Athens and European stocks rally as Democrats win US midterm elections

Athens closes higher after the vote

Euronext Athens ended Wednesday, 4 November 2026, up 1.77% at 2,662.45 points, on turnover of €437.593 million. Analysts cited by Naftemporiki attributed much of the buying to expectations that a Democratic majority in the Senate and House would curb Donald Trump's policies, which have repeatedly fed uncertainty for investors. Shares of Cenergy and Viohalco, both hit by Trump's tariffs and trade policy, were seen as possible beneficiaries of the shift. On the morning of Thursday, 5 November, the index added a further 0.69% to 2,683 points. Early in the session, a block sale worth €332 million by John Paulson passed through Piraeus Bank.

Wall Street and European indices

The Dow Jones closed up 1,569.40 points, or 3.03%, at 53,356.12 on Wednesday. The Nasdaq rose 1.44% to 25,736.51, and the S&P 500 gained 1.58% to 7,688.62. Wall Street had followed European markets in its reaction to the vote. Across Europe, the Stoxx 600 closed 1.9% higher at 658 points, the DAX rose 2.38% to 26,479 and the CAC 40 added 1.96% to 8,177. Among single stocks, Heidelberg Materials jumped 9.55% in Germany and Deutsche Bank gained 6.88%, while Kering rose 6.36% in Paris.

Dow Jones3.03%

S&P 5001.58%

Nasdaq1.44%

Dow Jones

3.03 %

S&P 500

1.58 %

Nasdaq

1.44 %

Data from the article text

Oil and eurozone inflation

Brent crude fell more than 7% in European trading, with January 2027 contracts at $95.87 a barrel, its lowest level in two months. WTI December contracts dropped 6.02% to $90.22. Vice President JD Vance attributed Republican losses in the midterms to the war with Iran, which had driven oil prices sharply higher. Eurostat's preliminary figures put eurozone annual inflation in October at 4%, above the 3.8% recorded in September, with energy prices up 20.8% year on year. Monthly inflation was estimated at 0.4%. S&P Global's final report showed private-sector activity still growing in October, though more slowly, with a composite PMI of 51.7.

2026-09

3.8 %

2026-10

4 %

Data from the article text

Greek corporate results

Titan reported nine-month sales up 9% (5% like-for-like) and net profit up 42% to €242 million, or 9% on an adjusted basis after its 2025 sale of Adoçim. Its third-quarter net profit reached €89 million. Nine-month EBITDA rose 2% to €482 million, though it fell 2% like-for-like, hit by a prolonged outage at Pennsuco and an unplanned stoppage at Roanoke in the United States. S&P Global Ratings raised Titan's long-term rating to investment grade, "BBB-", with leverage at 1.56x. Nine-month capital expenditure reached €248 million, in line with the TITAN Forward 2029 strategy. National Bank confirmed strong profitability with net profit of €888 million, up 0.3%, while Lamda Development posted a loss of €60.2 million against a profit of €116.2 million a year earlier.

What investors expect next

Giorgos Saravelos, head of FX strategy at Deutsche Bank, argued that the political outcome should reduce the risk premium on equities.

“The combination of Democrats in Congress and Trump's statement that he is willing to work with the opposition acts as a buffer against extreme political developments.”

Morgan Stanley said markets generally prefer political deadlock to a single party holding excessive power. Morningstar DBRS expects Democratic priorities in health care, oversight and affordability to face limits from Senate procedures and Trump's veto, and advised investors to focus on government funding talks, the debt ceiling and congressional investigations. Analysts also expect renewed support for the green transition, which has been partly abandoned under Trump, to benefit grid companies such as ADMIE. Tighter oversight of data centers and artificial intelligence remains a concern for investors.