— Breaking News

  1. Italy

    Economic calendar for July 28

    (Il Sole 24 Ore Radiocor Plus) - New York, 27 Jul - Economic calendar for Friday, July 28 00:30 SGD URA Property Index (QoQ) (Q2) -0.30% 01:30 AUD PPI (YoY) (Q2) 1.3% 01:30 AUD PPI (QoQ) (Q2) 0.6% 0.5% 02:30 SGD Unemployment Rate (Q2) 2.2% 05:30 EUR French GDP (QoQ) (Q2) 0.5% 0.4% 06:00 GBP Nationwide HPI (MoM) -0.2% 1.1% 06:00 GBP Nationwide HPI (YoY) 2.7% 3.1% 06:45 EUR French Consumer Spending (MoM) (Jun) -0.2% 1.0% 06:45 EUR French CPI (MoM) -0.4% 0.0% 06:45 EUR French HICP (MoM) 0.0% 06:45 EUR French HICP (YoY) 0.8% 07:00 CHF KOF Leading Indicators (Jul) 106.0 105.5 07:00 EUR Spanish CPI (YoY) (Jul) 1.5% 1.5% 07:00 EUR Spanish CPI (MoM) (Jul) 0.0% 07:00 EUR Spanish GDP (YoY) (Q2) 3.1% 3.0% 07:00 EUR Spanish GDP (QoQ) (Q2) 0.9% 0.8% 07:00 EUR Spanish HICP (YoY) (Jul) 1.5% 1.6% 07:00 EUR Spanish HICP (MoM) (Jul) 0.1% 09:00 EUR Business and Consumer Survey (Jul) 110.8 111.1 09:00 EUR Business Climate (Jul) 1.1 1.2 09:00 EUR Consumer Confidence (Jul) -2.0 -1.7 09:00 EUR Consumer Inflation Expectation (Jul) 13.0 09:00 EUR Selling Price Expectations (Jul) 7.2 09:00 EUR Services Sentiment (Jul) 13.0 13.4 09:00 EUR Industrial Sentiment (Jul) 4.0 4.5 09:30 EUR Italian 10-Year BTP Auction 2.16% 09:30 EUR Italian 5-Year BTP Auction 0.81% 10:30 RUB Interest Rate Decision (Jul) 9.00% 9.00% 11:00 BRL IGP-M Inflation Index (MoM) (Jul) -0.65% -0.67% 11:30 INR FX Reserves, USD 389.06B 12:00 EUR German CPI (YoY) (Jul) 1.5% 1.6% 12:00 EUR German CPI (MoM) (Jul) 0.2% 0.2% 12:00 EUR German HICP (YoY) (Jul) 1.4% 1.5% 12:00 EUR German HICP (MoM) (Jul) 0.3% 0.2% 12:00 BRL Unemployment Rate 13.5% 13.3% 12:30 USD Employment Benefits (QoQ) (Q2) 0.70% 12:30 USD Employment Cost Index (QoQ) (Q2) 0.6% 0.8% 12:30 USD Employment Wages (QoQ) (Q2) 0.80% 12:30 USD GDP (QoQ) (Q2) 2.6% 1.4% 12:30 USD GDP Price Index (QoQ) (Q2) 1.3% 1.9% 12:30 USD Real Consumer Spending (Q2) 2.8% 1.1% 12:30 CAD GDP (MoM) (May) 0.2% 0.2% 14:00 USD Michigan 5-Year Inflation Expectations (Jul) 2.60% 14:00 USD Michigan Consumer Expectations (Jul) 80.4 80.2 14:00 USD Michigan Consumer Sentiment (Jul) 93.1 93.1 14:00 USD Michigan Current Conditions (Jul) 112.9 113.2 14:00 USD Michigan Inflation Expectations (Jul) 2.7% 14:30 USD ECRI Weekly Annualized (WoW) 2.6% 14:30 USD ECRI Weekly Index 144.8 14:30 BRL Debt-to-GDP ratio (Jun) 48.5% 48.1% 14:30 BRL Budget Balance (Jun) -30.000B -66.989B 14:30 BRL Budget Surplus (Jun) -19.250B -30.700B 17:00 USD U.S. Baker Hughes Oil Rig Count 764 17:20 USD FOMC Member Kashkari Speaks 19:30 GBP CFTC GBP speculative net positions -16.5K 19:30 USD CFTC Copper speculative net positions 15.3K 19:30 USD CFTC Crude Oil speculative net positions 396.5K 19:30 USD CFTC Gold speculative net positions 60.1K 19:30 USD CFTC S&P 500 speculative net positions 102.4K 19:30 USD CFTC Silver speculative net positions 9.4K 19:30 CAD CFTC CAD speculative net positions 8.0K 19:30 CHF CFTC CHF speculative net positions -3.7K 19:30 AUD CFTC AUD speculative net positions 51.4K 19:30 JPY CFTC JPY speculative net positions -126.9K 19:30 NZD CFTC NZD speculative net positions 36.0K 19:30 RUB CFTC RUB speculative positions -6.2K 19:30 EUR CFTC EUR speculative net positions 91.3K A24-Zap (RADIOCOR) 27-07-17 22:32:52 (1165) 5 NNNN

