July 23, 2018 / 4:01 AM / in a month

Italy - Factors to watch on July 23

The following factors could affect Italian markets on Monday.

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 .

DEBT

Treasury announces sale of CTZ and BTPei bonds, with relative amounts to be auctioned on July 26.

(*) POLITICS

The government will start giving “significant responses to tax reduction” in the budget it will prepare next autumn, Italy’s Deputy Prime Minister and leader of far-right League Matteo Salvini told Corriere della Sera in an interview on Monday.

In an interview to La Repubblica, Claudio Borghi, another top official for the League, said Italy needs loose economic policies, adding it would not be a problem if higher economic growth means higher public debt. “Companies are asking for lower taxes... it is clear that we will have a problem if we don’t cut taxes.” Borghi adds investments should not counted when calculating the public deficit.

FIAT CHRYSLER AUTOMOBILES

Fiat Chrysler named on Saturday its Jeep division boss Mike Manley to take over immediately from Chief Executive Sergio Marchionne, who is seriously ill after suffering major complications following surgery.

Fiat Chrysler’S new chief executive Mike Manley, who has overseen the effort to turn Jeep into a global brand, now plans to carry out the parent company’s strategy unveiled last month, the company said Saturday.

Sergio Marchionne bowed out on Saturday as one of the auto industry’s most demanding and tenacious chief executives, his health in crisis after a career in which he rescued Fiat and Chrysler, two of its most storied brands. (*) Fiat Chrysler’s new boss, Mike Manley, faces the task of executing his predecessor’s plan to ramp up production of SUVs and catch up on electric cars to keep the world’s seventh-largest carmaker competitive in the absence of a merger.

(*) Manley will be in Turin on Monday to meet with the group’s top managers, several Itaian newspapers said.

FERRARI

Luxury sports carmaker Ferrari RACE.MI said on Saturday it had appointed board member Louis Camilleri as its new chief executive, replacing Sergio Marchionne who is seriously ill.

CNH INDUSTRIAL

The truck and tractor maker said on Saturday it had name Exor’s managing director Suzanne Heywood as its new chairman, replacing Sergio Marchionne.

(*) FINCANTIERI

Fincantieri said on Monday it had signed a Memorandum of Agreement with Princess Cruises for construction of two next-generation 175,000-Ton cruise ships. (*) MAIRE TECNIMONT

Two EPC contracts worth $527 million were awarded to Maire Tecnimont by Lukoil.

BANCA CARIGE

The troubled Italian lender Banca Carige said on Sunday the European Central Bank had given it until the end of the year to meet a minimum capital threshold unless it embarked a merger. (*) Carige’s investors Gabriele Volpi and Raffaele Mincione could join forces against Vittorio Malacalza and support current CEO Paolo Fiorentino, Affari&Finanza/La Repubblica reported on Monday.

UNICREDIT

The European Banking Authority has rejected a request by Caius Capital to look into complex financial instruments which the British hedge fund says are wrongly included in the Italian bank’s capital.

TELECOM ITALIA

The group’s board is unlikely to name a new director general taking that position away from CEO Amos Genish and, more broadly, no management changes are expected at a meeting called on July 24 to approve first-half earnings, Il Sole 24 Ore reported on Saturday.

ACSM-AGAM

Regional utilities ACSM-AGAM and AGESP said on Friday they had signed a non-biding letter of intent to study a possible merger.

VITTORIA ASSICURAZIONI

A buyout offer by shareholders Vittoria Capital and Yafa Holding aimed at de-listing the Italian insurer starts on Monday, after a green light on Friday by market regulator Consob. The offer runs until Aug. 24

PLC

Starts ordinary shares reverse stock split in the ratio of 1 every 25.

SNAITECH

Pluto Italia SpA ends mandatory takeover offer on Snaitech shares.

INWIT

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

LUXOTTICA

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

Trade ex-dividend: ENEL of 0.132 euro per share as final dividend (0.105 euro per share as interim dividend on Jan. 22, 2018); SAFE BAG of 0.078 euro per share.

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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