With a plunge of more than 20 points, the Athens stock exchange takes the baton of the global sell off it has caused the admission of the head of the Federal Reserve, Jerome Powellthat efforts to reduce inflation will not come without “pain” in the economy.
In particular, the General Index recorded losses of 2.72% at 869.46 units, while the turnover is at 5 million euros and the volume at 2.6 million pieces. The FTSE 25 also recorded a drop of 2.86%, at 2,096.60 points, while the banking index lost 4.80% at 558.16 points.
The ASE cannot escape the pressures caused by Powell’s comments during his speech in Jackson Hole, Wyoming, as a large wave of risk off from many risk assets is underway. And as has been emphasized by the column, when the ASE tries to find its balance in such international turmoil, the efforts run into the absence of an investment grade of the Greek economy, and therefore of its assets.
As Ilias Zacharakis of Fast Finance also comments, Powell essentially said that it is still too early to talk about a smoother increase in interest rates since inflation needs time to show that it is deescalating. The long duration of cheap money can take a long time to unwind. For that to happen, economies would have to slow, with rising interest rates being the most important factor.
The “fat” on the other hand is large so it is not easy to predict the time, adds Mr. Zacharakis. The only catalyst that could give a bigger boost to economies would be the end of the war, as the turmoil of that has opened the domino of rising energy prices and other prices as well.
According to Mr. Zacharakis, the summer gave us significant returns by catching most investors asleep and now testing the very important resistances in the big picture. In front of us we have the Thessaloniki report which usually brings out more “bonus news” hoping at the same time that it will also bring out news that benefits the economy. We are also facing a difficult winter, with the media nevertheless seeming to be exaggerating to some extent.
On the dashboard
On the scoreboard now, Piraeus is losing 5.79%, with Ethniki at -4.18% and ADMIE, Alpha Bank, Eurobank, Viohalko, Ellactor and Mytileneo following with losses of over 3%. Above -2% is the drop in PPC, Titan, ELHA, Quest, Aegean, Coca Cola and OTE.
The losses in GEK Terna, Lambda, Jumbo, Motor Oil, Terna Energy, Hellenic Petroleum, PPA and OPAP exceed 1%, while Sarantis and EYDAP record small gains of 0.15% and 0.13% respectively.
Powell also shakes the stock market
With a plunge of more than 20 points, the Athens stock exchange takes the baton of the global sell off it has caused the admission of the head of the Federal Reserve, Jerome Powellthat efforts to reduce inflation will not come without “pain” in the economy.
In particular, the General Index recorded losses of 2.72% at 869.46 units, while the turnover is at 5 million euros and the volume at 2.6 million pieces. The FTSE 25 also recorded a drop of 2.86%, at 2,096.60 points, while the banking index lost 4.80% at 558.16 points.
The ASE cannot escape the pressures caused by Powell’s comments during his speech in Jackson Hole, Wyoming, as a large wave of risk off from many risk assets is underway. And as has been emphasized by the column, when the ASE tries to find its balance in such international turmoil, the efforts run into the absence of an investment grade of the Greek economy, and therefore of its assets.
As Ilias Zacharakis of Fast Finance also comments, Powell essentially said that it is still too early to talk about a smoother increase in interest rates since inflation needs time to show that it is deescalating. The long duration of cheap money can take a long time to unwind. For that to happen, economies would have to slow, with rising interest rates being the most important factor.
The “fat” on the other hand is large so it is not easy to predict the time, adds Mr. Zacharakis. The only catalyst that could give a bigger boost to economies would be the end of the war, as the turmoil of that has opened the domino of rising energy prices and other prices as well.
According to Mr. Zacharakis, the summer gave us significant returns by catching most investors asleep and now testing the very important resistances in the big picture. In front of us we have the Thessaloniki report which usually brings out more “bonus news” hoping at the same time that it will also bring out news that benefits the economy. We are also facing a difficult winter, with the media nevertheless seeming to be exaggerating to some extent.
On the dashboard
On the scoreboard now, Piraeus is losing 5.79%, with Ethniki at -4.18% and ADMIE, Alpha Bank, Eurobank, Viohalko, Ellactor and Mytileneo following with losses of over 3%. Above -2% is the drop in PPC, Titan, ELHA, Quest, Aegean, Coca Cola and OTE.
The losses in GEK Terna, Lambda, Jumbo, Motor Oil, Terna Energy, Hellenic Petroleum, PPA and OPAP exceed 1%, while Sarantis and EYDAP record small gains of 0.15% and 0.13% respectively.
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
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