March 3, 2020 / 5:02 AM / a month ago

Italy - Factors to watch on March 3

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 .

ECONOMY

ISTAT releases January unemployment data (0900 GMT).

Italy posted a state sector budget deficit of 1.6 billion euros in February, down steeply compared to a 9.765 billion euro deficit in the same month of 2019, due to an increase in tax revenues, the Treasury said on Monday.

ATLANTIA

Moody’s downgraded the ratings of Atlantia and its motorway unit Autostrade to Ba3 with negative outlook. The downgrade reflects increasing political pressure and downside risks after a decree retroactively and unilaterally changing the terms and conditions of toll road concessions. It also reflects the apparent lack of progress in discussions linked to the future of the Autostrade concession. Long legal battles could increase uncertainty.

(*) INTESA SANPAOLO, UBI

A group of local shareholders, holding 8.6% of Italian bank UBI, is poised to reject Intesa Sanpaolo’s offer, Il Sole 24 Ore reported, bringing those who are against the takeover to almost 30% of the UBI capital.

The three shareholders groups opposing Intesa Sanpaolo offer aim at achieving a 33% stake in UBI, Il Messaggero reported.

BANCO BPM

Board meeting to approve new strategic plan, followed by presentation.

Italy’s Banco BPM BAMI.MI is rushing to set up new “disaster recovery rooms” after an area close to one of its existing crisis facilities emerged as the epicentre of the coronavirus outbreak, three sources familiar with the matter said.

(*) FCA

New car sales in Italy fell 8.8% in February from a year earlier to 162.793 vehicles, the transport ministry said on Monday. Fiat Chrysler sales were down 6.7%.

Industry Minister Stefano Patuanelli told Il Sole 24 Ore that the automotive sector needs new government incentives.

PIRELLI

Pirelli said its 2019 net profit rose to 457.7 million euros. It proposed a dividend of 0.183 euros.

(*) ALITALIA (not listed)

Italy is considering converting part of its credit into shares of the troubled carrier as an alternative option to the sale, MF reported, citing political sources.

DIARY

Rome, Prime Minister Giuseppe Conte meets the chairmen of the parlamentarian groups on Coronavirus (1900 GMT).

Foreign Affairs Ministry presents “2020 Extraordinary Plan for the promotion of Made in Italy” with Foreign Affairs Minister Luigi Di Maio (1330 GMT), Economy Minister Roberto Gualtieri, Industry Minister Stefano Patuanelli, Agriculture Minister Teresa Bellanova, Infrastructure and Transport Minister Paola De Micheli, University and Research Minister Gaetano Manfredi, Innovation Minister Paola Pisano.

Rome, Industry Ministry Undersecretary Mirella Liuzzi attends conference on “The future of Smart City” (0945 GMT).

Milan, algoWatt, the company created with the merger between TerniEnergia and Softeco, holds management presentation (1000 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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