  2. Italy

    Prysmian H1 net profit 113 mln eur, down 8.9%

    Sees adj EBITDA at 710-750 mln eur (Il Sole 24 Ore Radiocor Plus) - Milan, 27 Jul - Italian cable maker Prysmian reported first half net profit of 113 million euros, down 8.9% from 124 million a year before. Sales in the period totaled 3.94 billion euros, up 4% from 3.78 billion the previous year. Organic sales dropped 1.5%. Second quarter sales increased 0.6%. The company is forecasting adjusted earnings before interest tax depreciation and amortization for full year 2017 in the range of 710-750 million euros, up from the 711 million reported in 2016. Prysmian said it expects cable demand in the cyclical businesses of building wires and medium voltage cables for utilities to be largely stable compared with the previous year, while the various applications in the industrial business will have a mixed but positive performance thanks to an uptick in the Automotive and OEM markets. A24-Cia (RADIOCOR) 27-07-17 21:58:51 (1124) 5 NNNN

  3. Italy

    Mediolanum H1 net 196.4 mln eur, up 15%

    End-June CET 1 ratio 21.9% (Il Sole 24 Ore Radiocor Plus) - Milan, 27 Jul - The Italian banking and asset management group Banca Mediolanum said that its first half net profit rose 15% to 196.4 million euros. Assets under management and administration totalled 72.209 billion euros at the end of June. The common equity tier one ratio stood at 21.9% at end June. A24-Web (RADIOCOR) 27-07-17 21:58:43 (1122) 5 NNNN

  4. Italy

    Azimut H1 net 121.2 mln eur vs 67.8 mln

    H1 normalised profit 126.5 mln eur (Il Sole 24 Ore Radiocor Plus) - Milan, 27 Jul - The Italian asset manager Azimut said that its first half net profit rose to 121.2 million euros from 67.8 million a year earlier as revenue grew to 415.4 million from 312.5 million. Normalised net profit increased to 126.5 million euros. The operating profit grew to 149.8 million euros from 72.8 million. The net inflow in the first half totalled 3.4 billion euros. Managed asset totalled 38.4 billion euros at end June. Including including assets under custody and third parties' funds, assets under management reached 47.2 billion. A24-Web (RADIOCOR) 27-07-17 20:56:58 (1003) 5 NNNN

  5. Italy

    Banca Generali H1 net 108.1 mln eur, up 61%

    H1 revenue 270.2 mln eur, up 34% (Il Sole 24 Ore Radiocor Plus) - Milan, 27 Jul - The Italian asset management and banking group Banca Generali said that its first half net profit rose 61% to 108.1 million euros as net banking income rose 34% to 270.2 million. "Banca Generali's flexible service model and versatile range of products and services guarantee an effective growth process that is likely to continue in the coming months," it added. A24-Web (RADIOCOR) 27-07-17 19:46:34 (0854) 5 NNNN

  6. Italy

    Enel H1 net 1.85 bln eur vs 1.83 bln

    H1 revenues 36.32 bln eur, up 6.3% (Il Sole 24 Ore Radiocor Plus) - Milan, 27 Jul - Italian power generator Enel said that net income for the first six months of 2017 rose to 1.85 billion euros from 1.83 billion in the same period of last year. Revenues for the period rose to 36.32 billion euros from 34.15 billion in the first half of 2016. Net debt stood at 38.83 billion euros, up from 37.55 billion as of December 2016. A24-Zap (RADIOCOR) 27-07-17 18:43:24 (0771) 5 NNNN

