Slow start for Piazza Affari. The Ftse/Mib index falls by 0,55%, conditioned by the wait for the sentence of the Court of Cassation against Silvio Berlusconi and by press rumors on a possible capital increase of Telecom Italia (-5%), in free fall right from the start despite the good results of the Brazilian subsidiary Tim Participações.
In the morning, at the invitation of Consob, Telecom Italia specified that the discussion of a capital increase operation is not foreseen on the agenda of tomorrow's Board of Directors meeting. The decline in the stock continues even if reduced to 4,15%.
On the other hand, after the Italian auctions, the spotlights on sovereign debt are shifting to Germany, where the offer of two billion Bund maturing in 2044 is scheduled. spread Btp-Bund slips just below 270 basis points (269,7) for the first time since last July 9th. The yield of the 10-year BTP is down to 4,396%.
The stock exchanges of Paris (-0,29%) and Frankfurt (-0,34%) were reflective. In equilibrium London (+0,08%). In Germany, the unemployed unexpectedly dropped by another 7 units, to 2,934 million. Different numbers for Italy, where unemployment in June remains at 12,1%, 39,1% for young people.
Day dedicated to quarterly: A2A, Acea, Generali (release tomorrow morning), Autogrill, Brembo, d'Amico, Enel Green Power, Eni (release tomorrow morning), Fiat Industrial, Finmeccanica, Parmalat, Rcs and Yoox.
In decline Fiat (-0,8%) after the sentence only partially in favor of Lingotto in the dispute to take over Chrysler entirely. The Delaware court ruled that Fiat has the right to purchase part of Veba's stake in Chrysler in several tranches at a price to be determined according to a "pre-defined" formula in the context of the lawsuit with the US union pension fund. But the judge's decision not to set a price for Chrysler's 3,3% stake may delay reaching a deal by several months.
Weak the bankers: Unicredit -0,3%, Intesa San Paolo -0,5%. Banca Mps is on positive ground (+0,8%), awaiting indictments for the old management regarding the purchase of Antonveneta.
Gtech (-0,9%) closed the second quarter with an Ebitda of 273,1 million euros, from 259,7 of 12 months earlier, and consolidated revenues of 762 million (+2,6%). 2013 guidance confirmed. Exane confirms the outperform and the target of 24 euros.
In red Mediaset (-1,5%) awaiting the sentence on Berlusconi. Today's best stock is Poltrona Frau (+6,8%), at new highs since January 2008. The quarterly will be published on 6 August. Ei Towers gains 3,8% after Mediobanca raised its target to 40 euro. Isagro's ordinary shares have been suspended in Piazza Affari pending a release.
