While awaiting the ECB's decisions and Christine Lagarde's press conference, the markets are moving at a slow pace, trying to decipher the clues to the bankers' choices. The latest rumors give a quarter point increase in rates as probable (at 65%) but the good intonation of utilities, the indebted sector par excellence, could signal the choice of a truce in increases. For the stock markets, worn out by uncertainty, the wait is however about to end: the announcement is set for 14.16pm.
The wait ends today on the stock market: sales on cars, on oil
At a continental level, the sales in the automotive sector, especially on German manufacturers, due to the fear of retaliation from Beijing after the announcement of the investigation into aid for Chinese cars announced by Ursula Von der Leyen: Volkswagen -2,3%. BMW -1,9%. Almost unscathed Stellantis -0,44%, absent from the Chinese market. Oil companies are rising, including Eni +1,5%, best stock at highs around 15,35 euros and the raw materials sector +2,3%. Among the most virtuous companies we find the giant Anglo American +4%, Rio Tinto +3,5% and Glencore +2%.
Piazza Affari: Tim loses share but utilities anticipate a pause on ECB rates
In Piazza Affari, which started in the red due to sales on banks and Tim, in the late morning the index rose by 0.19% thanks to the rally in utilities. Lead the race Hera +1,7% just above Enel and A2a. beyond the monetary implications, the performance depends on the openings of the minister Gilberto Pichetto Fratin for a rule that allows forms of direct negotiation for an agreed renewal of the hydroelectric concessions which must be for 20 years "to give space to investments that must be amortized" .
What pushes Tim down are the rumors about the postponement of the Kkr-Mef offer
Among the negative notes, Tim stands out - 2% weighed down by the rumor that the deadline of 30 September will not be respected, already set as the deadline for the offer on the network of the KKR/Mef combination. It could be, according to Mf, something more of a simple postponement: the US private company would have already contacted other operators in the face of a possible failure of the negotiations which in any case suffer from the opposition of Vivendi, the main shareholder of the telecommunications group.
Stock market today: banks down, tax on extra profits weighs down
The banks are also in the red, affected by the tax on extra profits defended with great obstinacy by Prime Minister Giorgia Meloni despite the rejection by the ECB. Intesa Sanpaolo -1,23% in particular, the system bank by definition, is under fire.
Bond market settling. Ten-year Treasury notes at 4,24%. German Bund at 2,64%. Ten-year BTP at 4,44%.
Futures slightly higher on Wall Street. Yesterday Nasdaq +0,3%, Dow Jones -0,3%.
Wall Street prepares for Arm's debut
The key event will be the debut of Arm which will arrive on the list today at 51 dollars per share, in the upper part of the price range indicated in the order collection phase. The market value is over 54 billion dollars. The UK-based company will list at least 95,5 million American depositary shares on Nasdaq. SoftBank, its current owner, will control about 90% of the outstanding shares.
