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Italy - Factors to watch on May 22
May 22, 2014 / 4:01 AM / 3 years ago

Italy - Factors to watch on May 22

The following factors could affect Italian markets on Thursday.

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

POLITICS

Cabinet expected to meet.

Prime Minister Matteo Renzi closes Democratic Party European election campaign (1700 GMT).

DEBT

Treasury announces sale of CTZ and BTPei bonds, with relative amounts to be auctioned on May 27.

Lower-rated euro zone bond prices rose on Wednesday, reversing some of their recent losses as investors were lured back after a sell-off some traders said looked overdone.

Short-term, speculative traders have been behind this week’s spike in Italian government borrowing costs, bond traders say, and the disproportionate concentration of activity in futures trade suggests the sell-off may be fleeting.

COMPANIES

* ENI

New Eni CEO Claudio Descalzi aims to cut costs by 1 billion euros in two years by streamlining the oil and gas major’s structure and by speeding up a revision of gas contracts, Corriere della Sera says in an unsourced article.

* MEDIASET

According to Il Sole 24 Ore, Mediaset has kick-started a due diligence process for its pay-tv business, Mediaset Premium. The paper says Al Jazeera and Vivendi are two potential buyers.

BANKS

Italian banks should post collective net profit of 2.8 billion euros ($3.83 billion) in 2014, bouncing back from total net losses for the sector worth just below 16 billion euros last year, economic think-thank Prometeia forecast on Wednesday.

FIAT CHRYSLER

Fiat Chrysler Automobiles wants to eliminate the two-tier wage system that pays new U.S. automotive workers a lower rate than veterans by gradually phasing out the higher scale as older workers leave the company, Chief Executive Sergio Marchionne said on Wednesday.

Marchionne also said on Wednesday that the fallout from General Motors’ delay in recalling millions of cars for faulty ignition switches has prompted automakers to be more sensitive to safety issues.

Marchionne has a request for potential buyers of the automaker’s Fiat 500e electric car: Don’t buy it. He’s tired of losing money.

SNAM, PIRELLI UBI BANCA

Italian police have arrested a former university lecturer and ex-hedge fund manager who was fined 3 million pounds ($5.1 million) in 2012 for concealing massive losses to investors, Milan prosecutors said on Wednesday.

UNICREDIT

HVB, the Munich-based banking unit of Unicredit will seek to raise bonus levels to double the size of bankers’ fixed salaries, a spokeswoman for the German lender said on Wednesday.

BUZZI UNICEM

Ratings agency Standard & Poor’s has raised its outlook on Italy’s Buzzi Unicem to stable from negative and confirmed its long-term and short-term ratings at “BB+” and “B” respectively, the cement maker said in a statement on Wednesday.

ENEL

Greece approved on Wednesday a request by Italian energy major Enel to search for oil and natural gas in three onshore areas in the west of the country.

ENEL, TERNA

Italian government plans to impose ethics clauses on state-owned companies have been criticised as ill-conceived and possibly illegal by two advisory groups, who urged big shareholders to vote against the adoption of such policies at two major groups.

POSTE ITALIANE

Financial spread betting firm IG Group is offering a grey market contract that allows traders to bet on Poste Italiane’s market value at the close of its first trading day, now seen at 12.5 billion euros ($16.4 billion).

CERVED

The initial public offering of Italy’s Cerved Information Solutions could give the business information provider a market capitalisation of 1.11-1.35 billion euros ($1.52-1.85 billion), according to a research report by Banca IMI, one of the IPO’s global coordinators.

RAI

Italian broadcaster Rai has chosen Banca Leonardo as an advisor for a possible sale of a minority stake in its infrastructure unit Rai Way, two sources close to the matter said on Wednesday.

BIALETTI

Board meeting on FY results.

ENEL

Annual and extraordinary shareholders’ meeting (1200 GMT).

PRADA

Annual general meeting on FY results.

Annual general meetings: CELL THERAPEUTICS, CICCOLELLA <CUCI,MI> (0730 GMT), CONAFI PRESTITO (0800 GMT), EXOR (0800 GMT) followed by conference call (1400 GMT).

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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