A wave of selling hit Wall Street last night (Dow Jones -3.44%, S&P 500 -4.36%, Nasdaq -5.52%, Russell 2000 -4.45%), wiping about $2.5 trillion from the market value of listed companies amid fears that Democratic gains in the midterm elections could put the brakes on the expansion of AI infrastructure. The Nasdaq technically entered bear-market territory, recording its worst daily performance since April 2025, when Donald Trump announced sweeping tariffs worldwide.
The Democrats’ victory in the Texas gubernatorial election played a decisive role in the sell-off, as the state has been pivotal in accelerating developments in artificial intelligence. Companies such as Google, Meta, Oracle and OpenAI have made huge investments in data centres there.
“Texas governor-elect Gina Hinojosa included in her campaign a proposal for a temporary freeze on the construction of new data centres, as well as the removal of certain tax incentives for companies building such facilities in the state. We are seeing the technology sell-off, given its intensity and scale, starting to drag down the broader market on the NYSE,” analysts said.
The pressure spread to Asia this morning (Nikkei -6.04%, Kospi -6.02%). The latter index fell by as much as 9% at the start of trading, triggering a 20-minute suspension.
The decline was considerably more contained in Europe, while the Greek stock market held its session today against this international backdrop.
It is worth noting that the main Athens market indices stayed in negative territory throughout. In the first hour of trading, when the initial lows were recorded, turnover reached €63.9 million before slowing. At the day’s lows, not a single FTSE 25 stock was unchanged or higher, while declining stocks outnumbered advancing ones by more than five to one.
Meanwhile, in a brief statement, Coca-Cola HBC (-1.68%) made clear that it had received no information from the Russian government regarding its operations in the country. It added that it does not rely on revenue or funds from its Russian business to finance the group’s operations outside Russia or service its debt obligations. Coca-Cola HBC will provide further updates if it considers this appropriate.
“If Coca-Cola HBC were to lose its business in Russia and €1 billion in cash without receiving any compensation, estimated 2026 earnings before interest and tax (EBIT) could fall by 20%, earnings per share (EPS) by 31%, while the leverage ratio would rise to 1.6x (following the acquisition of Coca-Cola Beverages Africa),” analysts said.
“With the share price having lost almost €10 over the past two sessions, it appears the market has already priced in a complete write-off of Russia,” according to calculations by Eurobank Equities.
“We maintain our ‘neutral’ rating on Coca-Cola HBC but cut our target price to £40.0 (equivalent to €47.95), following reports that its Russian subsidiary, Multon Partners, may be seized by the Russian authorities,” Citi analysts wrote.
Beyond that, according to the consensus view of domestic analysts, “the international wave of selling was bound to reach the Greek stock market too, with investor sentiment falling to markedly lower levels and risk aversion taking hold. For the vast majority of large-cap stocks, potential sellers are sitting on gains and can therefore cut their positions sharply with little hesitation”.
The picture in mid- and small-cap stocks is going from bad to worse, with a few exceptions. They are under pressure at even lower levels wherever buyers are available.
Brokerage sources warn that if aggressive selling continues, margin calls could be front and centre within a few sessions, with all that may entail.
It is worth recalling the well-known market rule that “the more violent the swings caused by an aggressive decline, the longer they take to settle, on the strict condition that no new source of concern emerges”.
The banking sector, until recently the more defensive part of the market, is also caught in the selling. In sessions this bad, results and management forecasts take a back seat, as do the forthcoming interim dividend payments by the systemic banks.
Of the remaining bank results due to be published, OPTIMA is scheduled to report on 11 November 2026 and CREDIA on 12 November 2026.
Fitch will announce its verdict on Greece’s credit rating tonight.
The “Mid Cap Conference” will be held in Athens again on 10 November.
Twenty-two companies will take part in the presentation: Alter Ego Media, Alumil, Avax, BriQ Properties, Capital Maritime Finance, EKTER, Ideal, Interlife, Kri-Kri, Lavipharm, Noval Property, ONYX, Orilina, Performance Technologies, Premia, Profile, Qualco, Real Consulting, Thrace Plastics, Safe Bulkers, Trade Estates and Trastor.
Investors are also awaiting MSCI’s announcement on its quarterly index review. The announcements will be made late in the evening on 11 November 2026, with the changes taking effect on 1 December 2026. Investors will rebalance their positions on Monday, 30 November 2026.
FTSE Russell index reconstitution announcements are due on 13 November, with the rebalancing on 18 December.
The baton passes to London on 30 November and 1 December, when the Morgan Stanley & Euronext Athens Greek Investment Conference 2026 will take place.
Meanwhile, according to the Hellenic Capital Market Commission register, the following net short positions exceed 0.5%:
Qube Research & Technologies Limited continues to hold a net short position of 0.79475% in BYLOT, 0.90403% in AKTR, 0.50226% in LAMDA and 0.7016% in CREDIA. AKO Capital LLP holds a net short position of 1.05351% in MTLN.
On 5 November 2026, Qube Research & Technologies Limited reduced its net short position in ADMIE to 0.69399%, from 0.77143%.
Major European markets were in negative territory and posted notable losses, as traders made “stop-long” moves, putting oil, government bond yields and incoming economic data on the back burner.
According to data from the US Department of Labor, non-farm payrolls rose by 165,000 in October. The figure was well above analysts’ estimates, which ranged from 59,000 to 65,000 new jobs. The US unemployment rate edged down to 4.1% from 4.2%, while analysts had expected it to remain unchanged.
Sovereign bond yields moved in mixed directions. The US two-year yield fell to 4.52%, the 10-year to 4.86% and the 30-year to 5.27%. The Greek 10-year yield stood at 4.126%, while the yield on the equivalent French bond was 4.78%.
The next central bank meetings scheduled before year-end are: the Fed on 9 December 2026, the ECB on 17 December 2026, and the BoE and BoJ on 18 December 2026.
The deadline for eurozone countries to submit nominations for the position of next president of the European Central Bank is today at 17:00 Brussels time. Spain and the Netherlands have already announced their intention to nominate the former heads of their respective central banks, Pablo Hernández de Cos and Klaas Knot. Finance ministers from countries that have adopted the euro are expected to consider the nominations at the Eurogroup meeting on 9 November.
The General Index remained in negative territory throughout the session, falling as low as 2,545.6 points (-2.52%). At 17:00 it stood at 2,561.06 (-1.93%) and closed at 2,553.35 points, down 2.22% on the day.
Turnover was €389.8 million, of which €37.8 million involved pre-agreed transactions (CENER, AKTR, BYLOT, CMFC, AEM, KRI, ADMIE, QUALCO, PIR, EUROB, ALPHA, NBG, MOH). Piraeus, Eurobank and National Bank accounted for 49% of total gross transaction value.
Of total turnover of €389.8 million, €369.1 million was in FTSE 25 stocks.
Today’s session was the last of the week, which ended lower, leaving the General Index down 2.51% for the week. Over the same period, the banking sector index gained 0.81%.
Since the start of the year, the Athens Stock Exchange General Index has gained 20.4%, while the banking index is up 32.89%.