THE EUROPEAN RECOVERY DRAG THE BAGS
FLY MEDIASET, DOWN BUZZI AND PARMALAT
The threat of political crisis in Italy it does not disturb the markets.
Bags are in positive territory: London gains 0,16%, Frankfurt +0,15%, Paris +0,3% and Madrid 0,2%.
Salt too Business Square: Ftse Mib index +0,08% to 16.788.
Declining opening also for the Btp-Bund spread. The differential drops to 258 points against the 260 of Friday's closing. The yield is equal to 4,22%.
The positive indications on the recovery are driving the markets: the European composite PMI rises to 50,5 points in July, better than the 50,4 estimated and above the 50,4 of the previous month. The figure is the highest since August 2011. Above 50 points, the figure indicates economic expansion.
The non-manufacturing compound ISM will be published in the USA at 16 pm. Richard Fisher, president of the Dallas Fed, is expected to speak at 17.45.
Sprint start for Mediaset on the Stock Exchange: the stock, supported above all by a positive report by Deutsche bank which improved the judgment from 'hold' to 'buy' by raising the target price from 4 to 4,5 euro, is clearly the best among the high capitalization stocks on Piazza Affari grows by 3% to 3,4 euros between sustained exchanges.
Buzzi Unicem -2,14% loses ground after lower-than-expected half-year accounts and cut in full-year 2013 guidance announced on Friday.
Back off Parmalat – 2.07%, which came to lose more than 5% after Lactalis denied the rumors of a residual takeover bid on the title.
Among the bankers, Intesa San Paolo -1,12%, after the accounts presented on Friday.
Unicredit -0,38% Banco Popolare + 1,33% Ubi -0,13% Ps + 0,05% bpm -0,48%.
ST-Ericsson, the joint venture of STMicroelectronics and Ericsson whose closure plans were announced last March, announced that it has completed the restructuring activities and the transfer of the business, assets and employees to Ericsson, STMicroelectronics +0,99% and others buyers. ST resumes approximately 1000 employees in France and Italy, Carlo Ferro, president & chief executive officer of ST-Ericsson, will resume his position as chief financial officer of STMicroelectronics.
Telecom Italy -0,08%. Vodafone Italia has filed a legal action asking Telecom Italia for damages of one billion euros. An amount that analysts judge "instrumentally abundant". As for debt, management aims to bring it down below 27 billion and at the same time achieve a debt/EBITDA ratio of 2,4 times. Equita cuts the target price to 0,6 euro (hold) and Kepler Cheuvreux to 0,8 (buy).
Among the oil Eni +0,41%, Tenaris +0,72% and Saipem +0,25%.
In luxury Tod's +0,08% continues its run reaching new record levels as does Yoox +6%. Crédit Suisse cut its rating on Ferragamo -0,78% to underperform from neutral with a target price that drops to 24 euros from 25.
