggered an almost reflexive wave of further selling in all four systemic banks. Selling in the three non-systemic banks followed at almost the same time, as many investors took profits on whichever shares had performed well in October.
Of the 17 million shares traded, 12.7 million were bank stocks — fewer than during the two-day buying spree on Tuesday and Wednesday. The difference is likely attributable to some “fast money” exiting immediately.
National Bank of Greece traded at €16.095, Alpha Bank at €4.373, Eurobank at €4.379 and Piraeus at €9.862. Sellers remained firmly in control of Bank of Cyprus (€10.25), Optima Bank (€13.37) and Credia Bank (€0.953).
By 15:00, the only two large-cap stocks in positive territory were Motor Oil and HelleniQ Energy. They were moving in line with the EuroStoxx Oil & Gas index.
Buying gradually spread over the next half-hour to Athens International Airport at €12.78, Coca-Cola HBC at €54.50 and EYDAP at €14.04, a new high.
There has also been a shift in the short positions held by certain funds. While Lamda Development has been added to Qube’s short positions, short positions in Metlen Energy & Metals have been reduced.
Specifically, the Aggregated Net Short Position (ANSP) in the company of Evangelos Mytilineos, as reported to the FCA, fell to 6.47% from 6.76% on 19/10/2026. The reduction represents 415,936 shares.
The advancers/decliners tally stood at 32/92 shortly after 15:40, reflecting the prevailing mood.