Hello, today’s topic is the Mitsotakis–Erdoğan meeting in Ankara. A summit meeting with the neighbors is always of great interest, even if we know from the agenda that we’re heading for low flights and low expectations. Let me point out the following, however: since the Evros incidents and the “bumping” of the frigate in the Aegean in 2020, as well as the halt of overflights up to today, there is a difference. The two countries were different then and they are different now, no two ways about it. Whether it’s our armaments with the Rafales and the rest of the weaponry, or the Americans, or some internal reasons of Erdoğan (put them in whatever order you like), they have led the two countries into “calmer waters,” the likes of which we hadn’t seen for quite a few years. Therefore, we’re fine; let’s not ask for anything more than to be left alone to have another good tourist summer, and we’ll see. The grand ambitions we’ll leave for the future; as for joint exploitation of the Aegean, I’ve been hearing about that since I was born…

However, the president has a different opinion…

You will say, yes, but President Maria K. (who reappeared yesterday) has a different view on Greek-Turkish relations; she said it is an insult that Mitsotakis is going to Ankara! Don’t be surprised, though, because roughly the same things are being said by Samaras, and more or less by Karamanlis as well—okay, not with the kindergarten look and demeanor that Karystianou has when she speaks and branches out into individual issues. Now, that she founded a party out of necessity—others have told us similar things in variations. Giorgis Papadopoulos the colonel told us in 1967 that “the country was going through a crisis and the patient needed surgery,” and he himself came with a bunch of crazies to act as surgeons… Not that Maria is the same, but come on now, why do you need the “I’m founding a party out of necessity”? It’s over the top, I think. She also said some tremendous truisms like all prime ministers are inexperienced before taking office, that she will have advisors, and that she has 70% of her staff ready, but we didn’t know a single advisor—except Gratsia. We’ll wait anxiously.

Elefsina–Ankara–Belgium

A two-day stretch of dense contacts begins today for K.M., starting with Ankara and the High-Level Cooperation Council. The government aircraft will depart from the Elefsina base at around 12:50 and will be in Turkey by 14:00, while Erdoğan has scheduled the official welcome for around 15:00. After the one-on-one meeting, the expanded discussion, and the statements, the Turks are planning an “iftar” for the Greek guests, since Ramadan begins next week and they start… dieting. Mitsotakis, however, will not sleep in Ankara but will fly directly to Belgium, as tomorrow morning the informal EU Summit on competitiveness is scheduled at Alden Biesen castle.

Vourliotis

There is a lot of discussion behind the scenes about the fact that the head of the Authority for Combating Money Laundering, Charalambos Vourliotis, has launched a supplementary investigation into relatives in the Panagopoulos case. The main trigger for the new investigation, which will run parallel to the prosecutorial one, is that there are first-degree relatives—for example, Panagopoulos’ son—who are mentioned in connection with assets that have been frozen. Also, obviously, Stratinaki as the wife of businessman Georgiou—who appears to be particularly active—will be investigated, but I’m already told that nothing special is emerging. However, the interpretations that Vourliotis is “targeting” political figures are rather arbitrary—not because the experienced judicial official hesitates, but first because nothing of the sort has emerged so far, and second because that is not at the core of the Authority’s mission. And I also hear that Vourliotis has begun to get annoyed with the leaks and interpretations of his actions, as I’m told he says that some are trying to drag him into a political game that does not concern him at all.

