The rate hike affects Piazza Affari. Tim slips waiting for the board
Piazza Affari improves a bit in the final. The Ftse Mib index closed at -0.75% at 27,401 points. The losses were reduced by the words of Fed Governor Jerome Powell during his testimony before the US Senate Banking Committee according to which “we have kept rates on hold to give us more time to make the next decisions. The FOMC – the monetary policy arm of the Fed, ed – believes it might be appropriate to raise rates again this year, maybe twice “
The clash runs on the wire
Heavy Tim. Loses more than 2%. Today the board should proceed with the offer of the Kkr fund for NetCo (the network and Sparkle). The value of the proposal is around 23 billion. A figure that does not convince the French of Vivendi, the main shareholder of the former telephone monopolist. And according to the Financial Times, the company from the Bollorè galaxy should give battle because it believes that the value of the network is instead 30 billion. Giorgia Meloni’s trip to the Elysée two days ago unlocked many dossiers along the Italy-France axis, but apparently not the one relating to Tim.
Brembo does not hold back the downward trend
After -6% yesterday, linked to the move of the registered office to Amsterdam, Brembo loses another two and a half points. The market is rooting for the Italian Brembo-Pirelli merger, but the Dutch move suggests that the world‘s leading brake company does not want to challenge the Chinese of Sinochem, the first shareholder with limited powers in Pirelli. Chinese who let it be known that they do not want to take any step back. Pirelli is breathing, while Iveco is back above 8 euros, also driven by the buy-back.
The taxi sprinti
The attention of the markets is entirely concentrated on Europe, in particular on the decisions coming from the central banks.
The Bank of England raised the interest rate by fifty basis points to 5%. Even if yesterday’s inflation data had changed the composition of the consensus, the majority of economists remained of the idea of a 25 basis point increase. Of the nine members of the Monetary Policy Committee, seven voted in favor of the half point hike, the other two wanted to leave the interbank rate unchanged at 4.5%.
The central bank of Türkiye brought the one-week repo rate to 15%, from the previous 8.5%: the consensus was 20%.
The central bank of Switzerland raised the reference interest rate by a quarter point, to 1.75%, in line with economists’ expectations. The press release mentions the possibility of new interventions on the gearbox.
Even the Norwegian central bank he raised the key rate by 50 basis points to 3.75%, more than expected by the Reuters consensus (25 bps), and announced that he was aiming for another hike in August.