The Demosthenes Triangle
The 31 August 2026 is the critical date expected to take into account the STOXX house reviewing its indicators, including now Euronext Athens. Which shares are more likely to be inserted into the strong indicator STOXX 600? Who gets the last-minute ticketWith the big houses abroad not included in their estimates?
As we have mentioned many times in this column, the most important date is not always the one that writes the calendar as "day of entry", as often everything has is judged several days or even weeks earlier. A stock close is converted into capitalization, capitalization is adjusted for free dispersal and a number determines who crosses the line.
Since 21 September 2026 Greece has been entering the category of developed markets for the house STOXX and Euronext Athens shares gain access to the investment universe from which the STOXX Europe 600 (essentially involving Europe's 600 largest companies). So for September 2026 the timetable for STOXX 600 is:
– August 31, 2026, Monday: Cut-off day – i.e. shares are classified based mainly on free-float market cap capitalization.
– September 1, 2026, Tuesday: Announcements additions/deletes of STOXX Europe 600.
– September 18th, Friday: The announced changes are implemented by market participants at closure. It is the day when strong volumes of transactions are carried out.
– September 21st, Monday: The new composition of STOXX indicators applies.
The eligible companies in the European market of developed countries are classified according to the their stock value, adjusted for free float. It is therefore not the overall capitalisation of a Greek company that will determine its fate, but the part of that value that STOXX considers to be the case. actually available for trading.
Of all these less than 2,200 companies, First 550 qualify for STOXX Europe 600For the rest 50 positions work like a pillow (buffer): Priority has been given to existing members between posts 551 and 750. For a Greek company which attempts to enter for the first time, therefore, the essential point of reference is not the company with a rating of 600, but the 550th place.
STOXX then requires an average daily volume of quarterly transactions of more than EUR 1 million, which does not concern the largest listed Euronext Athens.
The the limit of weighted capitalisation is not a fixed number, as when markets rise the limit grows, while when they retreat comes to more affordable levels. Thus, as 31 August 2026 approaches, the market can begin to invoice the possibility of entering certain Greek titles before the official announcement. According to the table we present today, everything shows that the first 8 have earned their place in the European STOXX 600 index, the OTE He seems to be in the index.
Her move Motor Oil The last few weeks seem to give her the ticket to STOXX 600, with the analysis of foreign houses a few weeks before they have her out! Of course, he did not have the capitalization he has now and that is why he was not in the potential imports of the index.
Then the Jumbo, with the share price significantly increased from 3 August 2026, when the STOXX house had ranked it 586th place, estimated that she can also receive the ticket for the introduction into STOXX 600. A big role will play where the share price will close on Monday, August 31, 2026, and how the other companies in nearby positions will move!
The case of Allwyn it is more difficult, with the company in the first phase appearing to remain out of the STOXX 600 index (at least when these lines were written). This may be better, as well. Those who have not yet invested will have time to do so, expecting its introduction into a next review!
In conclusion, the upgrade to Developed Market is undoubtedly institutionally important to the Greek Exchange, but it is not an automatic ticket to STOXX Europe 600 for all companies. On August 31, 2026 everyone will be looking for the 550th position limit, with the companies close to having the greatest agony. This is exactly where the danger lies: the greater the risk of the discount of flowers (capital flows), the smaller the margin of positive surprise and the greater the reaction to an exclusion!
Nvidia: Truth Time for the Big Artificial Intelligence Party
The Nvidia (a participant in Dow Jones) is expected to announce the results of the second quarter of the year 2027 on 26 August 2026 after the closure of Wall Street, with market estimates set high expectations for the leading company of artificial intelligence chips. More specifically, with the data so far, the market estimates quarterly revenues between $93 and $95 billion, a performance that would correspond to an impressive increase of about 67% annually.
At the same time, quarterly earnings per share are expected at $2.01, compared to $ 0.99 a year earlier, i.e. +103%It is worth noting that estimates for the second quarter 2028 (a year later) refer to profits per share at $2.87, i.e. growth 43%.
