May 22, 2019 / 6:17 AM / 2 months ago

Italy - Factors to watch on May 22

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

Italy’s Deputy Prime Minister Matteo Salvini said that the government will not collapse after European parliament elections, seeking to quell fears of an imminent political crisis.

Salvini is ready to bring the government down if its far-right League party wins at least 30% of votes at European elections, daily La Repubblica reported.

Salvini seems to have lost his magic touch at the worst possible time - just ahead of Sunday’s European Parliament election.

MONTE DEI PASCHI

The bank continues to target 2 billion euros in unlikely-to-pay reduction this year despite an adverse macroeconomic backdrop, its CEO Marco Morelli said on Tuesday.

The bank beat soured loan reduction targets in 2017-2018, but macro context makes it difficult to replicate a similar outcome, Morelli added.

The impact on bank’s sovereign portfolio from a higher Italy/Germany bond yield spread is “absolutely sustainable” for now, Morelli said.

ASTALDI, SALINI IMPREGILO

Astaldi said on Tuesday Salini had extended to July 15 the bid deadline in the rescue deal for the troubled builder.

(*) MEDIASET MI>

Italy’s competition watchdog said on Wednesday it had given a conditional green light to the sale of Mediaset’s pay-TV assets to Sky Italia.

TELECOM ITALIA

The group should seek a way to keep control of its fixed-line network if it is merged with smaller infrastructure provider Open Fiber, the former phone monopoly’s chief executive said on Tuesday.

State lender CDP and top shareholder Vivendi are considering appointing CDP Chairman Massimo Tononi as TIM’s new chairman, daily la Stampa reported.

ATLANTIA, AUTOGRILL

The Benetton family’s holding company will not replace its departing CEO, giving the second generation of the family a bigger role in managing its economic empire, a source close to the matter said. Edizione, the Benettons’ investment vehicle controlling motorway group Atlantia and caterer Autogrill, said on Tuesday its Chief Executive Marco Patuano was leaving the company after two and a half years at the helm.

AZIMUT

Fitch Ratings has affirmed Azimut Holding long-term issuer default rating (IDR) at ‘BBB’. Fitch has downgraded Azimut’s short-term IDR to ‘F3’. The rating outlook on the long-term IDR is Negative. Fitch has also affirmed Azimut’s senior unsecured bonds at ‘BBB’.

EDISON

The Italian unit of France’s EDF has put forward Nicola Monti as CEO and Marc Benayoun as chairman.

GAMENET

TCP Lux Eurinvest said on Tuesday it had completed the placement of 4,500,000 shares of Gamenet Group, equal to 15% of the capital, at a price of 8.35 euros per share, corresponding to a total amount of 37.6 million euros.

IREN

Annual general meeting (0900 GMT).

COSTAMP GROUP

Board meeting on FY results.

INDEL B

Annual general meeting (0900 GMT).

DIARY

Rome, Council of communication Authority AGCOM expected to decide on the proposal to unbundle Telecom Italia network presented by former CEO Amos Genish.

Rome, employers’ association Confindustria holds annual public assembly (0830 GMT); expected attendees include Bank of Italy Governor Ignazio Visco and Director General Fabio Panetta, Prime Minister Giuseppe Conte, Deputy Prime Minister and Industry Minister Luigi Di Maio.

Rome, Prime Minister Giuseppe Conte attends meeting on the development contract for Molise region (1530 GMT).

Rome, presentation of “The U.N. Convention Against Corruption: the Second Report on Italy” with foreign Affairs Minister Enzo Moavero Milanesi, Justice Minister Alfonso Bonafede (1245 GMT).

Rome, the Foreign Press Association meets Cabinet Undersecretary Giancarlo Giorgetti (1030 GMT).

Milan, Mediobanca holds inauguration ceremony of new rugby field with CEO Alberto Nagel (1530 GMT).

Milan, UniCredit starts closed-door conference “Italian Investment Conference 2019”; ends on May 23 (0630 GMT).

Milan, “Italian Debt Forum 2019”.

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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