With a shuffled deck, September enters today, in the stock market, after the major rearrangements in the positions brought about by Friday’s rebalancing.
Starting today, it remains to be seen whether the market’s reluctance over the past fortnight has had anything to do with rebalancing.
However…
It has to do with the prime minister…
What they convey to me from the market, rebalancing was the reason.
The reason is the leaks that exist for the Prime Minister’s package at the Thessaloniki International Fair.
Allowances, pensions, social benefits.
Not that the market is strongly averse to these, but they should not be the only ones.
Philoinvestment test
After more than a year of the government showing proverbial inaction on the pro-investment reform front, the market wants to hear something that shows it is getting back on track.
Or at least that the rates of absorption of the funds of the Recovery Fund are accelerating.
Especially foreigners are betting on them and if the underperformance continues, as the latest budget figures showed, they too will turn their backs.
No matter how many advertisements are made, as the Ministry recently decided. of Finance, with the 4.3 million it will allocate.
Crucial quarter
So September is an important month since a lot will be decided for the future.
Let’s not forget that it is the last quarter for the exhibition of foreigners in Athens Street, since their books close in November.
They don’t want to walk away with only January’s profits, since the seven months that followed were at best “neutral”.
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Central banks and Moody’s
Of course, it is not only the Thessaloniki exhibition that will influence.
Interest rates from the ECB and the Federal Reserve, but also the strict Moody’s report will be catalysts.
The package of National will of course follow, with the developments accelerating from this week, while it is possible to see another placement in Helleniq Energy.
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Electricity subsidies
And in September the government will subsidize household electricity bills as prices for the third consecutive month starting in July are on an upward trajectory.
And the relevant provision existed from the legislative regulation of the Minister of Environment and Energy Theodoros Skylakakis which was submitted and voted in July in the Parliament.
Theodoros Skylakakis
Electricity prices are causing a severe headache for the government as their increases come to swell the wave of precision hitting consumers.
I learn that the analyzes that the Minister of Environment and Energy Theodoros Skylakakis has in his hands show that the problem with electricity prices does not end in September…
And he himself, the information tells me, is expected to march in the coming months with the weapon of subsidies instead of legs…
PPC
Of course, the minister has PPC as an ally in the effort.
Although, of course, the company now operates with private financial criteria, the fact of how it did the turnaround did not go unnoticed. Where everyone was expecting unchanged prices, PPC did its miracle again… It made a reduction in tariffs…
The reactions
And to come back to the subsidies and the intention of Minister Skylakakis to move with them when things are forced, the question is the collection of the revenues to be able to subsidize household bills at any time and moment…
And if this is the continuation of the imposition of the extraordinary tax on natural gas, surely the power producers will not be left idly by…
As one of them typically told me, “all these measures, colored tariffs, extraordinary taxes and extraordinary contributions, are bordering on constitutionality…”.
And the mind…
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When marketers “grumble” justifiably
The first “bells” came from the summer sales.
The course of consumption in the trade… shows noticeable arrhythmias, as market people with many miles in the industry complain in the column.
“Things are serious,” they note meaningfully.
Even if some insist that we are doing well (see Maximou). When the tourist season is over, they point out, then the true size of the problem will be seen.
They even refer to the situation prevailing in wholesale. Orders placed by traders for next season are noticeably down.
It is characteristic that orders at a large unit in neighboring Bulgaria that produces and supplies the Greek market with well-known brands received 30% fewer orders for 2025 than for 2024!
“This is a huge difference”, as our sources typically say.
The clouds have thickened dangerously. Is anyone listening?
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What (new) Sammy Feis is up to
Sammy Feis is very close to another major deal.
The active businessman, we learn, will close a large contract for expansion abroad.
It is yet another extroversion move aimed at taking advantage of the opportunities presented in a dynamic segment of the market.
It is a matter of time, as our sources say, for the relevant signatures to be signed and the relevant announcements to be made.
Soon we will have more details, when the deal has been formally sealed.
A little patience and soon you will hear from us…
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What are they preparing at… PASOK/KINAL?
However, we do not see any news on the PASOK/KINAL front.
A leading veteran of the party explained to us that there is a lot of… quietness in X. Trikoupi.
Not that there are no processes and alliances. But there is not yet the person who will lead the race for the presidency.
The “Papandreou” trap
Some candidates have fallen into the “Andreas Papandreou” trap, as there are not a few tributes for the 50 years since the Founding Declaration of September 3, 1974.
Others, as an executive of a polling company comments to us, those under 40 hardly have reports from this period. Those over 45 have other priorities now… so the “audience” of nostalgia is very limited.
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