April 24, 2020 / 4:00 AM / a month ago

Italy - Factors to watch on April 24

The following factors could affect Italian markets on Friday.

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

For a complete list of diary events in Italy please click on .

POLITICS

Italy is targeting its budget deficit at 10.4% of gross domestic product this year and sees the public debt rising to 155.7% of GDP, according to a draft forecasting document obtained by Reuters.

European Union leaders agreed on Thursday to build a trillion euro emergency fund to help recover from the coronavirus pandemic, avoiding another all-night bust-up but leaving divisive details until the summer.

ECONOMY

S&P Global scheduled review of Italy sovereign debt ratings.

DEBT

Treasury sells 2.25-2.75 billion euros CTZ bonds due Nov. 29, 2021 and 0.5-1.0 billion euros 0,40% BTPei bonds due May 15, 2030. Subscriptions close at 0900 GMT.

Treasury announces sale of 6-month BOT bills, with relative amounts to be auctioned on April 28.

COMPANIES

ENI (*) The Italian oil and gas group lowered its forecast for production and investments on Friday due to the impact of COVID-19 and lower gas demand.

The company approved the possible issue of one or more bonds with a value up to a maximum amount of 4 billion euro to be issued by 31 March 2022.

Eni CEO will defer the collection of half of his 2020 long-term incentive plan until 2021, the group said in a statement on Thursday, adding that all of Eni’s senior managers have decided to do the same.

(*) UNICREDIT

Italy’s biggest bank is exploring options for its merchant payment business, including a potential sale, MF reported.

(*) INTESA SANPAOLO, UBI

The takeover bid by Italy’s biggest retail bank Intesa Sanpaolo on smaller rival UBI Banca is not the best option for the latter, even more so in the current emergency, UBI minority shareholder Alberto Bombassei told Il Sole 24 Ore.

MONTE DEI PASCHI DI SIENA

The Treasury has nominated Patrizia Grieco and Guido Bastianini to become chairman and chief executive of the state-controlled lender, the Economy ministry said on Thursday.

MEDIASET

Italy’s top commercial broadcaster Mediaset said on Thursday it had raised its stake in ProSiebenSat.1 PSMGn.DE to 24.2% from 20.1% as it presses ahead with its plans to create a pan-European TV champion.

TELECOM ITALIA, INWIT

Telecom Italia (TIM) and Vodafone have completed the sale of an 8.6% combined stake in Italy’s biggest mobile towers company INWIT as part of efforts to cut debt, the companies said.

TELECOM ITALIA

Shareholders in Italy’s biggest phone group on Thursday approved near unanimously 2019 earnings, dividend distribution plans and a long-term incentive plans which proxy adviser ISS had suggested to reject, TIM said in a note.

TIM said the board had been updated on discussions with KKR over a joint-venture to manage the group’s secondary network and provide broadband services, adding work to arrive to a binding offer “continued regularly”.

(*) BREMBO

Chairman Alberto Bombassei told Il Sole 24 Ore that the group, which supplies brakes to premium brands, was solid industrially and financially and would persevere in its consolidation and expansion projects. “We have been looking for opportunities in the two segments of high value-added services and artificial intelligence for a year. Less so in that of products,” he said.

GUALA CLOSURES

The bottle cap maker said it had hired Rothschild as financial adviser to the board in the tender offer launched by Investindustrial.

MASSIMO ZANETTI

The Italian coffee maker said it was suspending the financial guidance provided on March 5 given the uncertainty on the duration of the lockdown, the timeline for the reopening process and the speed of the economic recovery following the coronavirus crisis.

TREVI FINANZIARE INDUSTRIALE

The troubled Italian construction group said its 213 million euro cash call would run from May 4 to May 18, adding it had shareholder commitments for 77.5 million euros while another 63.1 million euros would come from the conversion of bank debt.

BANCA IFIS

The bank is solid but the coronavirus emergency will force it to revise targets set under a business plan presented in January, CEO Luciano Colombini said.

AMPLIFON

Annual general meeting (0800 GMT).

CREDITO VALTELLINESE

Annual and extraordinary shareholders’ meetings (0730 GMT).

DIARY

Rome, Chamber of Deputies votes government request to increase 2020 deficit.

Think-tank Prometeia holds webinar on “Which exit strategy from COVID-19?” with microbiologist Andrea Crisanti, data scientist Andrea Pescino (1300 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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