PASOK – A Nice Atmosphere

A nice atmosphere over there in PASOK, where they barely had time to enjoy the… big transfers (so to speak) and the (God help us) expansion, and they are facing the specter of a split, thanks to Giannis Panagopoulos. But our Nikos should have been more careful; if he had listened to some wise advisors, he would have expelled the lifelong president of the GSEE from PASOK months earlier and would have been spared what he’s going through now. Let’s take things from the beginning. About a year ago, in the OTOE elections, Panagopoulos created a split ticket. Although the “official” PASOK ticket under G. Motsios (DYSYE) came first with 39%, in the end the “blue” Andreas Kalliris was elected president with the cooperation of New Democracy, SYRIZA, and also Panagopoulos’ “rebel” ticket, who achieved something that hasn’t happened for decades among bank employees: a faction that did not come first took the presidency. At the time, there was great turmoil in PASOK and pressure to expel G. Panagopoulos as a splitter. However, Androulakis did not dare. “If he had taken care of him then, he would have been spared everything,” union officials say today. PASOK members who had been opposed to G. Panagopoulos since then were preparing a move to run on their own in the Athens Labor Center (EKA) and in the GSEE. However, last Wednesday they were called by the secretary of the KOES, Giannis Vardakastanis (obviously on the order of Nikos), “in the name of unity” to cooperate with Panagopoulos, who in order to become president of the GSEE must be elected as a delegate of the Athens Labor Center (EKA). The disgruntled unionists swallowed their pride and guaranteed that they would support the effort of Kostas Koulouris (president of the EKA and a man of Panagopoulos) and then would see how things would go regarding the GSEE presidency. However, a few hours later the Panagopoulos case with the funds broke, and obviously the situation changed radically. PASOK suspended his party membership and the green unionists backed down: “We cannot support someone who has been expelled, even temporarily,” they conveyed to Charilaou Trikoupi. On Sunday, Vardakastanis and Koutsoukos contacted G. Motsios and asked him to write the famous announcement of the “Trade Union Network,” in order to draw a clear line separating themselves from Panagopoulos. Furious, the lifelong president of the GSEE held a gathering yesterday with 120–130 officials, where various “French” words were heard against the president of PASOK, along the lines of “who is Androulakis,” etc., and the announcement was written and signed by 40 PASKE officials, who fully support Panagopoulos and threaten to leave the party. In any case, from Charilaou Trikoupi I’m told that the said letter, addressed to G. Koutsoukos, A. Spyropoulos, and of course N. Androulakis, has not yet been received and, in any case, if it arrives, “it will not remain unanswered.” Good luck sorting it out…

Pierr and Greek-Turkish Trade

Pierrakakis was one of the last additions to K.M.’s delegation to Ankara today, but the bilateral meeting he will have with his counterpart Mehmet Ersoy at the White Palace has substance. The reason is bilateral trade, which was put on a “track” during the tenure of Deputy Foreign Minister Kostas Fragogiannis. Pierr and Ersoy had also met in October at the IMF Summit and have direct contact, and the discussion on trade concerns boosting bilateral transactions, which currently amount to around €5 billion annually. I remind you that when it was agreed to create a Greek-Turkish business forum, the target set for bilateral trade was €10 billion—a target that is not distant, but requires work to be achieved.

The Porters of Zoe

Did the sky fall on the head of the Gallic village of Parliament because of Eleni Karageorgopoulou’s independence from the Konstantopoulou party? Yes and no! Yes, because the MP, together with Alexandros Kazamias, had managed to become something like No. 2 in the parliamentary group. Her departure is not a simple matter and will certainly cause dysfunction in the party, since for the past three years she and Kazamias carried on their backs the entire parliamentary work of the party. Daily and almost around the clock they went up and down the steps of Parliament to represent Plefsi in the many sessions and thus confirm Zoe’s motto that her party is the only one that constantly shows up in parliamentary proceedings. It is logical, therefore, that both of them would wish to capitalize on all this intense activity—not only for the benefit of the party but also for their personal political ambitions. But was that possible? The answer is clearly no. Why? Because Zoe, with her explosive temperament and highly centralized logic, does not intend to leave room for anyone’s advancement. The party is Her and only Her, and everyone else must piously and consistently prepare her own appearances. In short, she leaves no parliamentary… oxygen for anyone.

Zoe–Dendias

Yesterday I read some statements by Eleni Karageorgopoulou that “she left because Zoe Konstantopoulou did not want topical questions to Dendias, pointing out the dangerous situation that has developed with the buildings of the EAS in Lavrio.” Hmm, interesting…

Will There Be Another?

The MPs of Plevsi, even the most productive ones, have ended up being something like appointed staff. The example of Kazamias in the inquiry into OPEKEPE is telling. He represented the party in all the marathon sessions, acquiring a good knowledge of the case. However, during the examinations of key witnesses—which naturally drew enormous media interest, such as the testimony of Frappe or the livestock farmers with the Ferrari—he was completely lost. Konstantopoulou replaced him, capturing all the media attention, while he became the laughingstock of the other MPs, who called him “the president’s intern.” Mrs. Karageorgopoulou experienced a similar undervaluation, which likely explains her “rebel” move. She herself describes it in her letter: “My decision to continue as an independent MP is the result of a different political assessment regarding the exercise of the parliamentary role and the need to strengthen substantive parliamentary oversight,” she says. Now, without wanting to be a harbinger of bad news, especially concerning our beloved Zoe, something tells me that the departure of the very likable MP will not be the only one. And if, from what I wrote above, your mind goes somewhere specific, I will not deny it. Of course, I should say that a new independence would lead to the dissolution of the Plevsi Eleftherias parliamentary group and the loss of Konstantopoulou’s title as president… and that alone increases the difficulty for anyone who might want to jump ship.

