The Greek stock market successfully reclaimed much of yesterday’s losses in a remarkable “spring” rebound, as buyers took the lead in what became the best trading session in 4.5 years. This surge follows a three-day slump that resulted in a total decline of 13.46%, effectively erasing this year’s gains and “wiping” approximately 15 billion euros from market capitalization. The response was strong across European stock exchanges, with Athens demonstrating a particularly favorable outlook as it keeps an eye out for potential upgrade news from FTSE Russell.
During Tuesday’s session (April 8), the General Index rose by 91.61 points, or +6.19%, to finish at 1,570.53 points, having fluctuated between a low of 1,504.97 and a high of 1,581.99 points. This marks the most significant daily increase since November 9, 2020, when the General Index soared by +11.46%. The intraday increase now stands at +6.86%.
Bank stocks, which endured the heaviest losses due to Trump’s tariffs, spearheaded today’s recovery with the sector index surging by +8%. Buyers were actively engaged during Tuesday’s session, mirroring the significant selling seen in the previous quarter and capitalizing on the attractive entry points that emerged. Consequently, trading volume surpassed 300 million euros, with the majority of transactions involving major banking institutions. Some stocks that had been heavily impacted showed double-digit gains, such as Intertech, which closed at its maximum increase of +30% following a public offering by its main shareholder, CD Media.
The Market Rebound and FTSE Russell Speculation
Yesterday, Athens experienced its largest daily decline (-7.43%) in over five years (since March 2020), closing below the crucial 1,500 point threshold and nearly erasing all gains made this year. After such an unprecedented downturn, stock valuations now appear attractive, especially with revised target prices provided by brokerages and international investment firms prior to the fallout from Trump’s tariffs.
Global investors are responding today after the staggering $10 trillion loss triggered by Donald Trump’s trade war over the past three days. Stock markets are trending upward, partially recovering from previous declines, even as overall sentiment remains cautious amid uncertainties regarding US tariffs and potential retaliations from China and the EU.
The upcoming reclassification of Greek stocks by FTSE Russell is capturing the attention of the local market, with key announcements anticipated tonight after Wall Street’s closing. Initial projections suggest that FTSE Russell might upgrade the Athens Stock Exchange from its current status of advanced emerging markets to developed markets. It is worth noting that Greece has been on a watch list for a potential upgrade since fall 2024, having met all criteria except for investment grade, which Moody’s had not yet granted. However, with that milestone achieved last March, the pathway to an upgrade now seems clearer.
In corporate news, Fourlis is set to announce its annual financial results after today’s market close, followed by Quest on Wednesday, April 9, and EYATH on Friday, April 11. Rating agency Standard and Poor’s is expected to release its assessment of Greek credit on Good Friday, April 18, even though markets will be closed for the holiday. Currently, the agency rates Greece at “BBB-” with a positive outlook, while an upgrade would lift it to “BBB” with a neutral outlook.
Global Stock Market Surge
“Confusion” marked Wall Street as tacit releases regarding tariffs sparked rumors of a 90-day suspension, which turned out to be unfounded, prompting the White House to quickly deny such reports. This led to significant volatility in key indices, resulting in a “roller coaster ride” characterized by dramatic intra-day fluctuations. Today, US markets rebounded with the Dow Jones gaining more than 1,400 points (+3.7%), and Nasdaq rising by +4.4%.
Most European stock markets are experiencing gains of at least +3% today as part of a gradual recovery. The Stoxx 600 index has risen by +3.7%, trading at 491 points, while the major indices across Europe are gaining between +3.3% and +3.6%. Asian markets also saw significant rebounds, notably the Nikkei in Tokyo, which surged by +6% or about 1,900 points, spurred by the initiation of bilateral trade talks between Japan and the US.
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