Stock markets are under increasing pressure on the back of the outbreak in the Middle East.

Last updated 13:15

By Manos Hachladakis

The Athens market has been trying to manage geopolitical tensions, which have seen sellers pull back after trying to absorb the initial offer across the board, unable to correlate with upwardly moving European indices and in some cases making significant gains.

Specifically, the general index recovered from 1,383.73 points with a decline of 1.21% to 1,397.33 (-0.23%) and now moves to 1,382.07 with a decline of 1.3%.

The turnover has been significantly increased to 70 million euros, while 17 million pieces have been traded.

The banking index is down 1.7% at 1,181 points and the FTSE is down 1.26% at 3,363 points, while mid-cap FTSEM is under pressure with losses of 2.5% at 2,204 points.

Adding to an already bleak landscape, recent US inflation readings could delay the Fed's rate cut schedule, geopolitical uncertainty, and renewed tensions in the Middle East after Iran attacked Israel in response to an Israeli attack on Iran. embassy in Damascus earlier this month.

Athens Avenue's first reaction to the scoreboard opening “Crimson” and Banks receiving tremendous pressure was very tense, the picture improved slightly in the first half hour, but as mentioned above the sellers immediately returned with a barrage of liquidations.

And looking at the picture in global markets, indices in Europe and futures in the US are basically moving higher, with some notable gains, while Athens L. The locations may point to a new revisionist movement that finds its cause in the Middle East.

A picture of the meeting

All 4 systemic banks started with a fall of more than 1%, they rallied a little in the first half hour, but now they are getting fresh pressure.

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Piraeus -1.1%, Eurobank -1.7%, Alpha -2.1%, and National -2.2%.

On the FTSE, PPC, Aegean and Biohalco take the biggest hits with losses of 2.7%, GEK TERNA down 2.4% and ELVALHALCOR, Cenergy, Lambda down -2.2%.

AutoHellas, EYDAP, Jumbo, OTE, Ellactor and TERNA Energy remain with losses of more than 1%.

Characteristic of the picture is that only two stocks are now moving upwards on the FTSE, ELPE and Coca Cola and this with small gains of less than 0.5%.

The medium capitalization picture is still overburdened, with no stock being saved, Intralot bearing the biggest pressures with a 4% dive, while Intrakat and AVAX register around 3% losses, with a profile of -3.7% and Lavipharm. -4%.

Across the board the sellers' lead widened considerably, with 111 stocks moving lower against just 18.

On a technical level, as Ilias Tsacharakis of Fast Finance notes, the week may have ended in profit and helped us react from the 1,360 units zone, though it failed to cross the stops intercepted by sellers. . Therefore, we cannot say that the market will immediately give a continuation and continue to move in a price range that sets up a formation and gathering forces, unless the DG ends at 1,433 units, the Bank crosses 1,241 and the FTSE 25 crosses 3,460. .

Film internationally

As mentioned above, global markets are unaffected by geopolitical tensions, with indices in Europe and the US showing upward trends.

On the Old Continent, Germany's DAX was down significantly by 1%, France's CAC 40 by 0.7% and the pan-European Stoxx 50 by 0.9%, while Britain's FTSE 100 posted a slight loss of 0.4%.

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There are also positive signs in the US futures market with Dow Jones futures +0.3%, S&P 500 +0.45% and Nasdaq +0.5%.

The 10-year US is 4.569% and the 2-year is 4.931%, while the Greek 10-year is 3.321%.

Characteristic of investors' calm was oil prices moving downwards, with Brent at 89.7 dollars per barrel and WTI at 84.9 with losses of 0.8%.

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