The Oracle of Berset

“I had gone to the Oracle of Delphi,” Alain Berset told the President of the Republic once the cameras and photographers had left. “What a pity, because the Pythia isn’t giving oracles at this time,” replied Kostas Tasoulas. “She gives oracles from spring onward.” The Swiss Secretary General of the Council of Europe, who served as President of Switzerland for one year in 2023, visited Greece and met the President at his office in the Presidential Mansion. Among other things, Mr. Tasoulas expressed concern over the ongoing challenges to the international rule of law and highlighted Greece’s support for promoting the initiative for a “Democratic Pact for Europe.” Mr. Berset, however, seemed aware that the Delphi Oracle always took a winter break and told the President with meaning that he would return to Greece in April to receive an oracle on a matter of interest to him… He also added that he was greatly impressed by the nature in Delphi, rich and lush. “I knew summer Greece, and now I know winter Greece as well.”

Meatballs at the Legal Office

After discussions on Greek nature and the geopolitical oracles of the Pythia with Alain Berset, Mr. Tasoulas went two steps from his office, within the Presidential Mansion, to the Legal Office of the Presidency, where the head of the office and honorary vice president of the Council of State, Konstantinos Kousoulis, organized an elegant New Year cocktail. The President praised the work of Mr. Kousoulis and his distinguished collaborators, saying that the files he receives from the Legal Office are always so well-prepared that he himself feels additional security in managing cases. Naturally, the highlights were the delicacies crafted by the Presidency’s chef, Vasilis Bekas, especially the meatballs, which, as in every similar occasion, were finished very quickly despite the large platter. I also inquired about the desserts and learned that they were from the famous pastry chef of Pangrati, Antonis Selekos.

Hatzidakis’ Gathering

Vice President Hatzidakis gathered a lot of people for the period’s standards when he cut the office’s New Year cake on Monday afternoon at the VIP section of OAKA. Not even at a Panathinaikos–Olympiacos match is there such a crowd, as he himself noted over the microphone. His people, acting as “counters,” recorded 30 government members (ministers, deputy ministers, etc.), 50 ND MPs, all mayors of the northern sector of Attica, many ministry general secretaries, and government and party officials. As you understand, elections are in a year, so the mechanism must start operating.

Another Blow for Banks: Closed Properties

Banks and servicers have not yet come to terms with the idea that they will pay double ENFIA in 2026 for properties they own that remain closed and unused. I remind you that this is a provision passed at the end of 2024. However, for the double ENFIA to be applied, the Ministry of Economy must issue a ministerial decision. Once issued, the Independent Authority for Public Revenue (AADE) will conduct the first official recording of closed properties belonging to the financial sector to levy the tax. The issuance of this decision was delayed, and banks hoped that the measure had perhaps been forgotten, possibly interpreting it as an informal, indirect extension, and did not budget for the double ENFIA they will have to pay this year. But those hopes have run out because double ENFIA has not been forgotten and is coming… full force, as someone once said. The text of the ministerial decision, if not yesterday, will be on the desk of Deputy Minister of Economy G. Kotsiras today, so news from AADE will follow shortly. Banks and servicers argue that any delay is due to the fact that selling these properties requires time-consuming legalization processes, despite improvements in many services, such as the Land Registry.

Christos Megalou with the Livestock Farmers at M.M.

With a specific plan for livestock production, Christos Megalou participated in the meeting at M.M. under the Prime Minister with representatives of the livestock farmers. The CEO of Piraeus Bank spoke about restarting livestock farming, which has been affected by foot-and-mouth disease, through targeted investments in three areas: improving livestock capital with highly productive animals, modern technological equipment with the use of robotic precision livestock farming systems, and infrastructure improvements by modernizing units and enhancing their resilience to climate change. The goal, he said, is investments of €400 million over the 2026–2028 triennium, which may come from grants by the Ministry of Agricultural Development to farmers of €150 million, which, leveraged by Piraeus Bank through specialized financing tools and services it offers to the sector, will lead to total investments of up to €400 million.

