Italian political tensions have a very modest impact on market trends. Operators, if anything, are concentrated on the data on the trend of US labor market, which will be announced at 14 pm. The European stock exchanges they move in contrast, with Paris rising by 0,12%, Frankfurt +0,07% as well as Madrid. London -0,13%. In Milan the Ftse/Mib index it retreats by 0,08 to 16808.
Calm reigns on the sovereign debt front. The spread between Italian and German ten-year bonds it is even down to 265 points (-4). The yield of the Italian bond falls to 4,34%. The yield on 2-year BTPs is at its lowest since the beginning of June. Therefore, there are no clamorous reactions to the final conviction for tax fraud of Silvio Berlusconi.
The impact is limited to the title alone Mediaset (-2,32%) after extreme volatility: starting -3%, low at -4%, before bouncing back to parity and slipping back into negative ground. The group closed the first half with a group profit down to 30,1 million from 42,8 million. A positive sign comes from advertising sales in Italy in July. Nomura raised the target price to 2 euros on the stock from 1,5, confirming the reduced opinion.
Prysmian (+1,96%) is the best blue chip after yesterday's +7%. Equita has raised the rating to buy. Fiat -2,12%. "Responding also to press rumors, I say that we will not need a capital increase nor do we need to sell Brazil to achieve the pre-established debt reduction target". So she said Franco Bernabe during the conference call of Telecom Italy (-3,53%).
The group closes the first half with a drop in Ebitda in organic terms of 6,8% and revises the 2013 target downwards to a "mid-single digit" drop, from a "low single digit" drop. The company announced goodwill impairment losses of 2,2 billion and closed the half year with a net loss of 1,4 billion. In the first half, revenues amounted to 13,760 billion euros, down by 2,7% in organic terms.
This morning the quarterly reports of:
- Atlantia (+1,74%). Growing revenues and Ebitda. Motorway traffic fell by 2,6% in the first half of the year on the network under concession in Italy, while the concessionaire companies abroad recorded an overall increase in traffic of 5,8%.
- Enel (+1,96%) promoted as a buyout by Société Générale with a target of 3,2 euros to 2,9 euros after the quarterly. According to the investment bank, multiples are heavily discounted and the dividend could rise.
- Tenaris (-2,06%) closed the second quarter with a net profit down to 430 million dollars from 455 million in the same period of 2012. Ebitda fell to 730 million dollars from 759 million. This morning Santander confirmed its buy opinion by raising the target price by 10%.
In the afternoon it will be the turn of the results of Bank Intesa (+ 0,62%). Unicredit (-0,85%) sold 9% of As Roma (unchanged) to Raptor Holdco, which is headed by James Pallotta, shareholder of the Giallorossi club.
