Hello, yesterday unfolded in the wake of Tsipras’ party launch. Most of the commentary focused on our leader Alexis’ choice to be rebaptized in the roots of the Left and abandon the modernizations and centrist soft-boy outreach. We saw Mitsotakis’ first comments (at the ygeiamou.gr conference): the prime minister said that “Tsipras kept ELAS and left EAM to Polakis.” His choice to use the word “Left” did indeed evoke a restoration project, but obviously he had studied the matter himself before abandoning the experiments. A source there told me that Tsipras made this decision to play with the Left “in the title” under the influence of qualitative data and focus groups conducted for him by Marantzidis (his election analyst) and other pollsters as well. In any case, I can tell you with certainty that his decision on the name was made six months ago, which probably also coincides with the more leftward turn in his rhetoric. In fact, the word “Left” was tested against other words such as “Progressive” and several others, and among his potential voters it came out far ahead. He himself also believes that the word “ELAS” sticks in contrast to something lame and lifeless like Potami, which Theodorakis had chosen, or any other term lacking political definition. So I assume he saw no reason to leave ground open within his own audience to the rest of the crowd — Syriza people, Zoe-types, Varoufakis-types, and the New Left. At the same time, he obviously realized that PASOK does not exist because it has no leader, so its voters are divided into two categories: the traditional ones who vote for the “brand name” for historical-emotional reasons with that silly-cheerful political slogan “PASOK — good old days,” and the anti-Mitsotakis voters who may partly move toward the new party. In any case, after Tsipras’ book and the documentary about 2015, genuine centrist voters are not going to him, so he would have lost the Left-wingers for nothing as well.

Real Polls and the fresh (polling) koulouria

Besides yesterday’s Real Polls survey showing Nikos in fourth place — which caused major irritation in PASOK (though instinctively I don’t believe he’s actually fourth) — even fresher “polling koulouria” are coming in the next few days, measuring the new landscape with the incorporation of ELAS-Tsipras and Karystianou’s party (which jokers say has a problem because nobody knows its name). Tomorrow an Alco survey will probably come out, while it’s very likely that Pulse and SKAI’s news bulletin will also feature a poll. More channels will follow next week. Let me tell you that the Maximos Mansion is also awaiting data, especially a new analysis from focus groups.

Mylonakis returned to Athens

Giorgos Mylonakis returned to Athens from Germany the day before yesterday and is doing increasingly better. Doctors believe that within a few months Giorgos will be completely well and ready to return. Best wishes to him…

Tsipras’ communications team

There may not yet be clear roles or a shadow-government structure from Alexis’ ELAS, but there is already a strike team from the party’s new communications staff, divided among television channels, radio stations, and the internet in order to spread the central message. A key role will be played by the new spokesperson Theoni Koufonikolakou, who is the “shop window” of communications, while strategy behind the scenes is handled by Andreas Bousios, head of Alexis’ press office. The idea is to push forward fresh faces, without negative baggage and not necessarily very well-known or battle-hardened politically.

A slight delay for the party secretary?

I’ve told you several times that K.M. is still weighing his decisions regarding the party’s new secretary, who will be an MP. Due to scheduling, it seems the plan to convene the Political Committee on June 3 is being pushed back slightly, since on that day he has to speak at a central event about the new Cadastre and in the evening attend the Athens Chamber of Commerce awards. After that he departs for Bulgaria, where he will meet the new prime minister Radev, and at the end of the following week he also has another obligation in Montenegro. So a little more time may be required.

K.M. with the CEO of ElevenLabs

An MoU between the Greek Government and ElevenLabs — one of the best-known European AI startups in the field of voice AI — will be signed this morning in the presence of Kyriakos Mitsotakis at the Maximos Mansion. Shortly afterward the prime minister will participate in a discussion with Mati Staniszewski, co-founder and CEO of ElevenLabs, as part of the “Panathēnea 2026” festival for technology, startups, and investments at the Zappeion Hall. The Polish entrepreneur and co-founder studied mathematics at Imperial College London, and before founding ElevenLabs in 2022 he worked at companies such as Palantir and BlackRock. Today his company has developed into one of the most dynamic players in the global AI ecosystem, having been valued at around $11 billion after a major funding round with investors such as Sequoia and Andreessen Horowitz.

