July 2, 2019 / 4:00 AM / 8 months ago

Italy - Factors to watch on July 2

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

Italy will cut its structural deficit, which excludes one-off revenues and expenditures, by 0.3% in 2019, against an expected increase of 0.2% targeted in December, a Treasury statement said on Monday.

Italy confirmed on Monday its 2020 budget deficit target at 2.1% of gross domestic product, a government source told Reuters on Monday following a cabinet meeting.

Italy cut its 2019 budget deficit target on Monday in an effort to avoid European Union disciplinary action over its public finances, saying the revised data meant the country was fully compliant with EU rules.

ECONOMICS

The Italian state sector’s deficit stood at 800 million euros in June, sharply down from a year earlier thanks to an extraordinary dividend paid by state lender Cassa Depositi e Prestiti and higher tax revenues.

(*) ATLANTIA

Italy’s government is open to finding a solution over the proposed revocation of Atlantia’s motorway concession if the infrastructure group pays up, Deputy Prime Minister Luigi Di Maio said in an interview with la Repubblica.

League Junior Minister Claudio Durigon said in a interview with Corriere della Sera there were jobs that needed protecting when it came to Atlantia and similar issues.

FIAT CHRYSLER

Fiat Chrysler’s new car sales were down 11.2% in Italy in June.

Italy new car sales fell 2.08 pct y/y in June.

TELECOM ITALIA, INWIT

A group of banks is set to lend Telecom Italia unit INWIT up to 2.5 billion euros to help it merge its towers with those of Vodafone, two sources said.

(*) INTESA SANPAOLO

Italy’s biggest retail bank is going to sell 3.5 billion euros of unlikely-to-pay loans to Prelios at book value, Il Sole 24 Ore said.

(*) CARIGE (shares suspended from trading)

The idea of nationalising the ailing bank is gaining growing support among the ruling 5-Star Movement and some members of coalition partner the League, la Repubblica said.

The ECB is ready to wait until the end of July for a new rescue plan for Carige, Il Messaggero said.

(*) SALINI IMPREGILO, ASTALDI

State lender CDP and banks supporting the rescue of Italian builder Astaldi with a view to creating a national construction champion through a merger with bigger rival Salini, have to send by July 12 “comfort letters” stating their commitment, Il Messaggero said.

DIARY

Rome, Samsung Electronics officials due to speak before Chamber of Deputies Transport Committee on 5G and big data (0830 GMT).

Milan, Milan Stock Exchange holds “Italian Sustainability Day” (0800 GMT); panel with A2A CEO Valerio Camerano, Eni official Luca Cosentino, Generali Chairman Gabriele Galateri di Genola, Hera CEO Stefano Venier.

Milan, K&L Gates holds conference on “Milan: key player in new trends in the real estate sector” (0730 GMT).

Santa Margherita Ligure, Mediaset presents new TV season programming schedule.

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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