August 8, 2018 / 4:00 AM / 3 months ago

Italy - Factors to watch on Aug. 8

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

Rome, Prime Minister Giuseppe Conte holds news meeting on mini-budget.

Rome, Prime Minister Giuseppe Conte meets Italian press ahead of summer break (0900 GMT).

Italy’s Senate on Tuesday approved a decree curbing temporary job contracts and penalising firms that move production abroad, passing the first major legislation by the new government.

ECONOMY

OECD releases June composite leading indicator (1000 GMT). (*) Italy’s government plans to introduce its reform of the fiscal system and a so-called ‘citizen’s income’ in the next budget, the economy minister was cited as saying by newspaper Il Sole 24 Ore on Wednesday.

DEBT

Italy’s Treasury said on Tuesday it would offer 6 billion euros ($6.96 billion) in 12-month BOT bills at an auction on Aug. 10.

COMPANIES

Bourse After Hours market closed.

(*) UNICREDIT, MEDIOBANCA, GENERALI

The bank’s CEO Jean Pierre Mustier said the lender would consider whether to exit Mediobanca’s shareholders agreement in September, when the pact can be called off, speaking in an interview to Il Sole 24 Ore. He added that Mediobanca “was and remains a purely financial investment” for UniCredit.

Mustier also said insurer Generali must remain “strong, autonomous and listed in Italy” and ssked about a possible aggregation with SocGen or Commerzbank, he said the bank would “evaluate its moves in the next three years... we want to be always stronger.”

(*) MEDIOBANCA

The bank is preparing a “light plan” to bind about 20 percent of its shareholding capital for a further year, in case UniCredit were to decide to sell its stake in September, when an existing shareholders’ agreement expires, Il Sole 24 Ore and Il Messaggero report.

UNICREDIT

The bank is not worried about the impact of widening Italian bond spreads and said it was sticking to its targets after its core capital fell in the second quarter.

Italy’s biggest bank expects to reach a deal with the United States in a dispute over alleged sanctions violations in Iran in the coming months, its CEO said on Tuesday.

The lender has stopped using Facebook FB.O for advertising and marketing campaigns and will not do so again until the U.S. giant improves its ethical standards, the bank’s CEO said on Tuesday.

PIRELLI

The Italian tyremaker on Tuesday posted a 6.8 percent rise in first-half adjusted operating profit before start-up costs as a better product mix and efficiencies helped offset higher raw materials costs and currency fluctuations.

BPER BANCA

The lender said second quarter net profit fell to 56.9 million euros from 104.5 million euros.

The bank’s CEO Alessandro Vandelli said he expects the second bad loan portfolio of around 2 billion euros to be sold at a price in line with the loan coverage ratio in its balance sheet.

BANCA CARIGE

Moody’s has downgraded Banca Carige and placed all of its long-term ratings and assessments under review for further downgrade, citing “recent corporate governance tensions which in Moody’s view are an impediment to the bank’s effective restructuring”. The move also reflects “the heightened risk that Carige could be placed in resolution following the European Central Bank’s rejection of the bank’s capital conservation plan”, the ratings agency added.

Banca Carige said on Tuesday the European Central Bank (ECB) had made no reference to a possible “resolution” of the Italian bank in rejecting its latest capital plan, dismissing a risk flagged by Moody’s ratings agency following a downgrade.

The lender also said it would enter exclusive talks with Bain Capital until Oct. 15 regarding the sale of an unlikely-to-pay loan portfolio with a gross book value of up to 400 million euros ($464 million). (*) The Italian markets watchdog Consob is looking into the trading of the bank’s shares on the market, MF reports.

(*) TELECOM ITALIA

Bernstein on Wednesday cut its target price to 0.85 euros per share.

(*) BANCA MONTE DEI PASCHI

The government’s exit plan from the lender, agreed with the European Commission, is not under discussion, Italy’s economy minister said in an interview with Il Sole 24 Ore.

JUVENTUS

Juventus winger Marko Pjaca has left the Italian champions to join Serie A rivals Fiorentina on a one-year loan for a fee of 2 million euros ($2.32 million), the clubs said on Tuesday.

(*) SALINI IMPREGILO

The group said on Wednesday it had reached a final negotaition phase for the sale of lane’s plants and paving unit. (*) FINCANTIERI

The shipbuilder’s Oil & Gas unit said on Wednesday it would extend its exit offer for the remaining Vard holding shares.

UNIPOLSAI, UNIPOL

UnipolSai has finalised the purchase of a controlling interest in Arca Vita, equal to a 63.39 percent stake, held by Unipol Group, it said in a statement on Tuesday.

DOBANK

The company said first-half net profit rose 7 percent to 21 million euros. Conference call on H1 results (0900 GMT).

SPAXS

Ordinary and extraordinary shareholders’ meetings (0800 GMT).

CAIRO COMMUNICATION

Board meeting on H1 results.

CREDITO EMILIANO

Board meeting on H1 results.

IMA

Board meeting on H1 results.

MASSIMO ZANETTI

Board meeting on H1 results, followed by conference call.

SERVIZI ITALIA

Board meeting on H1 results.

SIT

The company said CEO Fulvio Camilli had resigned.

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:...............................

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below