Borsa Italiana, commentary of the day (August 2, 2019)

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Piazza Affari and the main European stock markets discount of more than 2%After US President Donald Trump announced that starting September 1, US $ 300 billion of tariffs on Chinese products would be raised to 10 percent. According to badysts Intesa Sanpaolo, if tariffs came into effect in September, the direct impact on US growth could be about 0.1 percentage point in 2020, with repercussions wider on China and the rest of the world. In addition, markets expect employment data in the US for July.

Even today, I am on the agenda numerous half-yearly reports between FTSEMib companies.

At 11:05 on the FTSEMib was down 2.03% to 21,129 points, while the FTSE Italia Share all was down 1.92%. In addition, decreasing the percentage by more than one percentage point FTSE Italia Mid Cap (-1.17%) and for the FTSE Italia Star (-1.4%).

L & # 39;euro hit $ 1.11 while the Bitcoin he returned to $ 10,500 (about 9,500 euros).

the spread between BTP and Bund exceeded 215 points.

BROWSE the quotes of SOLMib40 securities

Telecom Italia TIM down 1.87% to 0.5029 eurosafter the release of the quarterly results. The telephony giant closed the period from April to June with a turnover of 4.52 billion euros, an organic decline of 4.93 billion euros in the second. quarter of 2018. This figure was slightly lower than in the previous year. badyst consensus (published on the Telecom Italia TIM website), which recorded a turnover of 4.55 billion dollars. Gross operating margin (excluding non-recurring items) decreased 2.6% to 1.9 billion euros, but is in line with badysts' estimates. At the end of June, adjusted net financial debt amounted to 24.73 billion euros, down slightly from 25.27 billion euros at the beginning of the year. The net financial debt as at 30 June 2019 amounts to 28.33 billion euros and includes the impact of the new accounting standards. The management of Telecom Italia TIM confirmed the financial objectives communicated for the results of the first quarter of 2019. In particular, the officials of the telephone company expect, for the current year, a slight decrease Group organic revenues from services (0-5%). ) compared to last year, whereas the Group's organic EBITDA should record the same growth rates as the group's organic revenue from services, which would bring the marginality to 40% by 2020.

Pirelli down 5.49% to 5.092 euros. The company released its results for the first half of 2019, a period closed with a turnover of 2.65 billion euros, up 0.9% from the 2.63 billion obtained in the first half of last year. increased by 172 million to 297.9 million euros (+ 9.7%), also thanks to the benefits arising from the recognition of tax credits in Brazil. Based on these results, Pirelli has again revised its estimates for the entire year. The company's management expects revenue growth of 1.5% to 2.5% (between 3% and 4% in the previous indication). The margin of the adjusted amount of the 2019 amount should be between 18% and 19% (against 19.4% previously), against 18.4% in 2018. After the release of the first half results, badysts Kepler Cheuvreux have reached 6 euros. at € 5.7 the target price of Pirelli, following the reduction of the net earnings per share estimates for the period 2019/2020; the experts confirmed the indication to keep the shares in the portfolio. Mediobanca has aggravated the judgment of the company, bringing it to "neutral".

Fiat Chrysler Automobiles leaves 3.91% on the ground at 11.602 euros. The Ministry of Transport announced that in July 2019, nearly 153,000 cars had been registered in Italy, down 0.1% from the same period last year. Also last month, Fiat Chrysler Automobiles posted a lower performance than the market. According to the Reuters news agency in June, the group's registrations decreased by 19.4% (just over 34,000 cars) compared to the same period in 2018.

Worst performance for CNH Industrialwhich recorded a decrease of 5.41% to 8 844 euros.

Negative trend for Saipem (-3,25% to 4,31 euros). The engineering company has signed an agreement with Technip France and NIPIgaspererabotka to participate in the joint venture for the implementation of the Arctic LNG2 project. Saipem has acquired a quota of works worth about 2.2 billion euros.

Enel "limit" the decline to 1.07% to 6.173 euros. The electricity giant closed the first half of the year with a turnover of 38.99 billion euros, up 8.2% from 36.03 billion euros of the same period in 2018. Enel closed the first half of 2019 with a net profit of 2.22 billion euros, up 9.7% from the 2.02 billion euros recorded in the first half 2018. At the end of June, Enel's net debt amounted to 45.39 billion euro euros, compared to 41.09 billion euros at the beginning of the year, thanks to the investments period and the application of the new accounting standards. On the basis of these results, Enel management has confirmed its economic and financial objectives for 2019.

It is also worth noting the sharp fall of STM. The title of the Italian-French group recorded a decrease of 5.85% to 15 945 €.

ePRICE recorded a thump of 13% at 0.598 euro, after being suspended due to excessive decline during most of the morning. The company plans to reach the goal of growth of between 5% and 10% of turnover, nor the goal of close to break-even EBITDA, after the fall in sales. in the first half of 2019. 16%.

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