July 9, 2018 / 4:03 AM / 4 months ago

Italy - Factors to watch on July 9

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 .

POLITICS

Deputy Prime Minister and Labour Minister Luigi Di Maio meets trade unions at Arcelor on Ilva in Rome.

Meeting with EU Parliament President Antonio Tajani at Foreign Press Association in Rome (1645 GMT).

Interior Minister Matteo Salvini meets President Sergio Mattarella amid tensions between Salvini’s far-right League party and magistrates, and as the minister leads a crack down on immigration. (1000 GMT)

Italian Foreign Minister Enzo Moavero Milanesi meets the special envoy to Libya from the United Nations, Ghassan Salame. (1300 GMT)

ECONOMY

OECD releases May composite leading indicator (1000 GMT).

The Italian government has embarked on “positive” discussions with the European Commission over 2019 budget goals and it is “far too early” to indicate what any new deficit target might be, a Treasury source said on Friday.

Earlier on Friday, Reuters quoted two Treasury sources as saying the government planned to raise next year’s deficit target to around 1.4 percent of economic output against a goal of 0.8 percent drawn up by the previous administration.

DEBT

Italy’s Treasury said on Friday it would offer 6 billion euros in 12-month BOT bills at auction on July 11.

Treasury announces sale of BTP bonds, with relative amounts to be auctioned on July 12.

COMPANIES (*) TELECOM ITALIA, ENEL

Open Fiber, the company controlled by state lender CDP and Enel, is ready to buy the fiber network of Telecom Italia, Affari&Finanza/La Repubblica said on Monday.

(*) SALVATORE FERRAGAMO

The fashion group will focus more on casual clothing, Vice Chairman James Ferragamo told L’Economia/Corriere della Sera on Monday. The manager repeated that the Ferragamo family has no intention to sell the group and will appoint an insider as CEO.

(*) ENI

Eni said on Monday Mozambique Rovuma Venture has submitted the development plan to the government for the first phase of the Rovuma LNG project. The project will produce, liquefy and market natural gas from the Mamba fields located in the Area 4 block offshore Mozambique. (*) FINECOBANK

The asset manager will post financial results for second quarter similar to the ones recorded in the first three months of the year, CEO Alessandro Foti told L’Economia/Corriere della Sera on Monday. The cost/income ratio of the company is currently 40 percent and will continue to fall, Foti said. (*) ITALGAS

Italy’s biggest gas distributor will continue with its strategy to buy small gas operators, its CEO Paolo Gallo told La Stampa on Monday. Gallo also said Italgas will reach the majority in Tosacana Energia by year-end.

GENERALI

Chief Executive Philippe Donnet said on Friday the insurer has almost wrapped up all of its planned disposals as it prepares for a new phase of expansion. Donnet said Generali’s operations in Portugal, which according to Portuguese media had attracted Chinese interest in recent months, were not for sale or part of planned sell-offs.

BANCA CARIGE

The lender said on Friday board member Francesca Balzani had resigned due to “divergences over the governance of the bank” — the third senior figure to leave the lender in less than 10 days.

BANCO BPM

Six offers are expected from investors interested in the debt collection business of the lender and its remaining bad loans, sources close to the deal said on Friday.

ITALIAN BANKS

Italy’s new government should not block a reform seeking to merge hundreds of tiny Italian cooperative banks into two large groups to strengthen the sector, the president of the association of cooperative banks in the region of Veneto, Ilario Novella, said on Sunday in an interview with Il Mattino di Padova newspaper.

A prominent senator in the ruling League party has sought an 18-month freezing of the changes that would bring the two banking groups under direct European Central Bank oversight.

BANCA MONTE DEI PASCHI DI SIENA

An Italian judge dismissed on Friday charges against former Monte dei Paschi top executives Fabrizio Viola and Alessandro Profumo in an alleged market rigging and accounting fraud case, according to a court document seen by Reuters.

CASSA DEPOSITI E PRESTITI

Italy’s deputy prime minister Luigi Di Maio said on Saturday that new management for the state holding company would likely be named this week. He also said that he does not want to turn CDP into a bank, though he does want it to be a lender to Italian companies.

ENEL

Italy’s largest utility said it owns an 87.8 percent stake in Brazil’s Eletropaulo after buying 19.4 million shares from minority shareholders.

INTEK GROUP

Intek’s subsidiary signed an agreement to take over MKM for 80 million euros plus the seller’s participation in the future value of a combined entity.

JUVENTUS FC

The Italian champions said that they are considering many opportunities in the player market amid media speculation they are in talks to sign Real Madrid forward Cristiano Ronaldo.

Former Juventus goalkeeper Gianluigi Buffon has signed for French champions Paris Saint Germain (PSG) on a one-year deal with the option of an extra year, the club said on Friday.

ANIMA

The group said on Firday totla net outflows in June stood at 473 million euros.

ACOTEL

Starts capital increase; ends on July 27.

INNOVATEC

Starts capital increase; ends on July 26.

IVS GROUP

Trades ex-dividend of 0.28 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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