October 10, 2018 / 4:03 AM / in 5 days

Italy - Factors to watch on Oct. 10

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

Deputy Prime Minister and Interior Minister Matteo Salvini attends ceremony for 40th anniversary of NOCS unit of Italian Police in Rome (0900 GMT).

Defence Minister Elsabetta Trenta speaks before the Parliamentary Committee for the Security of the Republic COPASIR (0900 GMT).

ECONOMY

Economic and finance document update Nadef expected to be presented to the Chamber of Deputies and the Senate.

ISTAT releases August industrial output data (0800 GMT).

Bank of Italy releases August data on bank lending and domestic government bond holdings at Italy-based banks.

Italian European Affairs Minister Paolo Savona said on Tuesday the government could change its expansionary 2019 budget plan if market pressure on Italy intensifies too much, Ansa news agency reported. (*) The leaders of Italy’s ruling parties said on Tuesday they would permit no change to the government’s 2019 budget plan, despite financial market pressure and criticism from the country’s central bank and the parliamentary fiscal watchdog. (*) Italy’s budget plan isa “mistake” and the projected rise in deficit and debt is on the rating agencies’ radar, Mark Zandi, chief economist at Moody’s Analytics, told La Stampa in an interview.

DEBT

Treasury sells 6.0 billion euros 12-month BOT bills. Subscriptions close at 0900 GMT.

For Italy’s sovereign debt the timing could hardly be worse: A budget standoff with Brussels is driving the country’s bond yields to new peaks, just as two credit agencies are weighing whether to cut their ratings to within one notch of ‘junk’.

BANKS

European banking supervisors have stepped up their monitoring of liquidity levels at Italian banks after a sharp increase in the country’s government bond yields, although there is no cause for alarm, a senior EU source said on Tuesday.

Italian banks have increased their purchases of government bonds by 50 billion euros in seven months and, with the increase in the spread, “there is the risk of a new round of capital increases and of a reduction in loans to families and businesses “, Il Fatto Quotidiano said.

CARIGE

The newly-appointed managers of ailing Italian lender Banca Carige are set to meet with European Central Bank supervisors on Wednesday, two sources familiar with the matter said.

CERVED

The company said CEO Marco Nespolo has handed in his resignation and Executive Deputy Chairman Gianandrea De Bernardis was given all his powers effective immediately.

ANSALDO STS

The company said on Monday it was awarded a major railway signalling project in Malaysia.

EDISON, SAIPEM

Russia’s Energy Minister Alexander Novak said on Tuesday he had agreed with Italy’s Edison and Greece’s state-controlled gas company DEPA to continue work on a pipeline project to ship Russian natural gas into Europe.

Novak also said that the Turkish Stream Project was on track for first commercial gas at the end of next year. Gas from the new Nord Stream II pipeline meanwhile would also arrive at that time and the project will continue even if new sanctions were imposed, he added.

(*) BANCO BPM

The lender has hired Nomura as an advisor for the sale of its stake in Agos Ducato, while Credit Agricole is being assisted by Morgan Stanley.

(*) CREDITO VALTELLINESE

Interviewed by Il Sole 24 Ore, Luigi Lovaglio, the only candidate for the bank’s chairman seat, says that the focus will initially be on re-launching the lender. Then, “within a couple of years”, the lender will look at a possible tie-up “with an Italian competitor”.

GENERALI

Francesco Gaetano Caltagirone has purchased in recent days another 0.13 percent of Generali, an regulatory filing showed, raising its stake to around 4.2 percent.

BANCA GENERALI

The company said net inflows in September amounted to 310 million euros.

(*) BANCA MONTE DEI PASCHI DI SIENA

The lender’s CET 1 ratio is said to have fallen below regulatory limits set by the ECB, La Stampa said, citing analysts’ calculations. A further rise in the spread would force the Treasury to intervene again, it added.

(*) TELECOM ITALIA

Bernstein has cut its price target on the stock to 0.80 euros from 0.85 euros.

ENI

CEO Claudio Descalzi attends ‘Energy Transition Summit’ on “Driving Energy for Inclusive Prosperity” in Milan (0700 GMT) and on “Energy as a Bridge through the Mediterranean Region” (1545 GMT).

TERNA

CEO Luigi Ferraris attends conference on “Energy as a Bridge through the Mediterranean Region” in Milan (1545 GMT).

PIERREL

Board meeting on results up to Sept. 30, 2018.

M&A, EDIZIONE

Edizione, the holding company of Italy’s Benetton family, said on Tuesday it had sold 20 percent of an investment vehicle through which it holds 29.9 percent of Spanish tower group Cellnex to a unit of Singapore’s sovereign fund GIC.

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

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