Investors’ first market reaction to developments in the US was positive across European markets.
Short-term traders on the Greek stock market are focused on the banking sector.
The Democrats appear set to gain control of both chambers of Congress, a development that could increase the risk of political deadlock in Washington, curb government spending and lead to tighter regulatory oversight of the technology sectors, particularly artificial intelligence.
WTI crude oil was at $96.535 and Brent at $104.04; the yield on the US 10-year Treasury stood at 4.936%. The VIX/CBOE plunged 8.09%, falling back below 20 to 19.08. New York futures also turned positive, with S&P 500 futures up 0.08% at 7,587.
The DAX was at 25,961 (up 0.37%) and the CAC 40 at 8,044 (up 0.30%), as investors turned their attention to eurozone inflation data for October and final readings of the PMI indices for the services sector and overall business activity in the region. The dollar was at a five-week low of 1.124 against the euro.
Buying in European bank stocks put the EuroStoxx Banks at 276.32, encouraging bulls in Athens to extend the inflows into the sector’s shares that began midway through yesterday’s session.
Order flow was healthy, and faster than during the first half of yesterday’s session, with 7.6 million bank shares traded out of 8 million shares in total. The banking index ranged from 3,075 to 3,101, having earlier stood at 3,088 (up 1.74%), as money flowed into four plus one stocks: Piraeus (9.93), National Bank (16.34), Credia Bank (0.951), Eurobank (4.591) and Alpha Bank (4.589).
Turnover reached €37.9 million in the first half-hour, with €13.47 million in pre-arranged trades. There was significant activity in shares of Piraeus, Credia Bank and TITAN Cement ahead of the forthcoming release of third-quarter/nine-month figures.
Orders were spread selectively, one of the notable features at this point in the session and a departure from the previous two sessions. According to a stockbroker, the partial easing of uncertainty, also reflected in the fall in the VIX/CBOE, could make traders’ strategies clearer. They could act as sellers or buyers — from New York and Frankfurt to Paris and Athens — with implications for inflows into and outflows from shares across various sectors.
For now, inflows are being recorded in both bank stocks and large caps, keeping the banking index and FTSE 25 on their daily upward trajectory.
Buyers were in control of Motor Oil (63.65) and HELLENiQ ENERGY (16.99), as well as Jumbo (27.70), Allwyn (11.67), PPC (23.76), ElvalHalcor (3.53), AEGEAN (11.39), Cenergy Holdings (21.98) and others.
EXAE (11.20), ADMIE (4.46), Sarantis (11.84) and Intracom Holdings (3.02) stood out among the FTSE Mid Cap stocks.
There were 58 risers and 26 fallers, with clear efforts to build leverage in individual mid- and small-cap stocks (Y/KNOT, Veralis, Fais, Viokarpet and others) at 11:15, with turnover already at €45 million.