Wall Street came under heavy selling pressure on Friday (Dow Jones -1.09%, S&P 500 -1.82%, Nasdaq -2.86%, Russell 2000 -1.66%).
Earnings-per-share misses by technology companies relative to market expectations, and the prospects for returns on the related investments, did not go unnoticed: the pressure on the shares had the hallmarks of a “fire sale”.
Given the gains that had come before, the market’s reaction showed that a reassessment of valuations for companies that fail to meet expectations is coming sharply into focus for the first time, as investors take a tougher view of their valuations and profit prospects. It centres on three key factors: a combination of slowing core business, high investment and weaker cash flows.
On the other hand, according to LSEG data, 82% of companies that had reported results by Friday beat analysts’ estimates. However, the positive earnings trend was not enough to offset concerns about technology investment and the high expectations already priced into valuations across the sector.
The picture was far more subdued today in Asia and Europe, with buyers drawing support from easing oil prices and lower government bond yields.
More specifically, according to a report by Axios citing unnamed sources, Trump told Benjamin Netanyahu during a phone call that he wanted to give diplomacy with Iran more time, before potentially resuming attacks after Tuesday’s midterm elections.
“Iranian negotiators left talks with Qatari mediators, aimed at ending the war with the United States, while a draft agreement is under discussion and another meeting has not been ruled out,” an official told the “New York Post”. The negotiators left on Sunday, but not because of difficulties in the talks, the official clarified, without providing further details about the draft proposal.
The reports above put pressure on oil prices, which fell by as much as six percentage points.
Today’s picture on the Athens Exchange differed from that in European markets, with potential sellers making the running despite continued selective buying.
Domestically, bank results and management updates on the year-end and 2027 will keep the sector’s shares in focus, but most of the market remains on a downward trajectory.
Other notable features of today’s session, besides clear nervousness, included a sharp drop in turnover — its lowest in nine sessions — and the fact that declining shares outnumbered risers for most of the trading day. At the session low, decliners were twice as numerous as gainers (!).
The statistics after the first 10 months of the year are not merely revealing; they emphatically confirm that the developed domestic stock market has become a “closed club” of a handful of shares, mainly those traded by foreign funds.
More specifically, from the start of the year to 30/10/2026, the General Index gained 23.5% and the bank sector index rose 31.82%. Even so, 71 shares not only failed to match the General Index’s gains, but had lost as much as 50.67% by the end of the 10-month period. If these listed companies are not all heading for closure, then the Athens Exchange is experiencing the biggest downward distortion in its history, and nothing suggests this picture of declining value can be reversed in the final two months unless a deal emerges that lifts an entire sector of shares.
Returning to international markets, it is worth remembering that foreign investors close their books from the middle to the end of the month and will seek to protect their gains, even through aggressive “stop-long” moves if the international climate appears to be turning. It remains to be seen whether the shares that have delivered the best returns this year will also be the ones to make a difference as the books close.
According to analysts, “Europe continues to face an explosive mix of rising protests and unrest in France, Germany, Portugal, Poland and Spain, centred on the cost of living, housing and underfunding of education. At the same time, the EU is grappling with an energy crisis and intense fiscal pressures, all while greater spending is needed to strengthen the continent’s defences.”
According to Manos Chatzidakis (Beta Sec.), “the arrival of November brings critical political (US, Spain, Israel), economic (earnings) and geopolitical milestones (Ukraine, Iran, the energy link with Cyprus) into focus. Their outcome will determine risk appetite in international markets and, by extension, on the Greek stock market”.
Turning to the domestic market, while corporate earnings at home appear capable of supporting current valuations, the broader trend continues to be driven by external factors, even if today’s session was an exception.
NBG reports results on 4/11/2026 (after the close. A conference call to present and discuss the results will be held at 18.00 the same day), followed by BOCHGR on 5/11/2026, OPTIMA on 11/11/2026 and CREDIA on 12/11/2026.
