In unmapped waters the global economic system and markets are moving, as a world trade war has erupted with the highest duties of the last 100 years. The markets look like a “heart disease in an intensive care chamber” after April 2, with the imposition of duties by the US president.

Famous investor Bill Gros, the so -called “king of bonds”, stresses that the imposition of tariffs is a cosmic incident for the economy and the market, similar to 1971 and the end of the gold rule, except that it has immediate negative consequences.

Wall Street’s “Wild” duties announced by Trumphe gave hope that he could “turn the game”, expectations that were denied the next day.

Imposition of duties found the Greek stock market It comes out of the first quarter of 2025, one of the best in its history, with a profit of about 15% and to take third place in the world’s performance list.

The market, however, has changed in recent days completely, influenced by the imposition of duties by the US government that have been uncertain about the course of international trade and the impact of its shrinkage on the global economy.

And of course in difficult times, such as the one we are going through, international investors are liquidating their most profitable positions, such as the domestic market. The general price index from April 2 to Thursday recorded 7.40%losses, the banking index fell 12%, while total market capitalization fell by € 8.2 billion.

Despite the difficulty of estimates in the present context, analysts estimate that the Greek stock market has the “defenses” to get as unhappy as possible.

First, the resilience of the economy, as the impact on US duty announcement is expected to be limited to Greece, secondly, attractive valuations with the market negotiating, according to Alpha Finance, in P/E 7.9 times (about 30% discount compared to the historical average of the ATHEX and the current Stox Third the powerful momentum of Greek banks.

The Greek market, as moderate performance with low risk, justifies the Overweight attitude, says JP Morgan, following the new data created by US trade policies.

According to JP Morgan, the Greek market is one of those that are less exposed to tariff risks, as tourism is its basic export activity. The banking industry also offers significant capital refunds (10% dividend yield), while GDP is on the right track to increase 2%.

The economy

The Greek economy may not be as exposed to US duties, but it may have side losses. Greece’s report on the US market is smaller, as our exports make up 1% of GDP, significantly lower than the European average (3%).

However, our exports to the US amount to 5% of total exports and are constantly increasing, constituting the 5th main destination for Greek products.

There will be perhaps secondary consequences on the Greek economy. The negative impact of new tariffs on European consumers’ purchasing power translates into a decrease in demand, thus a decrease in intra -European exports of goods and services, affecting, perhaps, and commercial transactions such as tourism. There will also be an increase in uncertainty, resulting in a possible suspension or postponement of new business activities, until the landscape is clarified and showing where it will stabilize.

Banks

Greek banks have a unique story of value because of their value and their momentum, says Deutsche Bank.

After exceeding 2024 expectations with the powerful momentum of their results and excellent levels of lending and supplies, Greek banks will stand out in Europe on the basis of their growth, as their medium -term goals show, as they benefit from high profitability and gradual reduction. The house also awaits better refunds.

The fall in Greek banks, according to US bank Citi. They were “overwhelmed” by the turbulence in the markets after Trump duties, says the house that recommends markets.

Greek banks should not be afraid of duties, the US Jefferies highlights due to the low rate of Greek exports to the US.

Morgan Stanley estimates that Greek banks have attractive valuations, after losses of 17% in the last week, as shares seem to now incorporate a clearly more conservative scenario for the profitability of the industry.

At the valuation level, Greek banks are currently negotiating with an average P/E index for 2026 at 5.6 times and P/BV index at 0.7 – levels characterized as “cheap” by Morgan Stanley.

However, according to Bank of America, banks are among the assets that are more exposed to macroeconomic problems of a global dimension.