Stock markets galloped a few hours after the end of the Federal Reserve meeting. TO Milano the Ftse Mib index rose by a generous 1%, approaching 17 thousand points, driven by the good results of Telecom Italia and Stm. The other European markets are on positive ground: they are doing better than all of them Paris (+ 1,5%) and Madrid (+ 1,15%). Frankfurt +0,8%. More firm London (+ 0,3%).
The Japanese premier Shinzo Abe he stated that the government is preparing a plan of economic stimulus measures worth more than 28 trillion yen in total, over 241 billion euros. This was reported by the Jiji news agency, adding that "fiscal measures" for 13.000 billion yen will be included. The plan will be announced next week.
The leap of stands out in Milan Telecom Italy: +9,45% after announcing very good second quarter results (Ebitda + 25% to 2,01 billion euros) and the fiber deal with Fastweb. The telecom group also improved its 2016 guidance, estimating single-digit organic domestic EBITDA growth, whereas previously it was stable.
Flavio Cattaneo forecasts a net debt/ebitda ratio of below 2018 in 2,7 from below 3 times, after the efficiency plan and without the sale of Inwit, already envisaged in the previous strategic plan. “Tim Brasil – added the manager – is strategic and certainly not for sale”. The analysts are enthusiastic. Mediobanca Securities speaks of a "spectacular performance".
The market - reads the note - appreciated the good mix of numbers, the better guidance and the strategic joint venture with Fastweb. Equita Sim (buy, target 1,25 euros) anticipated "a revision of the estimates and valuation with the prospect of a substantial upside for the stock on the Stock Exchange".
Salt too StM (+8,16%) after the good results of the second quarter and the forecasts of brilliant growth for the third quarter. The earnings per share were decidedly above expectations, equal to 3 dollars, almost three times the 1,1 dollars expected by analysts. It bounces Mediaset (+1%) after yesterday's collapse (-7%).
Always opposed the banking sector. Down Unicredit (-3,84%): the Italian bank, Santander and Sherbrooke Acquisition Corp have decided to "terminate the agreements entered into on November 11 relating to thecombination of Pioneer Investments and Santander Asset Management”. Pioneer will therefore be included in the strategic review process inaugurated by CEO Jean Pierre Mustier "to explore the best alternatives in the interest of all stakeholders, including a potential IPO".
The group, according to Bloomberg, is evaluating the hypothesis of a capital increase of 5 billion euros to be associated with the sale of the entire stake in Bank Pekao, the second largest Polish credit institution of which it has just sold 10% and Fineco (-4,7%).
In recovery Mount Paschi (+2,91%) thanks to the advances on the recovery plan developed by the institute and by the consultants, which envisages a capital increase of up to 5 billion euros together with the sale of doubtful loans for 10 billion euros. Mediobanca and JP Morgan are working on the formation of a guarantee syndicate for the recapitalization. The plan should be submitted to the ECB for examination tomorrow before the outcome of the stress tests scheduled for July 29.
in Frankfurt Deutsche Bank tumbles down 4% and is the worst blue chip in the Dax. The German Bank announced this morning that it closed the second quarter with sharply declining net profit to around 20 million euros, from 796 million euros in the same period of 2015. Revenues fell by 20%.
In Europe, the automotive companies put the turbo on and the Stoxx index rose by 2,5%. Fiat Chrysler, about to announce quarterly data, rose by 2,4%. Peugeot +7%: operating profit, 1,3 billion euros, is up 33%, or 200 million euros more than the consensus estimates. Another French company, Valeo, rises by 4%.
They also shine in Piazza Affari Piaggio (+ 8%) and Sogefi (+5%). The rally of lvmh (+6% in Paris) improves the fortunes of luxury: Ferragamo + 1,5% Tod’s + 1,8% Yoox Net to Porter + 3%.