Cypriot Presidency

Cyprus’ EU Presidency has gone well and has managed, in a difficult environment, to maintain balances and also redirect Europe’s attention toward the Middle East, something particularly appreciated by the countries of the region. Yesterday and today, the informal EU Foreign Affairs Council — the so-called Gymnich — is taking place in Limassol, serving as a framework for open exchanges of views on a series of serious issues. This year’s novelty is that Cypriot Foreign Minister K. Kombos, as host, invited Indian Foreign Minister Dr. S. Jaishankar and Saudi Foreign Minister Prince Faisal bin Al Saud to the Gymnich. Naturally, the Middle East and Iran will top the agenda, where Riyadh has a crucial role, while discussions with the Indian foreign minister will also “warm up” once again around the EU-India partnership and the major IMEC corridor.

11,500 retail shareholders in PPC’s capital increase

We begin the market news with some interesting statistics from PPC’s capital increase. The individual investors who received shares amount to 11,500. Around 150 funds also participated, and roughly ten of them — including the Greek state and CVC — received shares worth more than €50 million. Ten major names from Greek business circles also took part in the capital increase.

The SSM is in no hurry to approve dividends

The SSM has still not given the final “ok” to the systemic banks so they can proceed with the dividend distributions they have planned, which in most cases have already been approved by general assemblies. Some of the banks’ requests to the SSM were submitted as early as February and the rest since early March. Despite the fact that both liquidity and capital levels are considered sufficient — in some cases more than sufficient — approval is estimated to arrive within two to three weeks, at least according to banking officials in contact with the supervisory authority on this issue. In that case there is an increased possibility that the systemic banks will be forced to change the ex-dividend dates as well as the distribution schedules for dividends or capital returns to shareholders. For Piraeus Bank, the ex-date for the capital return has been scheduled for June 9 and payment for June 15. For Eurobank, the ex-dividend date is set for June 8 and payment commencement for June 12, while for National Bank the corresponding dates are June 5 and June 12. Alpha Bank is further behind chronologically, having scheduled its regular general meeting for June 26, 2026, and therefore it does not face a problem if the SSM does not decide in time. In any event, this is the last time bank administrations will face this anxiety because from next year onward Greek banks will no longer need approval for their distributions.

How much is a mid-sized brokerage worth today?

A week ago news was published about a shareholder in Merit AXEPEY offering for sale a block of 153,928 shares at a minimum price of €3.5 per share. If that 2.39% corresponds to those shares, the brokerage is valued overall at around €22.5 million. At a time when the Athens Stock Exchange is inevitably moving toward consolidation among domestic independent brokerages — while new firms require increased capital adequacy, extremely expensive technological infrastructure, and major cost-absorption capabilities — the question arising is how much a mid-sized brokerage company in Greece is worth today. The market has recently provided two benchmark points. CrediaBank acquired 70% of Pantelakis for €8.75 million, implying a valuation for 100% of about €12.5 million. On the opposite end, Euroxx, with far higher pre-tax profits in 2025 (€17.4 million) and turnover of €46.2 million, was valued at a much higher multiple as a listed company. Optima Bank submitted an offer for up to 80.84% of the company for approximately €80 million. This implies a valuation for 100% of around €99 million. The merger of the two creates a combined entity exceeding 18% market share in transactions on the Athens Exchange, placing it second in the market. Optima plans to integrate its own brokerage into listed Euroxx so that the Group maintains two positions on the board while at the same time avoiding burdening brokerage operations with the “cumbersome” institutional framework governing banks. The changes coming to the brokerage market are dramatic. In June 2027, Euronext Athens will introduce the new Optiq® technological system and trading hours will be extended by at least one hour. At the same time, new capital requirements are coming for brokerage firms — a compliance cost that smaller players struggle to absorb.

