MNI China Daily Summary: Thursday, July 18

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Telecom Italia’s Equity Short Positions Grow

COMMUNICATIONS


  • Blackrock and Capital Fund Management revealed short positions (roughly 0.5% of the total outstanding each) in Telecom Italia equity yesterday. The stock closed -4%, bringing losses since 05 March to 23%.
  • The FT have reported that over 19% of the company’s shares are targeted by short sellers – we see CPP and Qube also have filed short positions in the company.
  • The prior sessions had seen a temporary reprieve from recent poor performance on the reports that the company was considering selling its remaining Inwit stake and that Merelyn Advisors would be proposing a plan for the sale of the Brazil unit this year.
  • EUR spreads are largely unchanged on the week but sit up to 35bps wider on the month.
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