Indexes showed little movement at Piazza Affari in a session already looking ahead to the long Christmas holiday, with only two trading days open this week and investors tending to lock in profits after the more than positive performance of the stock market in 2025.

The only major topic today is the announcement of the proposed conversion of Tim savings shares into ordinary shares.

On the macroeconomic front, the Wall Street Journal reports that Cleveland Fed President Beth Hammack said she does not see the need to change U.S. interest rates in the coming months, after the central bank cut them at its last three meetings.

Looking at other markets, after a strong close on the Tokyo Stock Exchange, U.S. equity index futures are also positive, buoyed by renewed enthusiasm for investments in artificial intelligence.

Around 12:55 p.m., the Ftse Mib index edged down a fractional 0.17%. Volumes are around €1.2 billion.

Today's notable stocks

** Arbitrage effects on TIM ordinary shares, which fell 0.84% to €0.49, while savings shares jumped 5.7% to €0.6 after the company's board yesterday approved the conversion of savings shares into ordinary shares at a 1-to-1 ratio, plus a cash adjustment of €0.12 per savings share. The gap between the two shares is roughly equal to the cash amount proposed by the telecom company's board. According to one trader, what is happening with the two shares is the effect of arbitrage, with investors selling ordinary shares to buy savings shares.

In its daily note, Equita highlights that the proposal offers an 8.3% premium over Friday's closing price of the savings shares, of which €0.12 will be paid in cash. "The premium amounts to 10.6%, 13.5%, and 21.6% compared to the one-month, three-month, and six-month average prices, respectively."

** SAIPEM surges with a 3.9% jump after winning, in partnership with Offshore Oil Engineering, an EPCi contract from QatarEnergy worth about $3.1 billion for Saipem alone and about $4 billion in total. According to broker Banca Akros, "the contract is large and confirms the company's strong competitive position in the Middle East. Positive news."

** Outside the main index, JUVENTUS continues its rally today (+2.4%), adding to last Friday's +7.2%, when the stock surged on bets of a renewed offer from Tether after the first proposal was rejected by the Agnelli family. Staying in the sector, LAZIO moved in the opposite direction, down 3.2%.

** Banks were sold off on natural pullbacks after a rally that has lasted since the start of the year. Among the big names, UNICREDIT slipped 0.3%, INTESA SANPAOLO was flat. MPS and MEDIOBANCA were also weak, while POPOLARE DI SONDRIO remained strong, rising 0.9% after hitting new intraday all-time highs at €16.585.

** Utilities, which have been among this year's top performers, were also down, with TERNA falling 1.22%, ITALGAS -1%. ENEL and A2A also declined, both losing more than 1%.

** Industrials such as STELLANTIS and CAMPARI also retreated, both down more than 2%.

(Giancarlo Navach, editing by Stefano Bernabei)