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Italy - Factors to watch on April 3
April 3, 2017 / 4:00 AM / 8 months ago

Italy - Factors to watch on April 3

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 (*).

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

POLITICS

Trade disputes between the United States and Europe would hurt economic growth and global governance at a time when the West needs to show a unified front against unfair trade practices, Italy’s industry minister said on Friday. Italian Prime Minister Paolo Gentiloni has said major powers should reject “the temptation of protectionism” at the Group of Seven summit in May in Sicily.

ECONOMY

Italian state fund Cassa Depositi e Prestiti (CDP) said on Friday 2016 net profit jumped 86 percent to 1.7 billion euros ($1.8 billion), raising the prospect of a bumper dividend for the cash-strapped treasury.

The Italian government will continue to work to reduce taxes in order to revive internal demand said Italian prime minister Paolo Gentiloni on Saturday.

Markit/ADACI releases March PMI manufacturing (0745 GMT).

ISTAT releases February unemployment data (0800 GMT).

Transport Ministry releases March car sales data (1600 GMT).

March state sector borrowing requirement data.

COMPANIES

ITALIAN BANKS

The Bank of Italy’s head of supervision Carmelo Barbagallo on Saturday urged domestic lenders to merge. He added that an increase in banks’ size would allow economies of scale and improve their access to markets. “Regaining adequate profitability is a need for all European banks, even more for Italian ones,” he said. (*) The 20 billion euros earmarked by the Italian government to shore up weak banks will be enough to tackle all the problems and also support liquidity at ailing banks, chief of the Treasury’s cabinet, Roberto Garofoli, told la Repubblica’s Affari & Finanza on Monday.

(*) MONTE DEI PASCHI DI SIENA

The European Commission’s analysis of the bank’s business plan is at an advanced stage, la Repubblica’s Affari & Finanza said on Monday, citing Roberto Garofoli, chief of the Treasury’s cabinet. The amount of state aid to be injected in the Tuscan bank has not yet been defined, Garofoli said, when asked about a 6.6 billion euro estimate.

CATTOLICA ASSICURAZIONE

The insurer is considering the possibility of filing for damages against Popolare Vicenza, in its position as investor in the regional bank, reported Il Sole 24 Ore on Saturday. Legal advisors for Cattolica believe there are grounds for legal action but will wait for the results of inspections by Italian watchdog Consob on the bank to start filing, the report added.

VENETO BANCA

The lender is expected to report on Monday a 1.4 billion euro loss for 2016 with a liquidity coverage ratio of around 110 percent at the end of the year, reported Il Sole 24 Ore on Saturday.

INTESA SANPAOLO

Syndicated loan bankers are still waiting for details of a 5.2 billion euros ($5.55 billion) loan that has been underwritten by Intesa Sanpaolo and finances the purchase of a 19.5 percent stake in Russian energy giant Rosneft, banking sources said on Friday.

TELECOM ITALIA

Vivendi - which is the top shareholder of the phone group with a 24 percent stake - is inclined to indicate a board of 15 members for the phone incumbent, five nominated by the French group, five Italians of “high standing” and five belonging to minority lists, reported la Repubblica on Saturday. A final decision on the name of the chairman has not yet been made, the report added. (*) Should Telecom Italia Chairman Giuseppe Recchi be removed from his post at the phone group, he could become the chairman of masts company INWIT, Corriere della Sera said on Monday. The paper adds that Gabriele Galateri is among candidates considered for the Telecom Italia chairman position.

FIAT CHRYSLER

Germany’s transport ministry has found a new “defeat device” in a Fiat car during emissions tests, it said on Friday, escalating a dispute with the Italian automaker.

A2A

Italy’s biggest regional power utility said on Saturday it would start talks with four other regional operators in the Lombardy region aimed at merging their businesses. A2A, whose top investors are the municipalities of Milan and Como, said it signed a non-binding MoU with ACSM-AGAM, ASPEM, AEVV and Lario Reti Holding, “to start examining business and corporate partnerships”.

Board meeting on FY results (preliminary results posted on Feb. 27), followed by conference call (1100 GMT).

ACEA

Stefano Donnarumma, head of the A2A Network division, is the candidate for the chief executive position of the utility group - 51 percent owned by the city of Rome, - reported la Repubblica on Sunday. The appointment of the group’s board is seen as a key test for the Five star Movement, which runs the city of Rome, the report added.

SPACE2, LEONARDO

Italian market regulator Consob has given its clearance to the listing of rocket engine maker Avio on the Milan bourse, Space2 said in a statement on Friday, adding that Avio would be listed from April 10. Italian defence company Leonardo said it will own around 28 percent of Avio.

ENAV

The Italian air traffic controller said on Saturday it has signed a 5 million euros contract with the Libyan Civil Aviation Authority for the construction and set up of the control tower and technical building of the Mitiga airport in Libya.

FINCANTIERI

Chief Executive Giuseppe Bono said on Sunday the Italian shipbuilder still intends to buy into French rival STX France, despite media reports suggesting that France might want to the nationalise the shipyard instead.

(*) SAVE

European infrastructure funds managed by Deutsche Asset Management and InfraVia Capital Partners have reached an agreement with Italian entrepreneur Enrico Marchi for the two funds to buy a majority stake in Venice’s airport operator SAVE , according to a statement issued late on Sunday.

Under the deal, a takeover bid on SAVE will be launched at a price of 21 euros a share in the coming months.

TECHNOGYM

Media preview with CEO Nerio Alessandri in Milan (1600 GMT). (*) Alessandri said the company will be ready to start production in the United States within a year or tow once it reaches the necessary volumes, according to an interview with Corriere della Sera.

UBI BANCA

Roadshow to celebrate 10 year anniversary (1515 GMT) in Cuneo.

(*) IPO

Fashion group Liu Jo could a turnover of 400 million euros by the end of this year, La Repubblica’s Affari & Finanza said on Monday, adding the company is studying a future initial public offering.

(Milan newsroom, +39 02 6612 9507, fax +39 02 801149, milan.newsroom@news.reuters.com))

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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