STOCK MARKET REPORT by CEO Silvano Grimaldi of the independent asset management company GRIMALDI & PARTNERS Ltd.

STOCK MARKET REPORT by CEO Silvano Grimaldi of the independent asset management company GRIMALDI & PARTNERS Ltd.

MONTHLY REVIEW

The international stock markets ended the month of SEMPEMBER with significant losses.

BURDENING FACTORS

With their rapid rate hikes, central bankers around the world fueled concerns about a hard landing for the US economy and the entire global economy.
Concerns about inflation, interest rates and the economy.

EQUITIES IN FOCUS

Porsche IPO succeeds despite difficult omens

War, inflation, fear of recession: the signs for an IPO could hardly be worse. The sports car manufacturer Porsche has nevertheless managed to get it off the ground properly. But the biggest German stock market debut since 1996 is not just a success story.

In the network of numbers surrounding one of the largest IPOs in German economic history, 40 is likely to be forgotten again soon. Porsche CEO Oliver Blume and CFO Lutz Meschke fervently rang the symbolic bell for the start of trading on the Frankfurt Stock Exchange for exactly that many seconds on Thursday. The relief was written all over the managers' faces: Despite adverse economic and political circumstances and turbulence on the stock exchange, the Stuttgart-based company had managed to get on the floor properly - even if the big flight didn't materialize.

In the meantime, Porsche was worth almost as much as the parent company Volkswagen: While the Stuttgart-based company had achieved a market capitalization of over 77 billion euros by midday, the market value of VW plummeted and came to around 80 billion euros. Porsche was thus rated significantly higher than its competitors BMW or Mercedes-Benz. And with proceeds of 9.4 billion euros for VW, the Stuttgart-based company completed the largest German IPO since Deutsche Telekom in 1996.

MONTHLY OUTLOOK

September lived up to its reputation as the long-term average worst stock market month. It is positive that the stock market months from October to December are now the typically best quarter of the year. A lot of negative things are already priced into the prices, which have already fallen significantly, although positive surprises cannot be ruled out.

We expect stabilization at a low level in October.

STOCK RECOMMENDATION