October 2, 2018 / 4:00 AM / 2 months ago

Italy - Factors to watch on Oct. 2

The following factors could affect Italian markets on Tuesday.

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

The European Union’s executive head, Jean-Claude Juncker, on Monday warned Italy against going ahead with its proposed 2019 budget, which the bloc has criticised as too lax.

The European Commission will try to convince the Italian government to change its fiscal targets, the European Commission’s Economic Commissioner said on Monday, after euro zone partners raised concerns about Rome’s expansionary plans.

Italy’s finance minister said on Monday that many European Union states have failed over the years to respect EU fiscal rules, but added that this does not mean that rules should be breached.

(*) La Repubblica and Il Messaggero reported that the latest calculations by the Treasury showed that no more than 6-7 billion euros would be available to finance a universal income for the poor which the 5 Star Movement is pushing for.

Corriere della Sera and Il Messaggero reported that the Five Star are increasingly unhappy with Finance Minister Giovanni Tria.

(*) The League’s economic head Claudio Borghi said in a radio interview on Tuesday that Italy would solve most of its problems if it had its own currency.

(*) A key meeting on the budget is due to take place at 1700 GMT on Tuesday.

FIAT CHRYSLER

Italian car sales fell 25.37 percent year-on-year to 124,976 vehicles in September, the transport ministry said on Monday, as a change towards tougher emissions tests weighed on sales.

(*) BANKS

Morgan Stanley has cut by around 7 percent on average its target price on Italian banking stocks given risks stemming from the government’s stance on the budget.

TELECOM ITALIA

Bids on the 13th day of Italy’s 5G spectrum auction reached an overall 6.2 billion euros.

The drop in Telecom Italia’s share price has made the conversion of the savings shares impossible at the moment, Il Sole 24 Ore reported.

LUXOTTICA

Luxottica said it had completed the tie-up with Essilor.

(*) UNICREDIT

Morgan Stanley has removed UniCredit from its EU most preferred list, adding instead Caixabank “as a more defensive peripheral play”. It has kept its “overweight” recommendation on the Italian bank.

(*) MEDIOBANCA

Morgan Stanley has kept an “overweight” recommendation on the Italian bank.

(*) MONTE DEI PASCHI DI SIENA

Cedacri, an Italian provider of digital services for banks, is ready to make an offer for a stake in the bank’s digital platform, Il Sole 24 Ore reported.

ASTALDI

Italy’s market watchdog Consob banned short selling of Astaldi shares on Tuesday.

SAIPEM

Saipem said Stefano Cavacini was to be CFO as of Nov. 15.

CREDITO VALTELLINESE

Morgan Stanley has cut its potential stake in Creval to 0.376 percent from a previous aggregate 6.962 percent.

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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