OPAP and…the Cassandras

The Cassandras predicting high exercise of the exit right by shareholders in the OPAP–Allwyn deal were proven wrong. About a month ago, nearly 14% (50,154,474 shares) of the total shares voted against the merger at the extraordinary general meeting on January 7. A month later, this percentage fell to 6.7% of OPAP’s total shares, meaning that almost half exercised the exit right and will receive €19.04 per share. This corresponds to 23,959,850 shares, meaning Allwyn will pay €456 million. It has already begun securing the necessary capital through high-security bond issuance. The initial reading of this success, credited to Allwyn’s strategy, is that many shareholders realized the new entity will become the second-largest listed gaming company in the world and the second-largest by capitalization on the Greek Stock Exchange, with significant growth prospects and plans for an IPO in New York or London. They bet on tomorrow, not today, especially those who had old positions in OPAP, which, of course, maintains its momentum, as will be shown by the financial results to be announced on March 2.

Markets Counted by the Stock Exchange

Beyond that, many shareholders did not want to lock their capital for at least another two months, since the consideration (gross and minus taxes and fees) will be paid a month after the cross-border conversion of OPAP is completed, i.e., next March, and to avoid losing the special dividend of €0.80. In any case, to get here, Allwyn of Karel Komarek had to act decisively and mobilize very significant capital, making extensive purchases of OPAP shares from the board, spending over €160 million. If you also account for the €456 million of exit rights, the total goes above €616 million, roughly. And all this without counting usual costs, advisor fees, etc., in such cases. In any case, the new entity is preparing to change level and aims to claim its share of the huge gambling market in Europe and the US.

The Former Deputy Minister Who Left with the Hyundai i10 from the Lottery

Raffles to support football teams happen frequently throughout Greece. It’s the way small provincial clubs ask the local community for support, in exchange for the hope of a big prize. In the case of Anagennisi Artas, a team from Epirus, the lure was a Hyundai i10 and 2,000 tickets at €20 each, which translates into significant financial support for the team. So far, nothing unusual. What is widely discussed in the local community, however, is the “winners” of recent years. Last year, the car allegedly ended up with a serving deputy mayor. This year, the ticket that was drawn and caused a big stir in the city allegedly belonged to former deputy minister and current MP Giorgos Stylio! No one disputes the legality of the process. Nor, obviously, is it prohibited for a former deputy minister to buy a ticket. However, in politics—especially in the provinces, where an MP’s role acquires a more personal connection with voters—the image of a former deputy minister winning the lottery car carries its own weight. As people point out, a football team’s lottery is an act of support, almost symbolic, toward their club. So when the big prize ends up, for the second consecutive year, with prominent figures, a fact that may be purely coincidental, it still sparks discussion.

The 10-Year Horizon Plans of Koustas…

The recent moves by Giannis Koustas’ Danaos are being evaluated on Wall Street less as aggressive expansion and more as careful portfolio restructuring ahead of the next shipping cycle. New ship orders and a targeted entry into LNG paint a picture of controlled growth, with a clear priority on the duration and quality of cash flows. The order for four new feeder containerships, with a significant portion already covered by multi-year charters, confirms Danaos’ core investment narrative: limited earnings volatility and reduced exposure to short-term cycles. For analysts, this provides a stable valuation base in a market that remains vulnerable to geopolitical shocks. Entry into bulkers through newbuildings, rather than second-hand vessels, with two Newcastlemaxes on order, is not seen as a timing play but as maintaining strategic flexibility, in a phase where order books remain controlled and entry costs manageable. This positioning before the full cycle maturity enhances potential returns. The most significant message, however, comes from the LNG sector entry. The $50 million investment in the Alaska LNG project, combined with Danaos’ role as the preferred capacity provider for at least six LNG carriers, represents a strategic entry into a long-term energy project. This move reduces the group’s cyclicality and adds contracted revenues with a different risk profile compared to traditional shipping segments.

