December 11, 2018 / 5:05 AM / a year ago

Italy - Factors to watch on Dec. 11

The following factors could affect Italian markets on Tuesday.

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

(*) The European Commission is willing to accept an increase in Italy’s deficit target to 1.95 percent of GDP for next year, la Repubblica reported, adding Finance Minister Giovanni Tria is pushing the government to reduce its deficit goal to 2.0 percent to find a compromise with Brussels and avoid disciplinary action over its budget.

The vice president of the European Commission warned the Italian government on Monday there was little time left to change its 2019 draft budget and avoid an EU disciplinary procedure.

Italy’s Deputy Prime Minister Matteo Salvini said Italy will keep the euro currency.

Deputy Prime Minister Matteo Salvini holds presser in Jerusalem.

BANCO BPM

The bank said on Monday it had agreed to sell up to 7.8 billion euros in bad loans along with a 70 percent stake in its debt recovery business to Credito Fondiario and U.S. fund Elliott.

SAIPEM

Italian oil services company Saipem said it had identified a cyber attack out of India on Monday that had primarily affected its servers in the Middle East.

ATLANTIA

Spanish motorway group Abertis — which has been acquired jointly by Atlantia, ACS and Hochtief — will look at potential acquisitions in target markets, Chairman Marcelino Fernandez Verdes said.

(*) Infrastructure Minister Danilo Toninelli said on Tuesday that toll road operator Autostrade would have to pay to demolish and rebuild the collapsed Genoa bridge but would not take part in any of those activities.

(*) TELECOM ITALIA, VIVENDI

The French media conglomerate said it would look to call upon a new shareholders’ meeting to change the board members at the Italian telecoms group and get rid of those proposed by activist fund Elliott..

(*) GENERALI

Chief Executive Officer Philippe Donnet said in an interview with Corriere della Sera that the insurer had never been healthier and that he was not worried about the widening yield spread between Italian and German bonds. Donnet added however it would be unwise to consider as normal a spread of around 300 basis points (bps), as every 100 bps of increase can put at risk tens of billions of euros of credit to the economy.

Some Generali shareholders, including Francesco Caltagirone, have sent a letter to the board asking for a change in the company’s by-laws to allow the appointment of a chairman over the age of 70, according to Il Sole 24 Ore. This change would make it possible to confirm Chairman Gabriele Galateri di Genola in his job.

(*) INTESA SANPAOLO

The chairman of Compagnia di Sanpaolo, the lender’s biggest shareholder, told Il Sole 24 Ore that he was in favor of making the lender’s board more international. The shareholders “will have to consider whether to appoint one or more foreign members on the board,” Paolo Francesco Profumo said.

(*) ASTALDI

Offers for a bridge loan to the Italian troubled builder from Fortress and Sound Point Capital are worth around 270 million euros, of which 70 million in the short term and the rest in 2019, according to Il Sole 24 Ore. The newspaper said that Fortress looked in the lead as it already operated in Italy, although terms of the Sound Point offer appeared to be more favourable. A decision is expected by mid-January.

AUTOGRILL

Shares fell with traders saying stock weighed down by Reuters report late on Friday saying Amazon.com is looking to bring its checkout-free store format to airports.

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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