May 31, 2019 / 6:17 AM / 5 months ago

Italy - Factors to watch on May 31

The following factors could affect Italian markets on Friday.

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

Italian Deputy Prime Minister Matteo Salvini on Thursday ruled out early elections, dismissing talk that he would capitalise on a triumph in European parliamentary elections to seek a power grab for his right-wing League party.

Italy’s anti-establishment 5-Star Movement on Thursday resoundingly backed Luigi Di Maio to carry on as leader following a bruising defeat in European parliamentary elections.

ECONOMY

Rome, Bank of Italy Governor Ignazio Visco presents annual report (0830 GMT).

ISTAT releases Q1 GDP data (0800 GMT) and flash May CPI and HICP data (0900 GMT).

FIAT CHRYSLER AUTOMOBILES

France’s Les Echos newspaper reported on Thursday that a merger deal between the Italian-American car-maker Renault could fail due to disagreement over valuation.

Fiat Chrysler Automobiles requested a meeting with leaders from Nissan and Mitsubishi in order to explain a merger proposal with Renault, Japan’s Nikkei daily reported on Thrusday.

Italy’s economy minister said on Thursday he saw no reason for the state to buy a stake in Fiat Chrysler should the carmaker merge with France’s Renault.

MEDIASET>

The next step in plans by Italian broadcaster Mediaset to create a pan-Europe TV company with Germany’s ProSiebenSat.1 is the creation of a holding company, Il Messaggero said on Friday.

(*) TELECOM ITALIA, ENEL

Mediobanca is studying the idea of a put option that would allow Enel to pull out of a single network company created by the merger of Telecom Italia and Open Fiber after three years and at a set price, Il Messaggero said. Enel controls 50% of Open Fiber.

(*) ENI, ENEL, POSTE

The government is studying “operation Capricorn” to streamline all the many state holdings held by the Treasury and state lender CDP, La Repubblica said. To reach the 18 billion euro privatisation target the government has set for this year, the paper asks why it should not transfer other stakes to CDP like its 29% of Poste, 4% of Eni and 23% of Enel.

(*) LEONARDO

This year will go better than expected for Leonardo, Il Sole 24 Ore said citing Leonardo CEO Alessandro Profumo.

CARIGE

Italy’s economy minister said on Thursday he still expects a market deal for the Italian troubled lender.

ATLANTIA

Italy’s ruling coalition is set to approve an amendment that would make it easier for the government to revoke a motorway concession ahead of time, lawmakers of the 5-Star Movement and the League ruling parties said on Thursday.

(*) SALINI IMPREGILO

The idea of creating a national champion in the construction sector could require fresh capital of around 600 million euros, Salini CEO said in an interview with Corriere della Sera replying to a question saying half of that amount could come from state lender CDP.

In an interview in Il Sole 24 Ore Salini CFO Massimo Ferrari said the new construction champion could have orders worth 71 billion euros by 2021, revenues of 12 billion euros and could pay dividends already in 2020.

ENI

The oil and gas major approved measures to begin a buyback programme for 400 million euros. The share purchases will start in the first week of June 2019 and terminate within December, the company said on Thursday.

MONCLER

Norges Bank holds a 3.44% stake in Italian luxury outerwear maker, regulatory filings disclosed on Thursday.

BANCA SISTEMA

Banca Sistema’s year-to-date factoring turnover was over 1 billion euros at mid-May, up over 20% compared to same period of the previous year, the bank said on Thursday.

SAIPEM

The Italian oil services group said Brazilian authorities had opened proceedings into alleged irregularities by two of its units in the awarding of a contract in 2011.

CLABO

Board meeting on Q1 results.

ENERGICA MOTOR COMPANY

Board meeting on FY results.

OVS

Annual and extraordinary shareholders’ meetings.

Annual general meetings: PORTALE SARDEGNA (0830 GMT), SEIF-SOCIETA EDITORIALE IL FATTO (0900 GMT).

DIARY

Rome, ceremony with Deputy Prime Minister and Industry Minister Luigi Di Maio; Prime Minister Giuseppe Conte delivers closing remarks (1030 GMT).

Trento, annual edition of the ‘Economics Festival’, ends on June 2.

Castel San Pietro Terme, EY Energy Forum 2019 “Power to our planet” ends (0630 GMT); plenary session with ARERA President Stefano Besseghini, E.On CEO Peter Ilyes, Iren CEO Massimiliano Bianco.

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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