This expected growth is mainly attributed to the immeasurable demand for AI accelerators, as well as the successful increase in production of the new architecture Blackwell of Nvidia, now available in large volumes from the third quarter of the year 2026.
As a dominant player in artificial intelligence infrastructure, with estimated market share of 70%-80% in GPUs for AI applications, the results of Nvidia function as a barometer for the entire artificial intelligence industry. The administration's forecasts for the next three months, as well as its comments when presenting the results, will provide critical indications as to whether the investment explosion around AI remains sustainable or begins to show signs of deceleration.
Finally, with the stock negotiating with P/E estimated earnings of 12 months at 25.4 times, investors have already incorporated in the valuation the continuation of extremely high growth rates. This means that the margin for negative surprises is limited and even strong results may not be enough if they are not accompanied by corresponding strong forecasts for the next quarters! We're here.
Either way, the highest profit margin in at least the last 17 years
The net profit margin for S&P 500 in the second quarter of 2026 is formed in 16,9%, higher than 14,8% of the previous quarter, 12,9% the corresponding quarter of the previous year and by 5 years average 12.4%. If so 16,9% the final net profit margin for the quarter will be established; higher level that the indicator has recorded since FactSet began monitoring this measurement, that is 2009The previous history high was 14,8% and occurred in the immediately preceding quarter.
At company level, the Alphabet and Amazon. com are the largest factors behind the historically high net profit margin of S&P 500, due to the unusually large positive surprises that they have presented in profit per share (EPS), including gains from valuations.
If these two companies were to be excluded, the gross net profit margin of the indicator would fall to 15.0% of 16.9%. Even in this case, however, it would still be higher net profit margin recorded by S&P 500 since 2009!
On a sectoral level, eight branches they show an increase in net profit margins on an annual basis in the second quarter of 2026 compared to the second quarter of 2025, with the protagonists summed up in communication services, with margin 28.5% versus 15.2%; broad consumption goods (Consumer Discretionary) with 16.4% versus 9.4%; technology with 31.6% versus 25.2% and Energy with 13.3% versus 7.7%.
On the contrary, the health sector records the greatest reduction in net profit margin on an annual basis, at 7.0% from 8.1%, while the industry basic consumer goods it does not change on an annual basis, with the net margin remaining at 6,6%.
Agenda (25 – 30/8/2026)
At the heart of the financial results Motor Oil
Tuesday Motor Oil publishes financial results second quarter / 6 months 2026, its shares EAS will negotiate without the right to a dividend of height EUR 0,0746/share, while ELSTAT publishes price index for building new buildings July.
Wednesday Austriacards publishes financial results in the second quarter / 6 months 2026, while Attiki Publications have convened a regular c.p.
Thursday PPA The Bank of Greece has convened an extraordinary meeting, while the Bank of Greece announces the Bank financing and deposits July.
On Friday, her shares IPTO will negotiate without the right to the remaining dividend amount EUR 0,0197898971/share, the Bioter has convened a regular G.S.
On Sunday (!) FUDLINK has convened a regular G.S.
All eyes on Nvidia and PCE indicator
The external Tuesday morning is announced GDP change second quarter for Germany, the index business climate from the institute IFO for August, while in the afternoon the U.S. gets the announcements consumer confidence for August and sales of new housing July.
On Wednesday, at 15.30 p.m. index of personal consumption (PCE) for July, an indicator that the previous President of the Fed watched over the course of inflation, as well as the orders for permanent goods for the same month in the United States. Economic results are published by the Nvidia (Dow Jones), Salesforce (Dow Jones) and HP.
Thursday's financial results are announced by Marvell and Pernod Ricard.
On Friday the week ends with the announcement of consumers and Inflationary expectations both short-term and long-term from the University of Michigan on the basis of the latest US data.
* Demosthenes Triangle is a Certified Share & Market Analyst BETA Exchange – dtrigas@beta.gr
** Republished by the newspaper Chapter
*** Article 5
