The session on the Greek stock market was firmly lower today, with the Athens bourse tracking European markets’ downward move and underperforming them, while banks set the negative tone.
After yesterday’s 2.26% gain in the banking index, today brought a 4.38% fall, confirming heightened volatility, with banks in the driving seat.
It was no surprise that at the day’s lows not a single large-cap stock managed to hold steady, let alone rise. Losers outnumbered gainers by three to one, although that ratio improved somewhat later.
Taking events in chronological order, “the US and Israeli armed forces are drawing up plans to resume military operations against Iran after the US midterm elections, according to US officials and sources briefed on the discussions”, the New York Times reported, pushing Brent to test prices above $112 a barrel.
Asian markets came under heavy pressure this morning (Nikkei -2.4%, Kospi -3.52%), with losses spreading to Europe at a more moderate pace. Analysts noted that “tensions in the Middle East are rising and investor sentiment appears to have become more fragile recently, as investors reassess their positions in artificial intelligence-related assets. Greater caution is beginning to emerge over profitability and investment returns. Higher energy costs have fuelled inflation concerns and led investors to price in more rate rises by the Fed and other central banks around the world, adding to pressure on precious metals. Against this backdrop, markets will remain highly volatile, as visibility on the economic, political and geopolitical fronts remains extremely limited.”
“In this environment, high valuations and concentration in individual stocks in the high-tech and artificial intelligence sectors increase the risk of a sharp repricing of assets in international markets. In addition, rising government bond yields worldwide are raising the cost of refinancing public debt, heightening concerns about economies with limited fiscal headroom. They are also weighing on companies’ financial positions by increasing borrowing costs,” the Bank of Greece said in its financial stability report.
According to the same report, “in June 2026, the stock of non-performing loans (NPLs) on a solo basis stood at €6.2bn, up 9.3% from December 2025, mainly because of a net inflow of new NPLs. The ratio of NPLs to total loans on a solo basis stood at 3.4% in June 2026, compared with 3.3% in December 2025.” This latter development may have played a part in intensifying profit-taking in the heavyweight banking sector, accounting for the banking index’s final 4.38% decline.
Attention is also turning to the upcoming nine-month results, which are certain to play a leading role in the Athens bourse’s short-term trend.
It is worth recalling that nine-month results are due in the following order: EUROB on 29/10/2026, PIR on 30/10/2026, ALPHA on 30/10/2026, NBG on 5/11/2026, BOCHGR on 5/11/2026, OPTIMA on 11/11/2026 and CREDIA on 12/11/2026.
Bond yields are also being closely watched, with the yield on the French 10-year bond market climbing above 5%.
Moody’s is expected to deliver its verdict on France’s credit rating tomorrow.
Standard & Poor’s is also due to review Greece’s sovereign rating tomorrow evening, followed by Fitch Ratings on 6 November 2026, completing the annual cycle.
At the day’s low, the Athens General Index tested levels just below 2,585 points. Buying by more level-headed investors lifted it back above the psychological 2,600-point threshold, but potential sellers had the final say, and trading ended with the main Athens bourse indices at or close to their session lows. The short-term trend will depend on whether the deterioration in international sentiment proves persistent.
The book for GEK TERNA’s eurobond is expected to open in the coming days, following the completion of the company’s presentations. The group is seeking to raise up to €500m through seven-year fixed-rate bonds.
The upcoming public offering aimed at bringing METKA back to the Athens bourse is also on the radar.
The “Euronext Athens Small Cap Conference 2026” will take place on 2 November 2026 at the Divani Caravel Hotel. According to the invitation from Euronext Athens, participating companies are Alpha Trust Andromeda, AS Company, Biokarpet, Daios, Elton, EIS, Lanakam, Quality & Reliability, Revoil, Softweb, Trek Development, Unibios, Verallis and Y/KNOT Invest.
The baton passes to London on 30 November and 1 December for the Morgan Stanley & Euronext Athens Greek Investment Conference 2026.
Losses were contained across the major European markets, except France, which fell by more than 1.2%. Traders were focused on corporate results, oil prices and government bond yields.
Bond yields moved in mixed directions, with significant buying interest from yield-seeking investors in US Treasuries, attracted by the high yields.
More specifically, the yield on the US two-year bond fell to 4.73%, while that on the 10-year stood at 5.04%. The 30-year yield was 5.35%. The Greek 10-year yield stood at 4.429%, while the French equivalent was at 5.07%, a new 24-year high.
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 scheduled monetary policy meetings are on 30/10 and 18/12 for the BoJ, and on 5/11 and 17/12 for the BoE.
The Fed has now entered its blackout period ahead of the October meeting.
The General Index remained in negative territory throughout the session, falling as low as 2,581.69 points (-2.34%). At 17.00 it stood at 2,584.89 (-2.22%), and it closed at 2,587.93 points, down 2.11% on the day.
Turnover was €331.2m, of which €44.6m came from negotiated deals (CMFC, CENER, CREDIA, SBLK, GEK TERNA, ALPHA, EUROB, PPC, KRI, TZKA, ARAIG, PIR, MOH, NBG, AIA, OTE). NBG, PIR, ALPHA and EUROB accounted for 57% of total gross trading value.
Of the total turnover of €331.2m, €314.2m was in FTSE 25 shares.