Sell-off in tech stocks on Wall Street, after inflation came in well above the 2% threshold, with the trend reaching Asian markets earlier.
Earlier, futures on the S&P 500 pointed to a further correction towards 7,653 points. The index was up 0.41% for the week through last night, but down a marginal 0.21% for the month.
The final session of the week and October’s close. The DAX at 26,039 points is up 3.24% for the month, while the CAC 40 is marginally higher, by 0.07%, at 7,970 points. Frankfurt has outperformed Paris, largely because of developments in France this month.
October has been a losing month for investors on Euronext Athens, with the General Index down 4.20% at 2,623 points. The banking index has fallen sharply, down 8.71% to 3,071.68 points, while the FTSE 25 has lost 4.53% to 6,718 points.
October has been a month of losses for the Greek stock market, in what was a largely expected adjustment to the new landscape following the upgrade and rebalancing. This is a turning point for the shallow, bank-heavy market and a key marker for the next phase, as it looks towards the milestone of an upgrade by Moody’s (May 2027).
Investors are reshuffling positions amid higher trading, with the banking sector at the centre of activity. Shares in Eurobank, National Bank, Piraeus and Alpha Bank account for almost 55% of trading activity and turnover. Traders and investors have once again turned their attention to the four systemic banks, where positions are visibly being built up gradually. These positions are being built at substantially lower prices than before the rebalancing, while powerful foreign investors once again, for the umpteenth time, have almost complete control of the situation.
Investors’ latest moves are being made amid a stream of third-quarter and nine-month results, with Eurobank management opening the season yesterday, followed by Alpha Bank earlier today and Piraeus next. National Bank reports next week.
Eurobank saw a sharp increase in inflows, with the trend clearly bullish on Tuesday and Thursday and the shares up 8.87% for the week. With 17.55 million shares changing hands, the stock rose 3.13% yesterday to €4.516.
Adjusted quarterly profit at Alpha Bank came to €283 million. With 9.22 million shares traded, the stock rose 3.72% to €4.515.
The sector is in traders’ sights, especially the four systemic banks. Similar moves were seen in Bank of Cyprus, Optima Bank and Credia Bank.
Alongside the banks, groups such as OTE are also announcing results today. Its shares fell sharply to €18.57 in yesterday’s session amid higher trading volumes.
PPC (23.38), Cenergy Holdings (22.54), Jumbo (27.18), Metlen Energy & Metals (48.14) are examples of bellwethers among the large caps to watch today.