The Russian invasion of Ukraine changes the data on the stock markets, day by day, destroys the Greek stock market: since the beginning of the war, the General Price Index has recorded large losses of 13.43%, while 9.345 billion have been “lost”. euros from the total market capitalization.
The index of high capitalization has fallen by 15.00% and medium capitalization by 8.60%. The sellers were targeted by the bank shares, whose index has fallen by 24.64%.
The focus of the liquidations was the bank shares which recorded double-digit profit percentages from the beginning of the year, but also the share of Coca Cola HBC, as the company in Russia and Ukraine realizes about 20% of its sales volume.
The share of Coca Cola HBC recorded losses of 27.64%, Ethniki fell by 26.16%, Alpha Bank by 23.70%, Eurobank by 26.50% and Piraeus recorded losses of 19.48%.
Eurozone stocks hit hardest by war in Ukraine, according to UBS, as investors watch the new rally in oil prices at their highest level since 2013 amid the worst geopolitical crisis in decades in Europe since the invasion of Russia in Ukraine.
In the Crimean crisis in 2014, Russian markets were “sold out” in the short term, but the impact on the eurozone was minimal
But the current crisis between Russia and Ukraine could have a catalytic effect on European economy.
UBS estimates that if the conflict escalates to a level that will push Western nations to accept Russia’s power outage, and if oil prices rise to $ 125 a barrel or higher in two quarters, it will result in about $ 0. , 5% lower global GDP growth and higher inflation, affecting consumer power. If Russia’s energy flow is disrupted, higher risk premiums and lower global earnings estimates are likely to cause more long-term losses for stock markets, and especially European markets.
According to UBS, the combination of falling German bond yields, rising oil prices and lower European coal prices suggests that investors are worried about European growth, given the region’s dependence on Russian energy. Russia accounts for about 40% of the European Union’s gas imports and 30% of its oil imports.
Vote of confidence in the Athens Stock Exchange
At the same time that the Greek stock market is receiving “war fires”, Goldam Sachs and UBS are giving a vote of confidence in the Greek economy and the Greek stock market.
The big American bank Goldman estimates that in the next 12 months the General Price Index will rise to 1,175 points (…. higher compared to the closing on Friday) and notes that the Greek market offers a better risk / reward profile than the S&P 500.
UBS appears “bull” for the Greek economy and Greek banks and raises its estimates for growth in Greece, despite the impact of the war in Ukraine.
It raises GDP forecasts for 2022 to 5.5% or 1.5 basis points above market average estimates and 60 basis points above the Commission’s forecasts.
With the four systemic banks on track for single-digit NPEs this year and adequate lending capacity following the completion of capital support measures, UBS expects the industry to make a significant contribution to financing the economic recovery.
According to UBS, the valuations of Eurozone shares are attractive, having now fallen to the levels we last saw in January 2020. Eurozone shares are trading below the average relative 10-year valuation based on p / e indices, such as notes UBS.
Significant losses in European stock markets
European stock exchanges recorded significant losses today at the start of trading due to the economic impact of the Russian invasion of Ukraine, one of which is the sharp rise in oil prices that may increase the already high inflation.
Paris fell 2.88% and Frankfurt 3.67% at the opening of the session, London fell 1.05% and Milan 2.45%.
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