Slight rise for Piazza Affari at the start of the week leading up to the Fed meeting on 20-21 September and then to the Italian political elections on 25 September. Investor sentiment remains uncertain with expectations for the third consecutive 75 basis point hike in interest rates, although the possibility of a 100 bp squeeze is not ruled out. Focus also on Fed members’ dot plot forecasts for rates, which are likely to be hawkish, bringing the rate to 4% -4.25% by the end of this year and the possibility of a further rise in the next year. In addition to the Fed, BoE, SNB and BoJ meetings are scheduled for Thursday.
In Milan, the Ftse Mib index closed + 0.14% to 22,140 points after it had fallen well below 22 thousand in the morning. At the bottom were the stocks of the oil sector: -5.6% Saipem, -1.92% ENI and -0.22% Tenaris. TIM recovered (+ 2.62%) which at the start reached new historical lows of € 0.1763.
Today ex-dividend for ENI (€ 0.22, first tranche) and STM (€ 0.06 second tranche).