Euronext Athens is pricey

The landscape at the Athens Stock Exchange will be completely different one year from now. At the meeting held the day before yesterday at the Intercontinental, brokers and listed companies got a first taste from Euronext Athens COO Nikos Porfyris regarding the Optiq system, the technological platform on which Euronext markets operate. Beyond the technical details, the key change is that from June 2027 trading hours in our market will also align with the rest of Euronext’s markets. Beyond that, today there will be an initial meeting between Euronext executives and data vendors to discuss options for connection to Optiq, available services, capabilities, etc. Tomorrow’s meeting and those to follow are important because the use of Optiq is considered pricey… As for the brokerage firms, what concerns them most is preventing increases in fees for so-called transfer transactions, and according to what we hear, official information is expected in June. Bloomberg already reported yesterday that the Association for Financial Markets in Europe (AFME) expressed concerns over possible Euronext cost increases, forcing it to consider changes in the redesign of data fees.

Ballys Intralot–Evoke: Through a share-exchange combination

Developments regarding the Ballys Intralot–Evoke deal are moving forward, and it is possible that sometime next week — with an eye on the June 8 deadline — the agreement will have been finalized and the scope of the transaction announced. The main features of the deal provide that part of the consideration will consist of Ballys Intralot shares to be received by shareholders and creditors of Evoke, i.e. a combination involving a share exchange (all-share combination) with a partial cash alternative. For the major issue of Evoke’s high debt burden, a risk-isolation structure (silo finance) is expected to be used, and through the chosen capital-structure architecture, Evoke’s debt — in whatever final form it takes after the transaction — will not burden Ballys Intralot’s leverage. According to information, discussions are currently taking place with Evoke’s bondholders, who will remain within the new consolidated entity, which is projected to have EBITDA at around €1 billion. If a final agreement is reached, an extraordinary general meeting will of course follow so that shareholders can approve the terms, etc.

The troubles and prime real estate assets of the Foundation of the Hellenic World

The Foundation of the Hellenic World was the grand vision of the iconic industrialist Lazaros Efraimoglou and his family. It operates the “Hellenic Cosmos” Cultural Center and has developed broad multifaceted activity overall. Yet there are also… troubles even for non-profit foundations, as becomes apparent from an auction posted yesterday on the well-known platform. According to the details, the auction is directed against the charitable Foundation of the Hellenic World, with Cepal acting as the enforcing party (for old Alpha Bank loans), and it has been scheduled for July 8 — unless, of course, a suspension occurs before then. It concerns debt amounting to €2,031,416 plus interest and enforcement costs. The asset scheduled to go under the hammer is a 1/2 undivided ownership share of two plots that have been merged into one, with a total area according to the Land Registry of 2,131 square meters. According to the valuation report, it is an exceptional corner plot located in the Filothei Municipal Unit on Eleftherios Venizelos Avenue, on which a residence has been built consisting of a basement, ground floor, and first floor, with a total area of 890 square meters. The property overlooks the tree-lined Stavros Square and features dense greenery. The plots were acquired by Lazaros Efraimoglou in 1976. Later, when he died in April 2013, he left the 1/2 undivided share to the Foundation. It is further noted that “he stipulated that, with respect to the share of the above property belonging to him, his descendants would have the right to reside there with their families and use it as a residence for the duration of their lives, and he explicitly established a right of habitation in favor of his grandchildren.” According to the provisions of the will, the heirs are not entitled to exploit or lease the property, but only to reside in it. The starting bid price has been set at €1,268,000. The entanglement with auctions does not stop there, however, as another one has also been scheduled for July 8 — unless suspended — concerning the same debt and directed against a member of the family. This one concerns a plot “together with any existing or future buildings erected upon it and all constituent parts, appendages, accessories, and additions generally,” covering 3,098 square meters, which is legally buildable and located in the Kifisia area. Its starting bid price is €2,030,000.

