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Italy - Factors to watch on Aug. 4
August 4, 2017 / 4:00 AM / 2 months ago

Italy - Factors to watch on Aug. 4

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 .

ECONOMY

ISTAT releases June retail trade data (0800 GMT) and monthly bulletin on the state of the economy in July (0900 GMT).

COMPANIES

Bourse After Hours market closed.

MEDIOBANCA (*) Mediobanca raised its dividend on Friday after posting record-breaking annual revenues and beating profit expectations.

CEO Alberto Nagel told analysts in a conference call that the bank could sell stakes it holds in other companies, including insurer Generali, if deemed necessary to boost growth. He added reshaping of group involved several small M&A operations a year and did not exclude bigger acquisitions in future.

BANCA POPOLARE EMILIA ROMAGNA

The Italian bank plans to book 1 billion euros ($1.2 billion) in loan loss provisions early next year to pave the way for possible disposals that would cut its bad debt burden.

CEO Alessandro Vandelli told analysts the bank wanted to raise provisions to cover 70 percent of bad loans and 35-40 percent of unlikely-to-pay loans.

(*) UNICREDIT

The bank is focused on organic growth, CEO Jean Pierre Mustier told Il Sole 24 Ore in an interview. The executive added that the nationality of bank’s chairman was not important as long as the person had deep knowledge of Italy.

BANCA CARIGE

Carige said on Thursday it was slightly raising the size of a proposed cash call to 560 million euro to include a possible debt-to-equity swap after reporting a second quarter loss of 114 million euros.

CEO Paolo Fiorentino told a conference call that the bank would open a virtual data room on Friday for 22 possible bidders for a 1.4 billion euro bad loan portfolio that it has put on sale.

The bank said it had ended a dispute with market watchdog Consob over its 2013 financial statements and would ask shareholders to approve them again after having introduced the changes asked by the regulator.

TOD‘S

The Italian luxury goods group said on Thursday it was ready to make short-term sacrifices in margins and revenues in pursuit of medium-term growth as it turns away from fashion to focus on higher-end products.

CFO Emilio Macellari told an analyst call that market consensus on the group’s full-year core profit was reasonable and could be met.

TELECOM ITALIA

There would be clear advantages to spinning off Telecom Italia’s fixed-line network, Economy Minister Pier Carlo Padoan said on Thursday, without clarifying whether the government was planning such a move.

The prime minister’s office is bringing together a group of senior government officials on Friday to decide whether there are sufficient grounds to apply the golden power to Vivendi’s management of Telecom Italia, several papers said. The government could intervene at least by making a recommendation to Vivendi, with the objective of setting some limits and getting certain guarantees from the phone group’s top investor, Il Messaggero said.

MEDIASET, VIVENDI, TELECOM ITALIA

Vivendi Chief Executive Arnaud de Puyfontaine held talks with market regulator Consob on Thursday, Il Messaggero said.

The French media group and AGCOM are seeking to conclude their talks regarding the Italian telecoms regulator’s request that it reduces its weight at either Mediaset or Telecom Italia by September, the paper added.

ENEL, TELECOM ITALIA

European pay-TV group Sky has spoken to Italian broadband company Open Fiber about providing possible ultrafast broadband services in Italy, a source with knowledge of the matter said on Thursday.

CREDITO EMILIANO

The bank reported on Thursday a 44 percent annual rise in first-half net profit to 101 million euros.

Conference call on H1 results (0800 GMT).

(*) UNIPOL and UNIPOLSAI

Insurer UnipolSai reported first-half consolidated net profit of 282 million euros vs 280 million euros the previous year.

First-half consolidate net income at Unipol Group, including the effects of the banking sector’s restructuring plan, amounted to a loss of 390 million euros.

(*) GENERALI, BANCA MONTE DEI PASCHI DI SIENA

The insurer will have a stake in Monte dei Paschi of between 4.1-4.3 percent following the conversion of subordinated bonds, Il Sole 24 Ore said.

ATLANTIA

Board meeting on H1 results.

BANCO BPM

Board meeting on H1 results, followed by conference call (1630 GMT).

UBI BANCA

Board meeting on H1 results, followed by conference call (with journalists at 1345 GMT and with analysts at 1430 GMT).

CREDITO VALTELLINESE

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