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Italy - Factors to watch on June 24
June 24, 2013 / 4:01 AM / 4 years ago

Italy - Factors to watch on June 24

The following factors could affect Italian markets on Monday.

Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).

POLITICS

* Italy’s Prime Minister Enrico Letta asked for a more flexible use of the European Union structural funds and suggested a more active role for the European Investment Bank to help reduce youth unemployment in a comment published in the FT on Monday ahead of the EU summit.

* Italy’s Economy Ministry has found one billion euros of resources needed to fund a three-month delay of a rise in sales tax, Italy daily Corriere della Sera reported on Monday.

Italy will delay for at least three months a rise in sales tax which was due to take effect in July and the government aims to cancel the rise altogether, deputy Economy Minister Stefano Fassina said in a newspaper interview on Sunday.

A Milan court decides on Monday whether Silvio Berlusconi paid for sex with an underage prostitute and abused his powers to cover it up, with the former Italian prime minister facing a jail sentence of up to six years. The verdict could have major political repercussions.

Thousands of workers and unemployed people marched in Rome on Saturday to protest against record unemployment and call on Enrico Letta’s two-month-old government to deliver more than empty rhetoric on the issue.

ECONOMY

National statistics institute ISTAT releases June consumer confidence data and May flash non-EU trade balance data.

Treasury announces sale of BTPs, fixed rate bonds, with relative amounts to be auctioned on June 27.

COMPANIES

* FINMECCANICA

Italy’s defence company does not have to sell assets to cut its debt, Finmeccanica’s Chief Executive Alessandro Pansa told La Repubblica on Monday. Finmeccanica’s units Ansaldo Breda, Ansaldo STS and Ansaldo Energia, however, should tie up with other groups to develop their businessess, Pansa said, hinting at a sale of these units.

BANCA POPOLARE DI MILANO

Shareholders of the mid-sized coopertative lender apporved on Saturday a rights issue for up to 500 million euros and named Giuseppe Coppini as supervisory board chairman, the company said in a statement.

ENEL

Enel is waiting for better market conditions to issue a bond and is ready to sell more assets to Gazprom, CEO Fulvio Conti told Milano Finanza on Saturday.

PARMALAT

The diary group holds board meeting to examine report on LAG price.

FIAT

The carmaker has renewed a three-year, 2 billion-euro ($2.64 billion) revolving credit line, it said on Friday, a vital step in its plan to acquire the Chrysler shares it does not already own.

IMPREGILO

The boards of Impregilo and Salini are due to meet on Monday to approve terms of their merger.

For more details on today’s events please see the full agenda in Italian.

For Italian market data and news, click on codes in brackets:

20 biggest gainers (in percentage)............

20 biggest losers (in percentage).............

FTSE IT allshare index

FTSE Mib index........

FTSE Allstars index...

FTSE Mid Cap index....

Block trades..........

Stories on Italy...... IT-LEN

For pan-European market data and news, click on codes in brackets: European Equities speed guide................... FTSEurofirst 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurofirst 300 sectors................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Reuters survey of world bourse outlook......... Western European IPO diary.......................... European Asset Allocation........................ Reuters News at a Glance: Equities............... Main currency report:...............................

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