June 12, 2019 / 4:00 AM / 4 months ago

Italy - Factors to watch on June 12

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

The European Union moved closer on Tuesday to taking disciplinary action over Italy’s growing debt, as authorities in Rome made tentative steps to avert a procedure that could saddle the country with large fines and alienate investors.

ECONOMY

Economy Minister Giovanni Tria said Italy’s deficit-to-GDP ratio for 2019 is heading towards 2.1% or 2.2%, according to the latest figures.

(*) Italy’s government may tax cash and other valuables locked away in safety deposit boxes held with banks, Italian newspapers said on Wednesday, quoting Deputy Prime Minister Matteo Salvini.

DEBT

The Treasury has mandated banks for a syndicated sale of a new 20-year BTP bond.

The Treasury sells 6.5 billion euros new 12-month BOT bills. Subscriptions close at 0900 GMT.

(*) FIAT CHRYSLER AUTOMOBILES

Renault’s recent push to block a governance overhaul at Nissan Motor Co has put the Franco-Japanese automaking alliance in jeopardy, a person familiar with Nissan’s thinking told Reuters. Renault and Fiat Chrysler Automobiles (FCA) are looking for ways to resuscitate a collapsed merger plan and secure Nissan’s approval for that deal, sources told Reuters earlier this week.

(*) TELECOM ITALIA,

Italy’s biggest phone group sees Open Fiber’s value at around 2.5 billion euros, including debt, Il Sole 24 Ore reported on Wednesday.

Telecom Italia is considering buying a stake in the broadband operator from Cassa Depositi e Prestiti, giving the State lender shares in return for its 50% holding.

But state utility Enel, which co-owns Open Fiber, values the broadband unit at up to 8 billion euros and may block the sale as it has a pre-emption right, Il Sole added.

(*) ATLANTIA

Italian infrastructure group would be a natural partner for struggling airline Alitalia, newspapers quoted Deputy Prime Minister Matteo Salvini saying.

ATLANTIA, GENERALI, AUTOGRILL

Gianni Mion is set to be appointed as the new chairman of Edizione, the holding of the Benetton family, at the annual shareholder meeting on June 24.

(*) ITALGAS

Italy’s biggest gas distributor pledged to spend more on developing its grid in its latest business plan and earmarked almost 2 billion euros for possible merger deals.

(*) TENARIS

The steel pipe maker called a general shareholder meeting to consider the delisting of its shares from Buenos Aires stock exchange, the company said in statement late on Tuesday .

ENEL

Italy’s biggest utility is close to renewing its gas supply import deals with Algeria, two sources said.

Fitch has placed Enel Russia on rating watch negative on Reftinskaya’s sale.

IMA - GIMA TT

The boards of the two machine manufacturers approved a plan that would merge GIMA TT into its parent company IMA.

DIARY

Rome, conference on “Forced to Grow, Strategies for Italy” with Unipol Group CEO Carlo Cimbri, Eni CEO Claudio Descalzi, Intesa Sanpaolo CEO Carlo Messina, Pirelli CEO Marco Tronchetti Provera; Economy Minister Giovanni Tria delivers closing address (0800 GMT).

Milan, discussion with Telecom Italia (TIM) CEO Luigi Gubitosi on “Leadership, 5G and new technology” (1600 GMT).

Rome, state railways Ferrovie dello Stato holds news conference to present new InterCity services with CEO Gianfranco Battisti, Trenitalia CEO Orazio Iacono, Infrastructure and Transport Minister Danilo Toninelli (0900 GMT).

Rome, conference with Digital360 CEO Andrea Rangone, Retelit CEO Federico Protto, Huawei Italian unit Chairman Luigi De Vecchis (0700 GMT).

Bedizzole (BS), Maire Tecnimont presents new energy transition facility of its unit NextChem (0930 GMT) followed by news conference with top management (1100 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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