Last update 13:15
The S&P 500 and Nasdaq’s bull run is far from over, as the bond rally continued with long-term yields falling to their lowest level in weeks.
And that’s because investors feel more confident that inflation was going to come down and that central banks are now done raising interest rates. In part, this was due to another round of oil price declines, with Brent crude closing below $80 a barrel for the first time since July, while WTI closed below $76 a barrel.
In addition, there are already signs that the pullback from above is feeding into the real economy, with data from the Mortgage Bankers Association showing that the average 30-year fixed mortgage rate fell 25 basis points to 7.61% in the week ended November 3 . That’s the biggest weekly drop since July 2022. That, in turn, helped the index of mortgage applications for home purchases rise from its lowest level since 1995 last week.
The markets are expected to send a signal today from Fed Chairman Powell, who will speak at an IMF conference, the Fed’s Bostic, Barkin and Paese, ECB President Lagarde, Villeroy and ECB Lane. Additionally, the ECB will release its economic report and on the data side, we have the weekly US jobless claims.
In domestic, the ASE continued to underperformdespite the positive results of banks and other listed companies, with the market making to hold well, while the shallowness of the market does not in any way help to have one sustainable and strong upward movement. Investors seem to be anticipating its completion deal Alpha – Uni but also the important placement of the National teamwhich will give new impetus and breath to the sector, with the interest from foreign institutions being high.
As market players point out, most of the turnover now comes only from algorithms and as insider.gr has mentioned many times, if the market wants to chase a strong end of the year, certainly trading activity should be strengthened and mainly implemented by real investorswith turnovers exceeding 100 million euros, to strengthen the trend.
On the other, record profitability in the nine months announced the Titanwith sales at third trimester to increase by 5.9% to €663.2 million, compared to €626.3 million in the previous year, while the earnings before interest, taxes, depreciation and amortization (EBITDA) recorded a significant increase of 63.6% compared to the corresponding period last year and amounted to €155.5 million. Increased volumes, positive price levels, operational efficiency, improved energy mix and containment of energy costs, contributed cumulatively to the restoration of the profit margin. Although energy costs in sectors such as fuel and electricity have seen some decline – compared to record levels recorded in 2022 – the market has continued to be pressured by continued increases in labor costs, raw materials and other cost parameters. production. However, the group’s dynamic position in markets with growth characteristics kept demand undiminished both in the third quarter and during the nine months.
At the same time, PPC announces third quarter results today (after market). Eurobank Equities expects improved year-on-year results due to strong profitability in electricity supply. Estimates put third-quarter revenue at €1.9bn (-55% y-o-y) due to lower wholesale electricity prices, with recurring EBITDA at €304m (+42% y-o-y). In terms of key performance, the brokerage estimates that net profits will reach close to 76 million euros.
IDEAL recorded a jump in its basic figureswith the listed company showing revenue growth of +111% to €273.9 million, EBITDA growth of +106% to €40.2 million and profit after tax growth of +83% to 22.0 million euros in the nine months.
In the corporate sector, the Intrakat group is entering a new phase, as well as the construction-infrastructure sector in general, after the expected “green light” officially given by the Competition Commission to acquisition of all the shares of Aktor ATE, a subsidiary of Ellactor. Most, one of the largest infrastructure schemes in the country is being createdwith a strategic focus on the markets of Greece and the Balkans and in particular Romania, which will generate value for the economy and the country.
It should be noted that as technical analysts estimate, we are in wave 5 where the market is rising amidst doubts and worries, but is moving upwards. At the same time, they estimate that the market will steadily climb up to around 1,380 points, with minor corrections, while they are putting a lot of emphasis on the ‘Santa Claus Rally’ and with Fitch’s return to investment grade on December 1st.
On the board, the General Index registers a new fall and underperformance against the international markets, and is now at -0.34% and at 1,223.07 points, with turnover barely exceeding 26 million euros. The FTSE 25 is down 0.45% at 2,979.89, while the banking index is down 0.27% at 980.75.
In the banks, Piraeus recorded gains of 0.49%, with Alpha Bank at -0.48% and 1,452 euros and NBG with Eurobank also falling.
The profits for Mytileneos are smoke with a drop of 1.47% to 34.84 euros, while heavy losses are recorded by OTE (-3.31%), MOH (-2.41%) and HEXA (-1.43%).
They are trying to keep the market Autohellas, Terna Energy and Cenergy. Earnings of 2.88% for Ellactor.