Natalia Strafti joins Premia

Natalia Strafti, the former CEO of Grivalia and once the right-hand woman of G. Chryssikos (they are now in court), as officially announced at the General Assembly of Premia Properties, has taken over as head of the newly established subsidiary of the REIC, Premia HotelInvest. With extensive experience in the sector, Strafti has assumed responsibility for the hotel division that the company aims to develop.

The background to Safe Bulkers’ move already being read on Wall Street

The listing of Safe Bulkers, owned by Poly Vassos Hadjiioannou, on Euronext Athens as well is being viewed as a small shift in the balance of the European maritime equity map. On trading desks, the first comment concerns “liquidity arbitrage.” In other words, the company is attempting to draw depth from two different pools of capital: New York, where shipping is experienced but also discounted, and Europe, where there is renewed appetite for repositioning into traditional industries with real assets. The second level of interpretation is more political, in the broader capital-markets sense. Athens is not entering the picture by chance. Euronext’s effort to create a unified liquidity pool and Stephane Boujnah’s statements about a “return to normality” for the Greek market are functioning as background noise that is beginning to turn into a signal. Behind the scenes, many view it as a “soft test listing” — not because Safe Bulkers needs capital, but because the market wants to measure something else: whether shipping can gain another serious stock-market home beyond Wall Street. There is also a more cynical interpretation discussed on brokerage calls. When a shipping company with a U.S. listing opens a parallel European market, it is not only chasing investors but also seeking valuation. In practice, it is trying to see whether the “Greek premium” in European capital flows can offset New York’s “shipping discount.” And finally there is the timing. The market is betting that the next phase for Greek assets will not be bank-centric, as it was in the previous decade, but capital-market-driven. In that scenario, such moves are not isolated cases — they are harbingers.

Frangou’s deal with Cosco that Wall Street is discussing

Navios Maritime Partners’ agreement to charter two newly built LR2 tankers to Cosco Shipping Energy Transportation may have passed under the radar, but in reality it is another piece of a broader puzzle aimed at securing cash flow before the vessels even hit the water. The interesting aspect here is not only the duration — more than five years — but who is locking in capacity for 2027. Cosco is not merely purchasing tonnage, but additionally securing exposure to a product tanker market that many analysts believe will remain tight despite new deliveries. On trading desks, the approximately $117 million valuation for the two ships is not impressive in itself. What is being discussed is the silent confirmation that forward rates for LR2s remain strong enough to justify multi-year commitments. Frangou, on the other hand, continues a familiar pattern: orders at competitive shipyards, scrubber-fitted vessels, and timely de-risking through charter contracts. It is no coincidence that part of her fleet is already “aligned” with Cosco — a relationship being built gradually and without unnecessary statements. Behind the scenes, market sources point out that the real wager is not the two ships, but the full group of nine LR2/Aframax vessels that are coming. If most of them are locked in early, Navios will effectively have transformed a cyclical bet into a predictable revenue stream, something investors particularly value at this stage of the cycle.

Anna Angelicoussis rewrites the game in bulkers (while others look at tankers)

Anna Angelicoussis is reopening the capesize chapter at a moment when several Wall Street desks are beginning to look more closely at the long-term fundamentals of bulkers. Alpha Bulkers Shipmanagement’s move for two newly built capesize vessels at Hengli Heavy Industry is not just another order. It is a measured repositioning in a sector where new investment had effectively “frozen” for more than a decade on the company’s side. What draws attention is not so much the number of ships, but the timing. With capesize prices moving near $75 million and slots at Chinese shipyards gradually filling through 2028, entering now looks more like securing a place in the cycle than an aggressive bet. Among analysts, the interpretation is twofold. On the one hand, Angelicoussis has already built exposure in tankers through Pantheon Tankers and has opened a line in containerships. On the other hand, the return to bulkers acts as a hedge in an environment where volatility between segments remains high.

