The international situation remains high risk, but the markets are heading to close the week with a rebound. In Piazza Affari, despite the thud of Tod’s need Mount Paschi, the index Ftse Eb reports an increase of 1,11%, to 19,344.
After a very weak start, which pushed the spread up to 190 basis points, the BTP recovered up to 180 basis points. Thanks to purchases on the domestic market. The 2,840-year yield is at XNUMX%.
In negative ground, with the exception of Madrid (+0,43%), the other European lists: Paris -0,26% London– 0,58%. The worst is Frankfurt, -0,76%.
Worth mentioning in Piazza Affari the thud of Tod's (-9,5%) after the very disappointing first half results. The drop in sales in China (-7,6%) is particularly worrying. Net profit fell to 56,2 million euros, down from 75,7 million recorded in the same period of 2013. Brokers unleashed to cut the target price: the most drastic is Bank of America which cuts to 70 from 75 euros , with recommendation underweight. Consob has banned short selling for today and for the whole of next Monday.
The fall weakens the entire luxury sector: Ferragamo -2,5%Yoox -3,5% Moncler -0,2% (yesterday +6%). positive Luxottica + 0,7%.
The other disappointment comes from the banking sector: Mount Paschi, despite the ban on short selling until August 11, is down around 7,5%. In the first half the bank recorded a net loss of 353 million. The Core Tier1 ratio stood at 13,5%. Deutsche Bank lowers the target price to 1,1 euro from 1,4 euro and confirms the Hold recommendation. SocGen cuts to 1,2 euros from 1,4 euros.
The fiasco didn't impact the rest of the industry: Banca Popolare dell'Emilia Romagna marks a recovery of 8,8%, after -13% yesterday. Unicredit +1,2%. Splash, after the results, Where's Banca (+4,9%). Waiting today for the Board of Directors on the quarterly accounts of bpm.
Recovery continues Fiat (+2,6%). It also advances Telecom Italy (+1,8%) in view of a possible offer on the Brazilian Gvt, in competition with the offer already made by Telefonica. According to some sources, Telecom would have recruited Citigroup, Mediobanca and Banco Bradesco as advisers for the acquisition of Gvt.
