May 6, 2020 / 4:01 AM / 24 days ago

Italy - Factors to watch on May 6

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 .

CORONAVIRUS

Deaths from the COVID-19 epidemic in Italy climbed by 236 on Tuesday, against 195 the day before, the Civil Protection Agency said, while the daily tally of new infections came in at 1,075 against 1,221 on Monday. It was the lowest number of new cases for two months.

ECONOMY

IHS Markit releases April service PMI data (0745 GMT).

Economy Minister Roberto Gualtieri said on Tuesday he was confident the new European Recovery Fund will make available at least 100 billion euros ($109 billion) for Italy to help its economy bounce back from the coronavirus crisis. (*) The independence of the European Central Bank is key to the foundations of the European Union and no constitutional court should decide what it can or cannot do, Italy’s Prime Minister Giuseppe Conte told newspaper Il Fatto Quotidiano in an interview. (*) The prime minister added that his coalition government would approve by the end of the week a 55 billion euro stimulus package to support the country. (*) The new stimulus package that the government will approve by the end of the week will include a so-called emergency income for families struggling due to the COVID-19 crisis and rules that will allow the State to invest, “temporarily and in a non-invasive way” in companies struggling, Italy’s Deputy Economy Minister Antonio Misiani told Corriere della Sera.

DEBT

Southern government bonds lost ground on Tuesday, pushing yields higher, after Germany’s top court ruled that the Bundesbank must stop buying bonds under the European Central Bank’s stimulus scheme if the ECB cannot justify the purchases.

Italy’s Treasury said it would conduct on Wednesday the first of a new type of bond sales reserved solely for primary dealers it recently introduced as it stepped up debt issuance to finance COVID-19 spending.

COMPANIES (*) UNICREDIT

Italy’s biggest bank UniCredit posted on Wednesday a larger-than-expected 2.7 billion euro ($2.93 billion) loss in the first quarter after writing down loans in anticipation of the economic damage caused by the COVID-19 pandemic.

The bank will hold a news conference (0800 GMT).

ASSICURAZIONI GENERALI

Fitch Ratings downgraded the insurer’s IFS rating to ‘A-‘ from ‘A’ and the long-term Issuer Default Rating (IDR) to ‘BBB+’ from ‘A-‘ following Italy’s sovereign rating downgrade. The outlooks are stable.

Assicurazioni Generali confirmed its solid capital position following the downgrade by Fitch Ratings.

INTESA SANPAOLO

Intesa Sanpaolo said on Tuesday that it expected to make a net profit of at least 3 billion euros this year after writing down loans for half that figure to take into account a steep recession in Italy caused by COVID-19.

(*) TELECOM ITALIA

Brazilian telecoms firm TIM Participações SA reported on Tuesday an 8.3% year-on-year rise in first-quarter net income, missing market expectations, as a drop in its mobile customer base driven mostly by pre-paid plans kept revenues stagnant, offsetting cost-cutting efforts.

(*) NEXI

The banking services group has joined forces with Microsoft to offer lenders new services for the open banking business, Nexi Business Development Head Roberto Catanzaro told MF daily.

(*) M&A

Private equity firms CVC Capital Partners and Blackstone Group Inc are in separate talks about investments in Italy’s Serie A soccer league, the Financial Times reported on Tuesday.

BPER BANCA

Board meeting on Q1 results, followed by conference call (1600 GMT)

CNH INDUSTRIAL

Board meeting on Q1 results, followed by conference call (1330 GMT).

ENEL

Board meeting on Q1 results, followed by conference call (1600 GMT).

SAFILO

Board meeting on Q1 results.

SNAM

Board meeting on Q1 results (press release on May 7).

CREDITO VALTELLINESE

Board meeting on Q1 results (press release on May 7).

DIARY

Rome, Prime Minister Giuseppe Conte receives employers’ associations to discuss the ‘May decree’ (morning).

Rome, Cabinet meeting expected on new ‘May decree’ stimulus package.

Rome, Infrastructure and Transport Minister Paola De Micheli speaks before Chamber of Deputies Transport Committee (1100 GMT and 1200 GMT).

Rome, Culture Minister Dario Franceschini speaks on anti-COVID-19 initiatives before the upper house Senate (1400 GMT).

Rome, Minister for the South Giuseppe Provenzano expected to speak before Chamber of Deputies.

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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