The Attica Stores public offering

The decision has been made and the management of IDEAL Holdings is proceeding according to plan so that immediately — literally immediately — after the completion of ADMIE’s capital increase, procedures will begin for the public offering of Attica Stores through the disposal of shares of Kymora Limited, a subsidiary of IDEAL Holdings. The climate is considered ideal. The tourist season has not yet started, but in the first quarter of 2026 Attica Department Stores recorded a 40% jump in online sales together with simultaneous increases in physical-store turnover and profitability. The investment plan includes the opening of a beauty store at The Mall, three stores at Ellinikon’s Riviera Galleria within 2027, and at least 55 new brands in the product portfolio. Current analyses forecast sales rising from €242 million in 2025 to €300 million in 2028, with EBITDA increasing from €28 million to €36 million. IDEAL sees hidden value that will emerge through a public offering, while Euronext Athens wants “fresh air” on the stock-market board, carried by the momentum of upgrades.

Eyes on Friday’s rebalancing

Six consecutive bullish sessions — and the week is not over yet. We had not seen such a rally since November 2025, with the undisputed protagonist being the banking sector, led by Piraeus (+1.69% at €9.05), which yesterday climbed to the highest price in its history (€9.072). Alongside the banks, stocks that had been labeled “cursed” during the winter rushed to capitalize on the bullish mood. Jumbo (+4.26% at €23.5) and Lamda Development (+2.7% at €6.2) recovered part of their losses, showing that the market has not issued a final verdict on them. Metlen comfortably surpassed €40, approaching €41 yesterday — a level that is putting pressure on funds holding short positions in the stock over the past quarter. All this is happening before the officially unannounced launch of the share buyback program approved at the May 21 General Assembly, which provides for repurchases of up to 10% of share capital through August 2027. The market is now looking ahead to Friday. After the close of trading on May 29, the MSCI index review comes into effect. GEK TERNA joins the Standard Greece Index, CrediaBank joins the Small Cap Index, while Cenergy exits. The rebalancing is expected to become a benchmark event also for GEK TERNA’s weighting, as the stock has already outperformed in recent sessions. A weighting change for PPC is not ruled out either. Next week, the corporate-results cycle concludes with GEK TERNA and Allwyn.

Piraeus Bank above €9 for the first time since the 2021 capital increase

Piraeus Bank shares are recording six consecutive bullish sessions with cumulative gains of 12.6%. The stock rose another 1.7% yesterday and closed at €9.05, achieving a pivotal milestone: returning to and consolidating above the psychological €9 threshold. This move carries historical significance for the listed company, as the stock is reclaiming these price levels for the first time since the 2021 share capital increase. It is recalled that in March of that year the bank announced the “Sunrise” strategic plan aimed at cleaning up the balance sheet through the massive reduction of non-performing loans. This was followed by the €1.38 billion capital increase completed at the end of April. Investor interest was particularly intense, as evidenced by yesterday’s turnover, which reached €56.72 million with more than 6.27 million shares traded.

Full comeback for Aegean with a seven-day bullish streak

Aegean is staging an impressive rally on the Euronext Athens board, completing seven consecutive bullish sessions. The stock jumped from €10.84 on May 18 to €12.32 yesterday, reflecting cumulative gains of 13.65%. The momentum stems from several catalysts. First, Aegean is entering the summer season with exceptionally positive signals. New data for the upcoming Holy Spirit holiday weekend showed record occupancy rates reaching as high as 95% on peak flights, confirming persistently strong demand for travel. Moreover, the group’s financial results and steady passenger traffic reassure investors that the company possesses the necessary “antibodies” to absorb pressure from volatility in international fuel costs. After the recent ex-dividend date (€0.9 per share), the stock had come under technical pressure. The decline below €11 was regarded by institutional portfolios as a prime “buy the dip” opportunity in a stock considered undervalued relative to its strong prospects. The rapid absorption of selling pressure and the stock’s return above €12 indicate that Aegean remains one of the top picks among foreign and domestic fund managers betting on continued outperformance of Greek tourism.

Durogesic effect

The Competition Commission approved Lavipharm’s acquisition of Durogesic in record time. The unconditional approval from the authority allows Lavipharm to immediately integrate the product into its portfolio and begin recording sales already during the 2026 fiscal year. This means that the $12 million deal with J&J for the acquisition of rights to the prescription transdermal patch is expected to contribute directly to strengthening the company’s turnover and profitability, further improving the momentum of this year’s financial results. In 2027, when sales will cover the full year, estimates point to annual sales growth exceeding 60%, while export activity — the Group’s most profitable sector — is expected to increase by more than 150%.