Koustas’ Other Business in Popular Music

Moving from Giannis Koustas’ shipping businesses to his other ventures intersecting with art, specifically popular music. This concerns Vission Music, a private company (IKE) established just the day before, with shareholders Sotel Navigation at 90% and Anna Vissi at 10%. Sotel Navigation is based in Glyfada, but Vission Music is headquartered at Akti Kondyli 14 in Piraeus, where Danaos Shipping’s offices are located. The shipowner and his wife are known to have a friendly relationship with the singer, and it now seems to acquire a professional dimension. Vission Music’s activities extend from promotion and event organization, recordings, artist and musical content management and promotion, to production and recording of musical works and other entertainment services.

Peter G’s Investment Moves and the Ultimate Goal

United Overseas Group (UOG) of Petros Georgiopoulos and Leo Vrontisis continues a targeted fleet restructuring and strategic expansion. The sale of the MR tanker UOG Constantinos G (45,600 dwt, built 2010) for $21 million, following three vessel sales in 2025, shows a clear strategy of managing older tonnage: liquidity and fleet optimization. Despite these disposals, UOG continues to operate 14 product tankers, maintaining a strong presence in the products market. Simultaneously, the company expands into dry bulk through the acquisition of Norvic Shipping, which includes nine modern ultramax and handysize bulkers (3 on water, 6 newbuilds) and Norvic’s core commercial platform. The establishment of United Overseas Trading (UOT), with an international presence in Athens, Copenhagen, Singapore, Dubai, Brazil, and Japan, and Michael Boetius as CCO, demonstrates a professional structure for scaling operations. At the same time, the founders are pursuing a $230 million blank check IPO in New York, independent of dry bulk moves, enhancing access to capital for future opportunities. What does this mean? Wall Street interprets these actions as a balanced strategy: monetization of old fleet for cash flow, expansion into dry bulk for growth, and capital flexibility via IPO. UOG is repositioning to reduce cycle risk in the products market while targeting a segment with expected demand and a long-term strategy.

The New Beef: Cash Registers or POS

Today’s extraordinary press conference of SEKT (Association of Importers and Manufacturers of Cash Systems) reveals the multi-million-euro underground battle in the tax cash register market. At the center are the three giants of ERP and e-invoicing: SoftOne, EnterSoft, and EpsilonNet, promoting a simple narrative: “You don’t need a cash register or POS. A computer with our software is enough…” Their strategy is clear: leverage mandatory digitalization (myDATA, e-invoicing, etc.) to expand into SMEs and move from back office to transaction desk. They offer integrated solutions promising simplicity and cost-effectiveness, especially for small businesses that see cash registers as an extra expense. On the other hand, SEKT counters with legality and tax compliance arguments. Physical cash systems have certifications, tamper-proof mechanisms, and security safeguards that a computer cannot provide. This is not about technology but about state tax revenue. The Greek cash register market is estimated at €50–€80 million annually. In today’s press conference, SEKT’s official position alongside AADE’s opinion will be of interest.

The Ball in RAEW’s Court

ADMIE’s €1 billion capital increase was announced, the stock stuck around €3, and market capitalization around €700 million (yesterday -0.67% at €2.98). But now the game is on the regulator’s field. RAEW, through its decisions, must create the right investment climate for private and institutional investors, who will provide the remaining capital outside the 51% the Greek State intends to retain. ADMIE’s management has already begun initial steps, but institutional investors insist that regulatory issues must be resolved to avoid “distortions” in the capital increase. For example, the 2025–2034 Ten-Year Development Plan must be officially approved, and the 2026–2029 revenue proposal published now to ensure fair compensation for upcoming major energy projects. ADMIE’s main shareholders are reportedly aligned for successful capital increase execution. The challenge remains attracting substantial investment capital…

Alumil’s EBITDA

Recently, the market has been watching Alumil’s stock on the Exchange. Early yesterday morning, two pre-agreed trades occurred at €6, and immediately afterward, the Thessaloniki-based aluminum manufacturer jumped to €6.2, about +40% higher than the same period last year. Institutional investors now view Alumil differently than in its troubled past, when bank debts dragged it down. CEO Giorgos Mylonas had committed early last year to high operational profitability; 2025 EBITDA is expected to exceed €60 million, versus €35 million in 2024. Alumil’s challenge, however, is not just the balance sheet. The company is aggressively expanding in the East, with India as a new priority. Group executives frequently travel to the region, planning production units in strategic locations. Alumil has had a 9-year presence in India, with showrooms in six states and landmark projects like residential towers in Mumbai and Hyderabad. Through partnerships with a Dubai fund, Mylonas is implementing aluminum extrusion plant investments. Alumil’s capitalization exceeded €203 million, tripling in five years.

