DE30 drops at the beginning of the week, Porsche IPO in focus

• Stock exchanges from the Old Continent record declines

• The euphoria around the Porsche AG IPO continues!

The first trading session on the Old Continent this week brings declines in the valuations of most stock indexes. The macro calendar for today is empty, and there is a national holiday in the UK and Japan today.

The swaps market is currently pricing an 84% chance of a 75bp rate hike at the October ECB meeting. Source: Bloomberg

DE30 index chart, D1 interval. The benchmark of German blue chips is trading down today and descending towards the minima of early September. Source: xStation 5

The first session on the German market this week brings declines in the valuations of all sectors of the economy. Companies in the real estate and financial sectors are currently performing worst.

Investors' attention at the beginning of the week is focused on Porsche AG's IPO, which is due to take place on September 29. The manufacturer's preferred shares are to be offered to investors at a price in the range of 76.5 euros to 82.5 euros. The subscription period begins tomorrow. As notified by Bloomberg, the Volkswagen Group (VW.DE) expects the company's valuation to reach €75 billion, which would give an amount equivalent to almost 80% of Volkswagen's valuation. The news is good for Volkswagen and Porsche SE shares, which are trading up today. Volkswagen expects proceeds from the IPO and the sale of common shares to reach more than 19 billion euros.

Changes in the institution's holdings in individual companies of the DAX index (data from the last session). Source: Bloomberg

The largest percentage changes in the companies included in the DAX index. Source: Bloomberg

The most active stocks in the DAX index (DE30). Source: Bloomberg