A “resilience” dividend from Petropoulos

Petropoulos SA, valued at €56.8 million on the stock market, announced a dividend of €0.35 per share. It trades at €8.04, implying a gross dividend yield of 4.35%, considered satisfactory for a small-cap stock with a strong balance sheet. However, the dividend remains lower than the levels the stock has accustomed investors to in stronger years. In 2023, the dividend had reached €0.86 per share. The 16.7% increase versus last year’s €0.30/share follows profitability of €7.9 million, which is not higher than last year’s. Turnover fell to €231.1 million (-3.5% versus 2024), EBITDA stood at €18.4 million compared with €19.4 million, and net profit after taxes came to €7.9 million versus €9.4 million. Still, this reflects the company’s “resilience” during a period of rising inflation, increased operating costs, and major geopolitical uncertainty. Last year, however, the group implemented one of the largest capital expenditure programs in its history, aimed at upgrading infrastructure and expanding activities. Equity strengthened to €63.1 million from €56.9 million in 2024, while the solvency ratio reached 47.4%. Consequently, the increased dividend is viewed as a message of confidence regarding the current fiscal year.

The big question mark surrounding the Japanese yen

On May 25, the yen slipped above 159 per dollar, recording its second consecutive week of decline. Inflation in Japan slowed to 1.4% in April, the lowest level in four years. The Bank of Japan spent approximately $63 billion defending the currency from late April through early May. The dollar-yen interest-rate differential remains enormous and is worsening due to inflation concerns fueled by rising oil prices. Tokyo dramatically revised upward its core inflation forecast to 2.8% from 1.9%. From this point the paradoxes begin. The yen carry trade — borrowing cheap yen to invest in dollar-denominated or other assets — has become much more expensive after years of near-zero Japanese interest rates. Investors have reason to fear. Rising borrowing costs in Japan, appreciation of the yen, or a decline in global markets could trigger a massive selloff. Financial literature recalls the precedent of 1998, during the crisis caused by the hedge fund LTCM, when the yen appreciated by around 20% within weeks, dragging global portfolios down with it. Today the yen trades near 159. Tokyo issues cautious warnings, while the Bank of Japan hesitates.

They started in a dentist’s office and became trillionaires

Back in 1978, four engineers founded a company manufacturing memory chips — the invisible components that make computers think. They had no premises of their own, so they used a dentist’s office in Boise, Idaho. Far from Silicon Valley, without major venture capital backing. Inside the dentist’s office they built DRAM, the most “unglamorous” chip imaginable: nobody sees it, nobody names it, yet nothing works without it. Forty-eight years later, on Monday, May 26, Micron surpassed a $1 trillion market capitalization, with its stock closing at $891 after a 19% jump in a single session. UBS tripled its target price from $535 to $1,625, and yesterday the stock continued upward, above $960. Just 13 months ago, the company’s valuation did not exceed $70 billion. Today it surpasses $1.1 trillion. Micron survived the dot-com crisis, Lehman Brothers, and the devastating oversupply of 2022–2023 that led to major losses. Suddenly, it created a new product: High Bandwidth Memory (HBM), high-speed broadband memory. HBM stacks DRAM chips vertically with silicon and delivers massive bandwidth with low power consumption. It is exactly what every Nvidia GPU requires for artificial intelligence training. Each new generation of Nvidia GPUs integrates more HBM. Every AI data center being built directly fuels demand for Micron memory. Without HBM, there is no artificial intelligence. And Micron cannot produce enough of it. Its production capacity is fully booked. Profits are enormous. There are risks, and many of them. Memory remains a cyclical sector, and production expansions by Samsung and SK Hynix may normalize profit margins after 2027. But today only three companies in the world control production of the chips that sustain artificial intelligence. Micron is one of them. Nvidia cannot build GPUs without it.