With a marginal increase of 0.05%, the stock market closed, absorbing any pressures manifested to secure short-term profits, after last week’s strong rise, while the average daily trading activity recorded a significant decline.

Stock markets around the world bounced back from a slump on Monday, Aug. 5, as U.S. jobless and retail sales data allayed concerns about a recession risk in the U.S. economy, while other data pointed to a fresh slowdown in inflation. pressures, paving the way for the Fed to cut interest rates in September. Yesterday, Federal Reserve Bank (Fed) Chairman Jerome Powell laid the groundwork for the coming rate cuts, although he declined to give any precise indication of the timing or extent of the cuts.

It is noted that the markets currently give a 69.5% chance that the Fed will cut its interest rates by 25 basis points in September, while given the de-escalation of inflation and the weakening of the labor market, they do not rule out a further reduction , by 50 basis points, a scenario that has a 30.5% chance.

In the Greek market, the positive reports for banking stocks continue. Optima Bank confirmed its buy signal for the shares of all four systemic banks, stating that there is an upward revision of the target prices following the strong figures they presented in the six months and the upgrades of the guidances made by their managements. Greek bank shares are trading at a 21% discount compared to EU banks, which is not justified based on the estimated average profitability ratio (RoaTBV) at 14.9% in 2024. Optima Bank’s target prices for banks, which maintains the “buy” signal are as follows: Alpha Bank at 2.10 euros, Eurobank at 2.41 euros, Ethniki at 10.84 euros and Piraeus at 5.50 euros.

The General Price Index closed the week at 1,432.60 points, compared to 1,431.88 points the previous week, marking a marginal weekly increase of 0.05%, since the beginning of August it has declined by 3.08%, while since the beginning of the year it has recorded 10.78% gains.

The FTSE/ASE 25 large-cap index ended the week marginally down 0.01% and since the beginning of 2024 is up 11.83%. The FTSE MID mid-cap index ended the week down 0.76%, while it is up 0.66% year-to-date.

The banking index closed the week down 0.37%, while since the beginning of 2024 it has gained 20.74%.

The total value of trades in this week’s sessions was 339.810 million euros, while the average daily value of trades fell by 24% compared to the previous week and stood at 67.962 million euros against 89.715 million euros.

The total market capitalization this week increased by 317 million euros and reached 99.386 billion euros, while since the beginning of the year it has increased by 11.498 billion euros.