Greece Posts €593.4 Million Fiscal Surplus In Early 2026

The Greek government recorded a modest contraction in its fiscal surplus during the January-April 2026 period, with figures falling to €593.4 million compared to €614 million in the corresponding period of 2025. This development comes as the surplus as a percentage of GDP slipped from 1.7% to 1.5%, according to preliminary data released by the Hellenic Statistical Authority.

Robust Revenue Growth Driven By Tax And Social Contributions

Total government revenue increased by 4% year-on-year to €4.995 billion from €4.801 billion. Income and wealth tax receipts rose by 10.3% to €1.292 billion, while social contributions increased by 8.3% to €1.687 billion. Revenue from taxes on production and imports climbed 2.9% to €1.533 billion, and net VAT receipts grew 5.4% to €1.047 billion. The figures point to continued strength in tax collection despite a softer fiscal balance.

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Offsetting Revenue Gains With Declines In Other Income Streams

Growth in tax revenues was partly offset by weaker performance in several other income categories. Revenue from interest and dividends declined by 27.8% to €61.2 million, while current transfers fell 31.2% to €87 million. Income from fees and services also decreased by 12% to €318.4 million.

Increased Expenditures Reflect Shifts In Spending Priorities

Government expenditure rose by 5.1% to €4.402 billion, compared with €4.187 billion in the corresponding period of 2025. Social benefits recorded the largest increase, rising 6.4% to €1.824 billion. Personnel costs increased by 1.9% to €1.295 billion, while interest payments climbed 19.2% to €177.3 million. Other current expenditures rose by 13.6% to €331.7 million, and intermediate consumption increased by 5.1% to €431.2 million.

Capital Spending And Subsector Results

Capital expenditure edged down 0.9% to €320 million. Gross fixed capital formation fell 3.5% to €244.3 million, while subsidies declined by 19.2% to €23.5 million. At the subsector level, the central government surplus narrowed to €166.8 million from €244 million a year earlier. Social Security Organizations improved their surplus to €436.4 million from €389.2 million, while local government deficits decreased to €9.8 million from €19.2 million. The figures suggest that while revenue growth remains resilient, rising spending pressures continue to weigh on Greece’s overall fiscal position.

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Dell’s Earnings Beat Puts The AI Trade To The Test

by THEFUTURE.TEAM

September 2, 2026

Dell Technologies has become a key stock to watch after its latest earnings report strengthened the case for continued AI infrastructure spending but failed to trigger a sustained rally.

Shares jumped more than 13% after Tuesday’s opening bell before giving back much of the gain. By late morning Wednesday, the stock was up about 5%, raising questions about whether strong AI-related earnings are still enough to drive higher valuations.

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Strong Results Meet A More Skeptical Market

The reaction echoes last week’s trading in Nvidia. Its shares climbed nearly 9% after strong quarterly results and a stronger long-term outlook, only to surrender much of the advance in subsequent sessions.

That pattern has encouraged some investors to reduce exposure to AI stocks. Strong results remain evident, but markets appear less willing to reward them with sustained valuation expansion.

Dell Raises 2027 Earnings Outlook

Three months ago, Dell shares surged almost 33% after the company raised its fiscal 2027 adjusted earnings-per-share guidance by 39%. Analysts followed by lifting their own estimates, while the stock retained most of its gains.

This time, Dell raised fiscal 2027 earnings guidance to $25.50 from $17.90, an increase of about 42.5%. Street consensus rose nearly 29% overnight, yet the stock was up only about 5% in Wednesday trading.

The weaker share-price reaction suggests investors are applying a more cautious valuation to Dell than they did in May.

AI Exposure Faces Greater Caution

We have been raising cash for the Club as the AI trade has become more volatile and less predictable. Tuesday’s decision to exit Corning increased our cash position to about 15%.

If capital is redeployed, it would likely favor more defensive areas outside AI. That reflects greater caution over valuations and positioning rather than a rejection of the AI investment theme.

Dell’s Trading Could Set The Tone

A further rise in Dell shares would suggest investors remain willing to increase AI exposure, while a flat performance would point to greater valuation discipline. A decline could indicate that much of the earnings upside is already priced in.

Dell’s report, along with Broadcom’s results due Wednesday evening, could still improve sentiment across the group. If investors continue to discount strong AI earnings, however, the case for a more defensive approach will strengthen.

For now, Dell offers a real-time test of whether strong AI-related earnings can continue to drive valuations higher as investor caution increases.

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