May 11, 2020 / 4:01 AM / 22 days ago

Italy - Factors to watch on May 11

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 .

CORONAVIRUS

Deaths from the COVID-19 epidemic in Italy rose by 165 on Sunday, against 194 the day before, the Civil Protection Agency said as the daily tally of new cases fell to 802 from 1,083 on Saturday.

ECONOMY

ISTAT releases March industrial output (0800 GMT).

Large Italian companies have requested 18.5 billion euros ($20 billion) in state-guaranteed loans to weather the coronavirus crisis, state-backed export credit agency SACE said on Saturday.

Italy’s government is readying new measures to support companies struggling due to the coronavirus crisis, including tax incentives and hybrid bonds, and aims to access the European Recovery Fund in the second half of the year, Economy Minister Roberto Gualtieri said on Sunday.

Italy’s government is considering providing state guarantees for up to 15 billion euros ($16.26 billion) of bonds issued by the country’s banks, a draft decree obtained by Reuters showed on Sunday.

DEBT

Italy’s Treasury said on Friday it would sell up to 9 billion euros in bonds at an auction on Wednesday.

Credit ratings agency DBRS Morningstar cut Italy’s trend to ‘negative’ from ‘stable’ on Friday, blaming considerable uncertainty over the economic repercussions stemming from the COVID-19 outbreak.

Moody’s that was set to review ratings on Friday did not make any changes, leaving the country’s outlook at ‘stable’ and rating at ‘Baa3’, one notch above junk territory.

UBI BANCA, INTESA SANPAOLO

Italy’s UBI Banca, the target of an unsolicited takeover bid by rival Intesa Sanpaolo, said on Friday it could weather the coronavirus crisis as it reported better than expected net profit for the first quarter.

The group of core UBI shareholders, which is yet to give an opinion on the Intesa bid, has traditionally supported the board’s decisions in the past, UBI Banca CEO told Corriere della Sera on Saturday.

The Lucchini family, which owns 0.65% of UBI Banca, has exited the so-called Sindacato Azionisti di Brescia shareholder pact and now supports Intesa’s bid on the bank, Il Sole 24 Ore reported on Saturday. Giuseppe Lucchini, a prominent member of the family, told the daily that Intesa’s bid is a “very good starting point”.

INTESA SANPAOLO

U.S. fund BlackRock was the second largest shareholder in the Italian bank as of May 7 with a 5.009% stake, Intesa Sanpaolo said on its website.

MEDIOBANCA

The Bollore group cut its stake in the bank by 1% to 5.7% in January, according to the French company’s annual report published on May 7.

FIAT CHRYSLER

The carmaker will return to full production at its Italy’s Melfi plant from May 21, unions said on Friday.

OVS

The retailer is engaging in constructive talks to access credit lines under the SACE guarantee scheme, OVS said in a statement on Friday. It also said it would report last year results on May 26 and Q1 results on July 9.

FINCANTIERI

The shipbuilder’s CEO told Milano Finanza on Saturday that the company would release an updated business plan when it publishes its first-half results. The CEO also said the priority was to avoid a fall in the order portfolio.

ENI

Eni’s growth objectives in its four-year plan are on an organic basis and do not depend on acquisitions, the company said in answers provided to shareholders ahead of its shareholders’ meeting on Wednesday. It added that with regards to potential sales, there are different options aimed optimising and de-risking the company’s portfolio and these will be evaluated coherently with the evolving scenario.

(*) SALINI IMPREGILO

The Italian construction group said it was shortlisted to design and build the Valley Line West Light Rail Transit project in Edmonton, Canada, a project worth C$1.7 billion ($1.22 billion).

BIESSE

The company on Friday said its Q1 revenue fell to 147.7 million euros from 169 million euros one year ago. It added it had withdrew its 2020 guidance.

(*) MAIRE TECNIMONT

After winning a 1.2 billion euros contract in Russia, announced last week, Chairman Fabrizio Di Amato told La Stampa on Sunday that the area is “promising” and that new opportunities will come from it. Di Amato said that he expects the group to close the year “with a slight fall”, adding that some projects are postponed but the company expects to put them back on track and win another important contract.

The Italian group said it had finalized an EPC contract with the Egypt Hydrocarbon Corporation S.A.E. for a new Ammonia plant in Egypt. The contract’s value is approximately $550 million.

EDISON

The sale of the Exploration and production branch is going in the “right direction”, the head of Amber Capital Joseph Oughourlian told la Repubblica on Sunday.

AS ROMA, JUVENTUS FC, SS LAZIO

The companies holding the broadcasting rights to Italy’s top flight Serie A championship, including Comcast’s unit SKY , have not paid the last instalment of the 2019/2020 season, halted due to the coronavirus outbreak, three sources familiar with the matter said.

BANCA MONTE DEI PASCHI DI SIENA

Chairwoman Stefania Bariatti holds online conference (1000 GMT).

FINECOBANK

Board meeting on Q1 results, followed by conference call (1200 GMT).

INWIT

Board meeting on Q1 results.

RCS MEDIAGROUP

Board meeting on Q1 results.

DIARY

Cabinet expected to hold meeting on ‘Re-launch Italy’ stimulus package.

Foreign Press Association holds FB live streaming with Infrastructure and Transport Minister Paola De Micheli on “Mobility during phase 2” (1300 GMT).

‘Milano Capitali’ conference starts (from 0800 GMT), ends on May 14. Three panels with Milan Mayor Giuseppe Sala, Deputy Economy Minister Antonio Misiani, Italian Banking Association ABI Director General Giovanni Sabatini, market regulator Consob President Paolo Savona, Wiener Borse CEO Christoph Boschan, Euronext CEO Stephane Boujnah, BX Swiss CEO Lucas Bruggeman, MTS President Maria Cannata, Nasdaq-European Markets President Bjorn Sibbern, Italian Stock Exchange President Andrea Sironi.

Online conference “Italy generates future” with Bank of Italy Director General Daniele Franco, Credit Agricole Italian unit CEO Giampiero Maioli, Huawei Italian unit CEO Thomas Miao, Edison CEO Nicola Monti, Mutti Chairman Francesco Mutti, Scarpa CEO Diego Bolzonello, Balocco Chairman and CEO Alberto Balocco (0800 GMT).

Italy’s textile and fashion association (SMI) President Marino Vago holds online news conference to present “Focus Textile Clothing”, survey on the impact of COVID-19 on the sector in Q1 2020 (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:............................... ($1 = 1.3912 Canadian dollars)

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