3×3 demonstrates resistance to international pressures

By Manos Hachladakis

Not only did it avoid the worst, but the Athens stock market also gained a positive sign, showing resistance to the international sell-off brought on by a fresh increase in US inflation. .

In particular, many transactions but in a narrow range, DG went up to 1,425.68 units (0.56%), turned negative to 1,412.91 units (-0.38%) after the measurement announcement, but finally found strength to maintain the sign. +0.18% at 1,420.3 points.

Turnover increased to 135.74 million euros, but mainly due to 24 packages with a total value of 23.8 million euros (11.6 million in 10 packages in NBG, 4.5 million in 3 packages in Piraeus, 3 million to 3 in OTE). Transactions were 31.98 million pieces.

The banking index fell to 1,218.96 points, but limited the decline to just -0.15% to close at 1,232.19 points. The FTSE ended 0.26% higher at 3,440.69, while the FTSEM Mid-Cap ended -0.48% lower at 2,327.54.

With the two-day Fed jump yesterday and the day before, the market has effectively recouped last week's losses and regained its touch with recent fresh 13-year highs, largely because it hasn't succumbed to a bearish turn since today. TTP, however, found the strength to continue to build a boom as liquidity seeped into several blue chips.

Starting with OTE, the trade moved steadily with strong gains across the board, with portfolios such as PPC on Monday and Mytileneos yesterday being the standout next to banks.

Another positive for Athens Avenue is that it turned positive for the second day from the European climate, maintaining the gains of the strongest week so far, with sellers essentially “idle”, while losses in Frankfurt and Paris exceeded 0.5%. New York 1%.

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Moves on the boards

As mentioned above, OTE rose 2.95% to 14.33 euros and the third highest turnover of the third day at 13.98 million euros gave more support to the market.

GEK TERNA was at 16.8 euros +1.57% (2.5 million euros in transactions) and TERNA Energy was at 18.36 euros with +1.44% (3.1 million) and Elector was up 1.98% at 2.575 euros (575 euros).

Other buyers' main picks on the FTSE included Jumbo +0.99% (3.1 million), ELPE with +0.84% ​​(2.1 million) and PPC with +0.76% at 12 euros (5.73 million).

In the banking sector, Ethniki was indifferent to international pressures, finally closing with +048% at 7.486 euros and the day's turnover first with 26.3 million (mainly due to packages) while Piraeus remained unchanged at 3.93 euros with 19.88 million. It fell 0.24% to €1.65 on 10.4m and Eurobank slipped -0.94% to €1.89 on 9.3m trading, making up the bulk of yesterday's rally of 5.4%.

Sellers on the FTSE were mainly ELVALHALCOR -2.95%, EYDAP -2.1%, Quest -1.07% and AutoHellas -1.17%, but with a low turnover of 250 thousand euros. All.

Among the midcaps Intralot lost its early momentum (+1.95% to €1,148) but rallied 0.7% to €1,134, Intragate gained 0.38% and Alumil gained 4.25% to €2.7.

In contrast, Intracom corrected by -3% to 3.54 euros, Profile lost 2.5% and HEXA fell 0.95%.

Beyond that, the protagonist of March, Optima, continues to rise today +0.5% to 9.68 euros and 1.3 million turnover, l. Venizelos fell 0.6% to 8.55 euros to 1.48 million.

Finally, it is noteworthy that Centric's historical high turnover of 1.34 million euros, the share lost 9.15%.

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Despite DG's positive sign across the board, sellers clearly won as 74 stocks moved lower against 49.

US inflation is rocking international markets

Investors in both the US and Europe were “chilled” by new data on inflation in the world's strongest economy, perhaps unexpected – the acceleration was shown by slightly higher estimates, but mainly by worrying underlying trends.

In particular, the headline US consumer price index ran at an annualized 3.5%, up from 3.2% in March, while analysts' average estimate had predicted a smaller increase of 3.4%. Similarly, core inflation was unchanged at 3.8%, but beat expectations for a slight decline to 3.7%.

Disappointing, however, was housing spending, which accounted for 1/3 of the weight of the consumer price index, which rose 0.4% month-on-month and 5.7% year-on-year.

That's because the assessment that housing-related price pressures will moderate throughout the year is central to the central bank's stance that inflation is easing enough to allow interest rate cuts.

In this context, Wall Street futures immediately turned into negative territory, the data was quickly announced with losses exceeding 1%, which continued at the beginning of the market despite the gradual easing of pressures.

The Dow Jones is now down -0.9%, the S&P 500 is down -0.6% and the Nasdaq is down -0.67%.

Similarly, markets in Europe erased significant gains (up 0.8%) and sellers took over, but are now recovering.

Germany's DAX +0.35%, France's CAC 40 +0.09%, Britain's FTSE 100 +0.45% and the pan-European Stoxx 50 +0.2%.

In the bond market, yields rose after adjusting for inflation, with the US 10-year at 4.495% (up 130 basis points) and the 2-year at 4.937%, while the Greek 10-year rose slightly. 3.332%

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Oil is unchanged, with Brent at $90 a barrel and WTI at $85.7.

Finally, bitcoin retreats from $70,000 to $68,700, down 1%.

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