May 22, 2018 / 4:01 AM / 4 months ago

Italy - Factors to watch on May 22

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 .

POLITICS

Italy’s anti-establishment 5-Star Movement and the far-right League on Monday proposed Giuseppe Conte, a little-known law professor, as prime minister to lead their big-spending coalition government.

But instead of immediately endorsing their choice, President Sergio Mattarella played for time, seeking further consultations over the appointment of a political novice to head a mooted administration that has alarmed markets and the European Union.

COMPANIES (*) UNICREDIT

The lender committed to drafting an action plan that would address the eight “improvement areas” the European Central Bank highlighted after carrying out an inspection at the lender in October over IT risks, several dailies reported. The inspection was related to the IT hacks the lender had announced in July and in which data for some 400,000 clients was violated.

(*) CARIGE

The lender is ready to sell its 20 percent stake in the Italian motorway Autostrada dei Fiori, Il Messaggero reported.

(*) MONTE DEI PASCHI DI SIENA

The lender has put on sale a portfolio of real estate assets worth about half a billion euros, MF reported without citing sources. The portfolio mainly includes bank branches that have been closed and on part of the properties a “sale and lease back” option could be used, the report added. The sales process could last until the autumn, MF said.

(*) BANKING SECTOR

Italian banks have booked writedowns for an extra 11.5 billion euros related to the introduction of the new IFRS 9 accounting standards in the first quarter of the year, Il Sole 24 Ore reported citing a report by consultancy Prometeia. (*) TELECOM ITALIA (TIM)

The phone group will raise the cost of the majority of its fixed line network contracts by 2.50 euros per month, starting from July, Il Messaggero reported. Given the company has some 15 million landline clients, the move is expected to raise an extra 450 million euros per year, the report added.

YOOX NET-A-PORTER

The online retailer said on Monday CEO Federico Marchetti entered an agreement with Richemont’s unit RLG Italia Holding to transfer 2.417 million shares at 38 euros each, as part of the bid launched by Swiss luxury conglomerate. A further 12 top managers of the group also entered similar agreements, with 722,999 shares transferred in total.

(*) FINCANTIERI

The Australian committee for national defence is expected to give its opinion on the three offers received for a 23 billion euro tender to supply the Royal Australian Navy with nine new frigates, in an important step towards the decision of the winner of the tender, Il Sole 24 Ore reported. The Italian shipbuilder is one of the groups competing for the contract.

BANCA IMMOBILIARE

The bank’s board said the price of the takeover bid launched by Attestor Capital via Trinity Investments Designated Activity Company was not fair.

(*) COIMA RES

The real estate company said on Tuesday it signed with UniCredit a preliminary purchase agreement to acquire the Pavilion complex in Milan’s Porta Nuova for 45 million euros.

(*) RETELIT

The group said on Tuesday it was chosen by Milan’s San Donato Hospital as exclusive supplier and partner to upgrade the ICT systems.

IPO

Rainbow, the Italian animation producer famous for the Winx Club TV series, has called off plans to list its shares on the Milan stock market. (*) Credito Fondiario aims to accelerate growth and could do so by listing on the Milan Bourse as early as next year, if conditions permit, Il Sole 24 Ore reported.

(*) ALITALIA

State-appointed commissioners leading the carrier are trying to cut the costs of U.S. IT platform Sabre the airline uses, considered too expensive, Il Sole 24 Ore reported. It added that another IT contract, with IBM, had already been renegotiated.

GRUPPO WASTE ITALIA

Shareholders’ meeting (0900 GMT).

MEDIACONTECH

Annual general meeting (0900 GMT).

CLASS EDITORI

Annual and extraordinary shareholders’ meeting (0730 GMT).

CONAFI PRESTITO

Annual and extraordinary shareholders’ meeting (0900 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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