May 9, 2018 / 4:01 AM / 5 months ago

Italy - Factors to watch on May 9

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

Silvio Berlusconi denied he may stand aside to let his ally the League form a government with the anti-establishment 5-Star Movement, after senior sources from his Forza Italia party said on Tuesday he was considering it.

Italy’s Prime Minister Paolo Gentiloni said on Tuesday the Iran nuclear agreement must be preserved, after President Donald Trump’s decision to withdraw the United States from the 2015 accord and to reimpose economic sanctions on Tehran. (*) Former Bocconi University Dean Guido Tabellini and former International Monetary Fund director Carlo Cottarelli are in the race to become the next Finance minister in a potential “neutral government”, La Stampa reported.

DEBT

Italy’s Treasury said on Tuesday it would offer up to 6.75 billion euros ($8.01 billion) over three bonds at auction on Friday.

ECONOMY

ISTAT releases March retail sales (0800 GMT).

COMPANIES (*) TELECOM ITALIA

Telecom Italia (TIM) said on Tuesday it had not been formally notified of a 74.3 million euro fine imposed by the Italian government related to a breach in notification obligations the company had towards Rome.

The fine imposed on TIM is far from the envisaged 300 million euros as the government did not consider the full perimeter of the company but solely that of the group’s strategic assets in the telecoms sector, several Italian dailies reported.

Given the recent appointment of two-thirds of the group’s board by fund Elliott, Vivendi has filed a request to be lifted of its “direction and coordination activity” and the matter will be discussed at a board scheduled on May 16, Il Sole 24 ore reported.

Brazil’s TIM Participações SA, a unit of TIM and Brazil’s third largest wireless carrier, beat quarterly profit estimates on Tuesday, posting an increase of almost 5 percent on revenues as its services division grew for the fifth straight quarter.

CREDITO VALTELLINESE

The lender said on Tuesday its NPL coverage ratio at the end of March rose to 59 percent, compared to a previous 45.3 percent, benefiting from the impairment due to the IFRS9 acocunting standards.

Conference call on Q1 results (0730 GMT).

BPER

The lender said on Tuesday it selected a soured loan portfolio with a gross value of 6.4 billion euros and took additional provisions for more than 1.1 billion euros to prepare for a potential sale.

YOOX NET-A-PORTER

Richemont’s voluntary full takeover offer - through RLG Italia Holding SpA - on Yoox Net-A-Porter shares ends.

(*) ENI

There are between eight and ten offers for solar asset group Rete Rinnovabile - known as RTR -, half of which are from foreign investors, Il Sole 24 Ore reported. Citing sources, the report added that oil major Eni was considering an joint offer with Qatar-based investors but that the group did not comment the rumors.

JP Morgan raised on Wednesday it target price to 14 euros from previous 13.50 euros.

(*) ASTALDI

The group is expected to hold on Wednesday a board meeting to give a green light to a 300 million euro capital increase, a substantial part of which will be undersigned by the Astaldi family, Il Sole 24 Ore reported. Japan’s IHI, a partner of the group, will also be a significant contributor, both Il Sole 24 Ore and Il Messaggero reported, the latter adding that the Japanese group could undersign up to a third of the capital increase. (*) GENERALI

HSBC cut on Wednesday to ‘Hold’ from ‘Buy’.

(*) CAMPARI

RBC on Wednesday cut the company’s target price to 5.70 euros from previous 6.50 euros and cut to ‘sector perform’ from ‘outperform’.

(*) ITALGAS SocGen on Wednesday raised the group’s target price to 5.50 euros from 5.40 euros and cut to ‘Hold’ from ‘Buy’. (*) AMPLIFON

Bernstein on Wednesday raised its target price to 14.10 euros from 14 euros.

ENEL

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

UNICREDIT

Board meeting on Q1 results (press release on May 10).

BANCO BPM

Board meeting on Q1 results, followed by conference call (1630 GMT).

TOD’S

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

TERNA

Board meeting on Q1 results, followed by conference call (1430 GMT).

ANSALDO STS

Board meeting on Q1 results, followed by conference call (1400 GMT).

RAI WAY

Board meeting on Q1 results, followed by conference call (1530 GMT).

RCS MEDIAGROUP

Board meeting on Q1 results.

SALINI IMPREGILO

Board meeting on Q1 results.

Board meetings on Q1 results: AEDES, BANCA FARMAFACTORING followed by conference call, CULTI MILANO, DATALOGIC, EPRICE followed by conference call (1300 GMT), IGD followed by conference call (1230 GMT), ITALIAONLINE, ITALMOBILIARE , LVENTURE GROUP, POSTE ITALIANE (press release on May 10), SAFILO GROUP followed by conference call (1630 GMT), TAS GROUP, ZIGNAGO VETRO (0800 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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