  7. Italy

    Europe shares end flat to lower on earnings, Fed -2-

    Pharma stocks down, Leonardo higher (Il Sole 24 Ore Radiocor Plus) - London, 27 Jul - Healthcare shares were lower, with Anglo-Swedish pharmaceutical group AstraZeneca leading the losses after a closely watched advanced lung cancer trial failed. Swiss pharmaceutical group Roche bucked the trend and rose 0.21% to 242.90 Swiss francs after it said that in the first half its core earnings per share totalled 8.23 francs, up 6% in Swiss francs and at constant currency rates. Core operating rose 3% to 10.135 billion francs. In Milan dealings, shares in Italian ship maker Fincantieri reduced losses but closed down 2.61% at 0.93 euros after French finance minister Bruno Le Maire confirmed France's plan to nationalize French shipyard STX. The French government will exercise a right of first refusal and nationalise the shipyard STX France, said the French economy minister Bruno Le Maire. The move will cancel an agreement under which STX was due to be taken over by Italian investors, with the Italian ship maker Fincantieri buying 48% and the bank Cassa di Risparmio di Trieste 7%. Le Maire said that the nationalisation is a temporary solution that gives the government more time to discuss the future of STX with the Italian government. Le Maire said that a previous proposal to evenly split the ownership of STX between French and Italian investors is still valid even if it has been rejected by the Italian government. Le Maire added that he will meet the Italian economy minister Pier Carlo Padoan and the Italian industry minister Carlo Calenda on Tuesday and to reach an agreement in the coming weeks. Shares in Italian aerospace and defence group Leonardo closed up 0.33% at 15.39 euros after it posted a net profit of 194 million euros in the first half of 2017, down from 210 million a year earlier when the bottom line benefitted from a 10 million euro capital gain from the sale of Fata. Sales dropped 1.6% to 5.326 billion euros due to an adverse sterling/euro rate. Also in Zurich, Swiss food group Nestle closed down 0.97% to 81.55 Swiss francs after it said that in the first half its sales fell to 43.023 billion francs down 0.3% from 43.155 billion a year ago, reflecting the 2.3% negative impact of net divestments and 0.3% negative impact from foreign exchanges. Organic growth was below group expectations at 2.3% while real internal growth was resilient at 1.4% but pricing remained soft at 0.9%. The group confirmed full year guidance but said that organic growth likely to be in the lower half of the 2-4% range. A24-Cia (RADIOCOR) 27-07-17 18:22:14 (0756) 5 NNNN

  8. Italy

    Europe shares end flat to lower on earnings, Fed

    FTSE 100 down 0.12%, DAX down 0.76%, CAC 40 down 0.06% (Il Sole 24 Ore Radiocor Plus) - London, 27 Jul - Europe shares ended moderately lower, taking a breather from a recent rally as fresh a slew of corporate earnings reports failed to impress investors. Major European companies released updates today on a busy earnings day, including German drug and chemical company Bayer, German automotive group Volkswagen, French retailer Casino, French aerospace group Airbus, French oil and gas company Total, Swiss food group Nestle, Anglo-Swedish pharmaceutical group AstraZeneca and Italian aerospace and defense group Leonardo. Investors also digested the latest Federal Reserve policy statement released yesterday. The US central bank left interest rates unchanged but said that it could start reducing its massive, 4.5 trillion dollar balance sheet "relatively soon." The Fed also sounded a somewhat cautious tone on inflation, which it noted remains below 2%. On the US economic front, the number of Americans filing for unemployment benefits for the first time in the week ended July 22 rose by 10,000 from the previous week's revised figure to a seasonally adjusted figure of 244,000, the US Labor Department said. Economists were expecting claims to total 241,000. The London FTSE 100 closed down 0.12% at 7,443.01 points, the Frankfurt DAX dropped 0.76% to 12,212.04 points, the Paris CAC 40 declined 0.06% to 5,186.95 points, in Milan the FTSE MIB rose 0.26% to 21,634.72 points and in Madrid the IBEX 35 ended up 0.05% at 10,580.70 points. A24-Cia (RADIOCOR) 27-07-17 18:10:02 (0743) 5 NNNN

  9. Italy

    Euro zone benchmark 10-year sovereign bond yields

    (Il Sole 24 Ore Radiocor Plus) - London, 27 Jul - Euro zone benchmark 10-year sovereign bond yields Germany - yield 0.53%; down 0.03 percentage points from previous close. France - yield 0.80%; down 0.01 percentage points from previous close. Belgium - yield 0.81%; down 0.01 percentage points from previous close. Italy - yield 2.09%; down 0.02 percentage points from previous close. Spain - yield 1.52%; down 0.01 percentage points from previous close. A24-Zap (RADIOCOR) 27-07-17 17:34:57 (0702) 5 NNNN

