July 1, 2020 / 4:01 AM / in 15 days

Italy - Factors to watch on July 1

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

Italy will raise its 2020 budget deficit to around 11.6% of gross domestic product from the current 10.4% goal, a senior government official told Reuters, as Rome readies new measures to soften the impact of the coronavirus crisis. A new spending package of 20 billion euros will be approved in July, the source said.

ECONOMY

The European Central Bank is ready to adapt its policy to the needs of the European Union after the coronavirus pandemic, but reforms by single countries will be more important than monetary policy, the bank’s Vice President Luis de Guindos said on Tuesday in an interview with La Stampa.

He added that spending was the only alternative in the short-term, but after the emergency Italy, like other high-debt countries, must tackle the issue of the sustainability of its public accounts.

IHS Markit releases June manufacturing PMI (0745 GMT).

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

June state sector borrowing requirement data.

MONTE DEI PASCHI DI SIENA, BANCO BPM

Banca Monte dei Paschi di Siena is exploring merger options, including with Banco BPM, while Italy’s Treasury Ministry has drafted a decree to sell its controlling stake in the bailed-out bank, two sources told Reuters.

(*) FIAT CHRYSLER

Parties in the ruling coalition could agree on a package to support Italy’s automotive industry, daily MF said. The government could set incentives to buy state-of-the-art combustion engine cars of up to 3,500 euros, down from 4,000 euros in a previous proposal, and could increase existing incentives to buy electric and hybrid cars to 6,000 euros and 4,000 euros respectively, the report said. The package is worth around 400 million euros, it said.

INTESA SANPAOLO, UBI BANCA

The shareholder pact of Brescia-based investors representing 8% of UBI Banca’s capital met on Tuesday to discuss the takeover bid on the lender by Intesa Sanpaolo but did not reach any decision ahead of the UBI board meeting called for Friday, papers said.

ATLANTIA

Three offers have arrived for Telepass, the motorway electronic payments unit of Atlantia, Il Sole 24 Ore said. The offers are from a consortium comprising Bain-Advent-FSI, Warburg Pincus with Neuberger Berman and Partners Group, it said.

(*) MEDIOBANCA

The ECB is examining the new by-laws on governance of Mediobanca and could give a green light by the end of July in time for the lender’s results due on July 30, MF said.

IREN

Mergers between Italy’s big utilities will happen sooner or later though it’s still not possible to say when, Iren CEO Massimiliano Bianco told Il Sole 24 Ore. Iren is looking at smaller rivals CVA and Egea while opportunities to buy small energy retailers could occur in the wake of COVID-19, he said. He also said the group was interested in growing in environmental services and tenders to run water and gas networks.

EXOR, GEDI

The Agnelli family’s investment holding company, Exor NV, said on Tuesday it now has a 92.03% stake in GEDI Gruppo Editoriale following a mandatory tender offer for the remaining shares of the Italian publisher.

JUVENTUS FC, SS LAZIO, AS ROMA

Italy’s top-flight soccer clubs have mandated Serie A to weigh private equity bids for its broadcast rights business as they look at ways to weather the financial storm triggered by the new coronavirus crisis, two sources close to the matter said.

SS LAZIO

Serie A’s leading scorer Ciro Immobile was on target again as Lazio came from behind for the second match in a row to beat Torino 2-1 on Tuesday and keep up the pressure on leaders Juventus.

JUVENTUS FC

Juventus secured a 3-1 win at lowly Genoa on Tuesday to stay four points clear at the top of Serie A thanks to a solo goal by Paulo Dybala, a long-range rocket from Cristiano Ronaldo and an exquisite curling shot by Douglas Costa.

GUALA CLOSURES

Special Packaging Solutions Investments Srl ends partial voluntary takeover offer on Guala Closures ordinary shares.

BANCA CARIGE (shares suspended from trading)

The ailing bank said on Tuesday it would go ahead with its plan to convert its savings shares into ordinary shares and for a reverse split of ordinary and savings shares, although its saving shareholders had voted against the proposal.

ALITALIA

Treasury adviser Oliver Wyman is working around the idea of cutting the Alitalia workforce by at least 2,000 and limiting the size of its fleet to 90-95 as it works on a rescue package for the airline, La Stampa said.

DIARY

The Italian winter sports federation (FISI) is due to decide whther to postpone the 2021 Alpine skiing World Championship to 2022.

Rome, Chamber of Deputies holds question time with Prime Minister Giuseppe Conte (1300 GMT).

Rome, transport commission holds hearing with German Efromovich, owner of Synergy Group, about the company’s expression of interest for Alitalia (1230 GMT).

Rome, the EU politics parliamentary commission holds hearings on the examination of the EU Commission’s 2020, with Economy Minister Roberto Gualtieri (1200 GMT) and market regulator Consob President Paolo Savona (1300 GMT).

Turin, Fiat Chrysler and Ferrari Chairman John Elkann attends Save the Children and Fondazione Agnelli charity event (0830 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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