August 7, 2019 / 6:13 AM / 13 days ago

Italy - Factors to watch on Aug. 7

The following factors could affect Italian markets on Wednesday.

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

Deputy Prime Minister Matteo Salvini said on Tuesday that Italy must not reduce its budget deficit next year as a proportion of gross domestic product, in order to allow space to cut taxes and stimulate the economy.

Rome, Senate votes motion on TAV high-speed rail link.

ECONOMY

Bank of Italy releases July data on Target 2 liabilities and European Central Bank funding to Italian banks.

COMPANIES

Bourse After Hours market closed.

(*) UNICREDIT

Italy’s biggest bank by assets UniCredit on Wednesday cut its revenue target for 2019, citing expectations that interest rates will remain low, though it confirmed its net profit and dividend goals.

CEO Jean Pierre Mustier told a press call that a lower tax rate would allow the bank to meet its 2019 net profit goal.

Mustier also said bad loan disposals would accelerate in the remainder of the year and confirmed UniCredit was working on changes to its group structure to improve its resilience to macroeconomic shocks, adding the lender would remain listed and headquartered in Italy.

(*) ATLANTIA

Italy’s transport ministry has recently asked the motorway operator to submit a proposal for the proposed revision of the concession agreement to make it less favourable for Atlantia, la Repubblica reported. Negotiations, however, have hit a hurdle and Atlantia’s participation in the Alitalia rescue is now in doubt, the paper said.

BANCO BPM

The Italian third largest lender reported on Tuesday a sharp quarterly rise in net profit for the three months through June helped by capital gains and an improvement in core revenues compared with the start of the year.

UBI BANCA, CATTOLICA ASSICURAZIONI

France’s CNP Assurances and Italy’s Cattolica Assicurazioni are among a series of European bidders looking to submit binding offers for a controlling stake in the insurance arm of the Italian lender, sources told Reuters.

ENI

Aker BP has made a small offshore gas discovery in Norway, participants are Eni’s Vaar and Lundin Petroleum.

CREDITO VALTELLINESE

The Italian lender reported on Tuesday a sharp rise in net profit for the first half of the year and announced a binding agreement with Dorotheum Group to sell its pawncredit business.

Conference call on H1 results (0630 GMT)

French businessman Denis Dumont has become the single largest investor in Creval by raising his stake to 9.9% from 5.7%, several newspapers reported.

BPER BANCA

Board meeting on H1 results, followed by conference call (1600 GMT).

MASSIMO ZANETTI

Board meeting on H1 results, followed by conference call (1530 GMT).

TOD’S

Board meeting on H1 results.

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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