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The markets snub the Berlusconi effect: selling day on the stock market after the race (-0,2%)

After the rush of the past few days, Piazza Affari was dominated more by profit taking at the weekend than by the Berlusconi effect and closed slightly down (-0,2%) – Mediaset also limited its losses: -1,9 % – Telecom and Intesa exclude capital increases, but the accounts do not convince the market.

The markets snub the Berlusconi effect: selling day on the stock market after the race (-0,2%)

The lists leave behind yesterday's rises in the wake of central bank statements and close weak overall, around parity. The US unemployment figure has once again had an effect on moods, down to 7,4%, the lowest since December 2008 (but the jobs created were below expectations). Numbers which, the operators underline, do not change expectations on "tapering".

Milan loses 0,23% weighed down by Telecom Italia and the banks, Frankfurt and Paris close on parity, London -0,5%. Madrid resists in positive territory, +0,4%.

Even Wall Street indexes are moving mixed: the S&P drops 0,15% and tries to resist above 1.700. In addition to the unemployment data, factory orders were released today, which grew by 1,5% in July to a seasonally adjusted $496,7 billion, below the expectations of analysts, who expected a rise of 2,3%. The Ism Ny index instead jumped to 67,8 points in July, beating expectations.

Wti oil retraces and yields 1,08%, the euro-dollar is at 1,3268 (+0,46%). The Btp-Bund spread closes at 267 points, after having touched its lowest since the beginning of June at 263.

In Piazza Affari, the banks weigh on the Ftse Mib: Ubi -3,28%, Intesa -1,99%, Bpm -1,97%. Today Intesa Sanpaolo released its half-year accounts, with profits down by 75%, to 116 million. In the second quarter, the Bank repaid 12 billion out of 36 received from the Ltro program launched last year by the ECB to support the banking system and through it the economy. The CEO Cucchiani said that Intesa is not interested in "a domestic consolidation", adding that "there is no desire to participate in any rescue of a national player". As far as Telecom Italia is concerned, the bank is not considering a new devaluation of the values ​​of its share: the situation is "complex, but we all believe that there are opportunities that are not fully appreciated".

And today the spotlights have also turned on Telecom Italia, which has communicated accounts in the red for 1,4 billion in the six-month period (affected by goodwill write-downs for a total of 2,2 billion) and a profit warning on the gross operating margin of “low single digit decline” to “mid single digit decline”. On the other hand, the targets of stable consolidated organic revenues and above all, according to the note, of adjusted net debt of less than 27 billion euros are confirmed. Bernabè said that to achieve the 2013 objectives, in particular the reduction of the debt, "we do not need a capital increase or to sell Brazil".

In the wake of Silvio Berlusconi's conviction, Mediaset closed down by 1,9%.

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