Athens shares hold near 17-year highs

The resilience matters because higher oil prices are reviving fears of a second inflation wave just as investors are bracing for tighter policy from both the European Central Bank and, possibly, the Federal Reserve. Brent is flirting with $100 a barrel on Middle East tensions, while the U.S. 10-year yield stands near 4.79%, a backdrop that typically hurts equities, especially rate-sensitive sectors.

That pressure is visible across Europe, but Athens is showing selective buying rather than broad-based risk appetite. The FTSE 25 was slightly higher, the mid-cap index slipped, and the banking gauge eased 0.06% even as market breadth stayed marginally positive with 35 stocks rising versus 32 falling.

Investors are still focusing on stock-specific catalysts. Sarantis, Fourlis and BriQ Properties are due to report second-quarter and first-half results after the close, while Alpha Bank has set a Nov. 5 investor day that could reset expectations for growth, capital deployment and shareholder returns.

Corporate and financing activity is also helping keep attention on Greek assets. Star Bulk is launching a public offering and parallel private placement to raise up to 112.2 million euros from as many as 4.4 million new shares, while HELLENiQ ENERGY and Motor Oil are trading near record territory, reflecting strength in energy names even as the macro backdrop deteriorates.

The index’s ability to stay close to a 17-year high suggests foreign shocks are being met by domestic stock picking rather than panic selling. The next test is whether the Athens market can break above its October 2009 milestones as ECB and U.S. inflation data arrive and earnings season broadens.