  10. Italy

    Fincantieri shares reduce losses on STX France deal hopes

    Stock down 1.98% (Il Sole 24 Ore Radiocor Plus) - Milan, 27 Jul - Shares in Italian ship maker Fincantieri reduced losses after French finance minister Bruno Le Maire confirmed France's plan to nationalize French shipyard STX. The French government will exercise a right of first refusal and nationalise the shipyard STX France, said the French economy minister Bruno Le Maire. The move will cancel an agreement under which STX was due to be taken over by Italian investors, with the Italian ship maker Fincantieri buying 48% and the bank Cassa di Risparmio di Trieste 7%. Le Maire said that the nationalisation is a temporary solution that gives the government more time to discuss the future of STX with the Italian government. Le Maire said that a previous proposal to evenly split the ownership of STX between French and Italian investors is still valid even if it has been rejected by the Italian government. Le Maire added that he will meet the Italian economy minister Pier Carlo Padoan and the Italian industry minister Carlo Calenda on Tuesday and to reach an agreement in the coming weeks. The stock was down 1.98% at 1.77 euros immediately after the announcement. A24-Cia (RADIOCOR) 27-07-17 16:58:26 (0678) 5 NNNN

  11. Italy

    French govt to nationalise STX France - economy minister

    French govt hopes in deal with Italy on STX in coming weeks (Il Sole 24 Ore Radiocor Plus) - Paris, 27 Jul - The French government will exercise a right of first refusal and nationalise the shipyard STX France, said the French economy minister Bruno Le Maire. The move will cancel an agreement under which STX was due to be taken over by Italian investors, with the Italian ship maker Fincantieri buying 48% and the bank Cassa di Risparmio di Trieste 7%. Le Maire said that the nationalisation is a temporary solution that gives the government more time to discuss the future of STX with the Italian government. Le Maire said that a previous proposal to evenly split the ownership of STX between French and Italian investors is still valid even if it has been rejected by the Italian government. Le Maire added that he will meet the Italian economy minister Pier Carlo Padoan and the Italian industry minister Carlo Calenda on Tuesday and to reach an agreement in the coming weeks. France already owns a slightly more than 33% stake in STX France and the government will buy the remaining shares from the South Korean firm STX Offshore and Shipbuilding. Le Maire said that the acquisition will cost about 80 million euros. A24-Web (RADIOCOR) 27-07-17 16:31:33 (0655) 5 NNNN

  12. Italy

    Italy 2017 GDP up 1.3%, up 1% in 2018-2020 -3-

    Gradual, but substantial fiscal adjustment in 2018-19 (Il Sole 24 Ore Radiocor Plus) - Washington , 27 Jul - The IMF supported "a gradual but substantial fiscal adjustment in 2018-19 toward a structurally balanced budget." For the medium term, many directors thought that targeting a small structural surplus would provide valuable insurance for a declining debt path against shocks. At the same time, many other directors felt that a balanced budget was appropriate. The IMF's deficit forecasts are essentially aligned with those of the government. The government's budget blueprint, or DEF, projects the headline deficit to decline from 2.3% of GDP in 2017 (before implementation of new measures of 0.2% of GDP) to 1.2% of GDP in 2018, 0.2% of GDP in 2019, and zero in 2020. The IMF expects deficit at 2.2% in 2017, 1.3% in 2018, 0.3% in 2019 and 0.1% in 2020. Adjusting for the economic cycle, the government expects deficit to decline from about 1.5% of GDP in 2017 to 0.7% in 2018 and 0.1% in 2019. A24-Cia (RADIOCOR) 27-07-17 16:06:48 (0633) 5 NNNN

  13. Italy

    Italy 2017 GDP up 1.3%, up 1% in 2018-2020 -4-

    Progress underway to safeguard financial stability (Il Sole 24 Ore Radiocor Plus) - Washington , 27 Jul - As for the financial sector, IMF directors noted that progress is underway to safeguard financial stability. They called for additional measures to enhance banks' operational efficiency and materially reduce NPLs. Directors highlighted that banks' NPL reduction and restructuring strategies should be ambitious, and credible, aided by supervisory assessment "Banking system consolidation can play a useful role in facilitating such efficiency gains, but should not be seen as a panacea to deal with banking sector problems," the IMF said. This needs to be part of a comprehensive strategy. In Italy, profitability gains cannot come solely from M&As but other measures are also needed, such as growth-enhancing structural reforms as well as active resolution measures for NPLs. A24-Cia (RADIOCOR) 27-07-17 16:06:48 (0634) 5 NNNN

  14. Italy

    Italy 2017 GDP up 1.3%, up 1% in 2018-2020 - 2-

    2017 debt at 133% of GDP, 131.6% in 2018, 126% in 2020 (Il Sole 24 Ore Radiocor Plus) - Washington, 27 Jul - Public debt appears to be stabilizing at about 133% of GDP, the IMF said. However, weak productivity and low investment remain key challenges for faster growth. The IMF expects Italy's debt to be at 133% of GDP in 2017, 131.6% in 2018, 129% in 2019 and 126% in 2020. Directors said that the ongoing recovery and favorable financial conditions provide an opportunity for a credible and sizable fiscal consolidation strategy to reduce the public debt ratio. The IMF welcomed the approval of decrees on public administration reform and urged more efforts for structural reforms. A24-Cia (RADIOCOR) 27-07-17 16:06:38 (0632) 5 NNNN