Among other company results, Mermeren Kombinat reports today, while on Wednesday 4 November Coca-Cola HBC will release its third-quarter sales update before the market opens, followed by Lamda Development later that day. TITC and Metlen report on Thursday 5 November, while Alpha Bank will publish its updated three-year business plan on the same day.
The “Euronext Athens Small Cap Conference 2026” was held today at the Divani Caravel hotel, with fewer institutional investors and analysts in attendance than last year. According to the invitation from Euronext Athens, the participating companies were Alpha Trust-Andromeda, AS Company, Biokarpet, Daios, Elton, EIS, Lanakam, Quality & Reliability, Revoil, Softweb, Trek Development, Unibios, Verallis and Y/KNOT Invest.
Investors are awaiting MSCI’s announcement on its quarterly index review. The changes will be announced late on 11 November 2026 and take effect on 1 December 2026, with investors to rebalance their positions on Monday 30 November 2026.
FTSE Russell will announce changes to its indices on 13/11, with rebalancing on 18/12.
On 30 November and 1 December, the focus shifts to London, where the Morgan Stanley & Euronext Athens Greek Investment Conference 2026 will be held.
On Friday 6/11, Fitch will announce its verdict on Greece’s credit rating.
According to technical analysis, as long as the General Index fails to close above 2,640-2,643 points, the scenario of closing the “gap” at 2,518-2,498 points remains in play, particularly if the international climate deteriorates again.
Major European markets were in positive territory after repeatedly switching between gains and losses, with traders watching the correction in oil prices as well as the decline in government bond yields.
More specifically, the yield on the US two-year Treasury fell to 4.59%, that on the 10-year to 4.89%, and the 30-year yield to 5.26%. The yield on the Greek 10-year bond slipped to 4.234%, while that on the comparable French bond stood at 4.89%.
The key event in the week ahead, which is expected to bring heightened volatility, is the US midterm elections tomorrow, Tuesday 3 November, although the full results may not be known until Wednesday or even later. The Bank of England’s decision follows on Thursday. The eurozone’s preliminary estimate for October inflation is due on Wednesday.
Looking ahead to upcoming central bank meetings, the Fed is scheduled for 9/12/2026, the ECB and BoE for 17/12/2026, and the BoJ for 18/12.
According to Beta Sec., “the US earnings season remains exceptionally busy, with 145 companies (29%) of the S&P 500 due to report in the week that has begun. On Monday 2 November, after the market close, Apple, Palantir and Vertex Pharmaceuticals report. Before the market opens on Tuesday 3 November, Ball, Keurig Dr Pepper, Pfizer and Shopify will report, followed after the close by AMD, Amgen, Arista Networks, Block and Booking Holdings. Before the market opens on Wednesday 4 November, Flutter Entertainment, McDonald’s, Novo Nordisk and Uber report. Arm, Diversified Energy, Qualcomm and Snap report after the close, with IonQ’s results also expected. Before the market opens on Thursday 5 November, AngloGold Ashanti, ConocoPhillips, Lemonade, Unity Software and Viatris report, with D-Wave Quantum also expected. Airbnb and Cloudflare report after the close. On Friday 6 November, Moderna reports before the market opens and Wheaton Precious Metals after the close”.
The General Index traded between 2,637.67 (+0.71%) and 2,602.07 points (-0.65%). At 17.00 it stood at 2,606.14 (-0.49%) and finished the session at 2,602.41 points, down 0.64% on the day.
Turnover was €252.3 million, of which €25.2 million came from pre-agreed trades (BOCHGR, CREDIA, OTE, PPC, AIA, ΜΠΕΛΑ, ΕΧΑΕ, ΕΤΕ, ΠΕΙΡ, ΕΥΡΩΒ, ΑΛΦΑ), with ΕΤΕ, ΠΕΙΡ, ΑΛΦΑ and ΕΥΡΩΒ accounting for 59% of total gross trading value.
Of total turnover of €252.3 million, €237.5 million was in FTSE 25 shares.