The Propeller Club, the Ecumenical Patriarch, and the Frigate Kimon

The private tour of Propeller Club Piraeus members aboard the frigate “Kimon,” the first state-of-the-art FDI HN Belharra in the Navy, sends the message that the Club systematically invests in institutional proximity to the Armed Forces and recognizes the strategic role of naval power amid heightened geopolitical balances. Simultaneously, on a different yet equally important level, the recent meeting of the Propeller Club Board delegation—President Kostis Fragoulis, First VP Danae Bezantakou, Secretary-General Christos Timagenis, and governors Katerina Stathopoulou and Dorothea Ioannou—with Ecumenical Patriarch Bartholomew at the Phanar added a more human and spiritual tone to the Club’s activities. Away from cameras and fanfare, the interaction with the Patriarch served as a reminder that shipping, beyond economic power, has deep roots in tradition, faith, and Hellenic values. Behind the scenes, it’s notable how the Club balances hard power—represented by a cutting-edge frigate—and soft power through symbolism and high-level institutional meetings.

The Successor to the French Central Banker

François Villeroy de Galhau’s early resignation from the Bank of France’s management (18 months before the end of his term) reveals another strategic move by President Macron on the chessboard of power. According to Paris sources, the likely successor will be Emmanuel Moulin, Macron’s current Secretary-General of the Presidency. Villeroy de Galhau resigned and will leave next June to chair a charitable foundation for vulnerable youth. If confirmed, Moulin’s tenure means the winner of the April 2027 Presidential election, whoever that may be, will have to cooperate with him at least until 2031. Moulin, 55, graduated from Sciences Po and ENA, started at the Treasury, worked at the World Bank and Paris Club, served as Sarkozy’s economic advisor during the 2009–2012 crisis, then moved to the private sector (Deputy CEO at Eurotunnel, Managing Director at Mediobanca), returned as Chief of Staff to Bruno Le Maire (2017–2020), to PM Gabriel Attal, and finally Secretary-General for Macron in April 2025. The strategy is clear: ensure an institutional counterbalance at the central bank, regardless of political developments in 2027. France’s banking system will remain pro-European with a “dovish” interest rate policy, following Lagarde’s line at least until October 31, 2027.

German Savers Discover ETFs

Inflation runs high, bank deposits yield nothing. In Germany, flows into equity mutual funds and ETFs reached €52 billion in 2025, the second-highest ever after the dot-com surge of 2000 (€74 billion). The difference now is qualitative: of €52 billion, only €6 billion went to investment funds, while €46 billion—or 88%—went into ETFs. Twenty-five years ago, ETFs didn’t exist. Today, they dominate. German investors, traditionally conservative and tied to bonds and deposits, are now adopting more “American” habits. Low rates over the past decade erased returns from safe placements, and digital platforms (Trade Republic, Scalable Capital) made ETF access trivial. Moreover, the German state incentivizes long-term saving with strong tax benefits (Riester-Rente). With economic stagnation, savers seek returns abroad. ETFs—mainly in the S&P 500 and global indices—offer access to U.S. and Asian growth that Germany no longer produces. German industry loses competitiveness, but German citizens gain stakes in competitors (Apple, Nvidia, Tesla).

The European Stock Market Counterattack

Recently, Bloomberg TV has focused on two main topics: the new Fed chairman and his policy, and the dramatic developments in technology and AI, where billions of investments face uncertain returns. For the first time in years, the Stoxx Europe 600 outperforms the S&P 500 (+4% YTD versus +0.5% for the U.S. index). Europe has limited exposure to Big Tech companies that currently carry Wall Street valuations. When the “Magnificent 7” correct sharply, their valuation becomes a burden. The S&P 500 trades at 21x forward earnings; the Stoxx 600 at 14x 2026 earnings. Europe now has three advantages: 1) The ECB’s rate-cut cycle is ahead of the Fed’s, benefiting interest-sensitive sectors (banks, real estate, utilities). 2) Germany invests heavily in defense, prompting Europe to follow, boosting aerospace and industrial stocks. 3) China’s economic recovery supports European luxury goods houses (LVMH, Hermès) and car manufacturers. Asian markets gain even more (+9%), mainly due to Chinese government support programs and Japan’s central bank policies. The conclusion: global stock markets are seeking their new leader…