  15. Italy

    Italy 2017 GDP up 1.3%, up 1% in 2018-2020 - IMF

    Downside risks significant, income below pre-euro levels (Il Sole 24 Ore Radiocor Plus) - Washington, 27 Jul - Italy's economic recovery is expected to continue, but risks ahead are significant, the International Monetary Fund said in the final staff report on the country. The institution said it expects Italy's GDP growth at about 1.3% this year and around 1% in 2018-20 as favorable tailwinds from trade, fiscal and monetary policies become less supportive. The forecasts were released in June as part of the first conclusions of the annual review, known as Article IV. "The Italian economy is in the third year of a moderate recovery. Supported by exceptionally accommodative monetary policy, fiscal easing, low commodity prices, and the government's reform efforts, the economy grew by 0.9% in 2016 and continued to expand in the first quarter of 2017," the IMF said. "Growth could surprise on the upside in the near term, including from a stronger European recovery. However, downside risks are significant, related among others to political uncertainties, possible setbacks to the reform process, financial fragilities, and re-evaluation of credit risk during monetary policy normalization," the IMF said. Uncertainty about US policies and Brexit negotiations add to these risks. The IMF said it expects a return to pre-crisis per capita income levels only by the mid-2020s. A24-Cia (RADIOCOR) 27-07-17 16:06:37 (0631) 5 NNNN

  16. Italy

    ***France, Italy to resume STX talks Tuesday - French govt (RCOP)

    (Il Sole 24 Ore Radiocor Plus) A24-Web (RADIOCOR) 27-07-17 16:01:48 (0615) 5 NNNN

  17. Italy

    ***French govt hopes in deal with Italy on STX in coming weeks (RCOP)

    (Il Sole 24 Ore Radiocor Plus) A24-Web (RADIOCOR) 27-07-17 16:00:44 (0606) 5 NNNN

  18. Italy

    Leonardo H1 net 194 mln eur vs 210 mln

    H1 sales 5.3 bln usd, down 1.6% (Il Sole 24 Ore Radiocor Plus) - Milan, 27 Jul - The Italian aerospace and defence group Leonardo said that it posted a net profit of 194 million euros in the first half of 2017, down from 210 million a year earlier when the bottom line benefitted from a 10 million euro capital gain from the sale of Fata. Sales dropped 1.6% to 5.326 billion euros due to an adverse sterling/euro rate. EBITA increased 2.1% to 482 million euros. New orders totalled 5.1 billion euros and the order backlog amounted to 33.9 billion at end June. The group confirmed its full year guidance. A24-Web (RADIOCOR) 27-07-17 15:19:14 (0558) 5 NNNN

  19. Italy

    Terna H1 net 351.3 mln eur, up 8.2%

    Sees solid basis to evaluate dividend improvement (Il Sole 24 Ore Radiocor Plus) - Milan, 27 Jul - The Italian power grid operator Terna said that its first half net profit rose 8.2% year on year to 351.3 million euros as revenue grew 0.7% to 1.047 billion. EBITDA grew 2.3% to 794.8 million and EBIT was up 4.7% to 534.0 million. "The results achieved in the first half of the year confirm the economic and financial stability of the group and represent a solid basis for an acceleration of our investment plan, above all in Italy, as well as the evaluation of an improvement in the current dividend policy," said chief executive Luigi Ferraris. "We will also continue to look for growth opportunities abroad, always keeping a strict financial approach and limited capital absorption," he added. A24-Web (RADIOCOR) 27-07-17 14:34:52 (0496) 5 NNNN

  20. Italy

    Brembo H1 net 136.7 mln eur, up 7.6%

    H1 revenue 1.262 bln eur, up 10.1% (Il Sole 24 Ore Radiocor Plus) - Milan, 27 Jul - The Italian brake maker Brembo said that it posted a first half net profit of 136.7 million euros, up 7.6% year on year, as sales rose 10.1% to 1.262 billion. EBITDA increased 12.8% to 255.5 million euros. At end June, net debt stood at 259.7 million euros, in line with the previous year. "Order book projections allow us to look to the future with cautious optimism, despite the scenario of global volatility," the company said. A24-Web (RADIOCOR) 27-07-17 14:14:45 (0468) 5 NNNN