SLOW BAG, TELECOM IN SWING
THE SPREAD FALLS BELOW 250
Piazza Affari retreats after the robust rally of the last few days. In Milan, the FtseMib index lost 0,34% despite remaining above 17 points at 17.088.
Only the City is up moderately, London +0,19%. The other markets were down: Paris -0,14% and Frankfurt -0,18%. Madrid +0,2%.
Il differential between the ten-year Italian and German reference rates it briefly fell below 250 basis points, down to 248 basis points, the lowest since the beginning of January. Fifth consecutive month with a positive balance for the Italian trade balance, which in June recorded a surplus of 3,6 billion, slightly down on the 3,9 billion in May but larger in relation to the surplus of 2,8 billion in June 2012.
At Piazza Affari the season of quarterly reports is coming to an end with the Boards of Directors on the first half results of: Gruppo Mutui Online, Ima, Retelit, Sintesi.
Telecom Italy -0,2% after a morning of strong excursions: after an opening in the red due to Moody's negative credit watch, it turned positive but is now losing again. The rating agency's decision, explains Carlos Winzer, Moody's vice president and chief analyst for Telecom Italia, is linked to the "deterioration of domestic revenues and Ebitda following the worsening of the economy, high unemployment, adverse regulatory effects and the more intense competition in Italy”. And again: "The company's inability to meet its domestic and group Ebitda targets raised concerns." The European telecommunications sector is in great turmoil. The sector's stoxx gains 0,56% after the Mexican tycoon Carlos Slim launched a takeover bid on Kpn which, on the Amsterdam stock exchange, gains 17,3% and shares 2,34 euros (slightly under 2,4 euros of the offer of America Movil, which already holds 29,7%).
Bank hike continues: MontePaschi rebounds 0,84% after yesterday's decline. Banks slow down. Positive Ubi +0,54%, Banco Popolare +0,1% w Unicredit +0,04%. Intesa -0,34% and Bpm - 1,73 Generali - 0,86% fell. SocGen raised the target price to 15,5 euros from 14,5, rating Hold.
Fondiaria -4,06% fell sharply.
Il Unipol group -1,2% concluded the purchase of Milano Savings shares already announced yesterday evening. The Bologna-based company, through the consultancy of Mediobanca, acquired 26,55% of the capital through a reverse accelerated book-building procedure. The consideration for the purchase of the shares is equal to a unit price of 0,8425 euros, for a total outlay of 22,91 million euros. Milano Assicurazioni trades at -1,55%.
Buzzi -0,63% . Bernstein brays the target price to 10,9 from 12,6 euro, market perform rating. Enel falls by 1,05%, Eni -0,99%. The subsidiary Saipem rises by 0,32%.
Saras -0,32%. The Moratti family refining company closed the first six months with a loss of 201,3 million euros, worsening compared to the same period of 2012. This is because the lower devaluation of oil inventories was more than offset by the devaluation on the contract Cip6. The data for the second quarter are below expectations, the debt is better at 157 million. Kepler Cheuvreux confirms the reduced rating.
Fiat +0,3%, Finmeccanica +1,2% and StM -0,4%.
In luxury Tod's -0,7% after yesterday's jump.
