September 19, 2019 / 4:01 AM / 3 months ago

Italy - Factors to watch on Sept. 19

The following factors could affect Italian markets on Thursday.

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

Italy’s new government expects the economy to expand by only about 0.4% next year after eking out 0.1% growth this year, three sources close to the matter told Reuters, underscoring the need for an expansionary 2020 budget.

The Italian government plans to cut tax expenditures subsidising environmentally harmful activities by 10% each year starting in 2020, according to a draft emergency decree seen by Reuters on Wednesday.

Rome, Prime Minister Giuseppe Conte (1100 GMT) and Chamber of Deputies speaker Roberto Fico (1510 GMT) receive German President Frank-Walter Steinmeier.

Rome, Cabinet meeting on tourism and cybersecurity law decrees.

COMPANIES (*) TELECOM ITALIA

Brazilian telecommunications firm Oi SA is in talks with Spain’s Telefonica SA and Italy’s Telecom Italia to sell its mobile network to avoid insolvency, five people with knowledge of the matter said.

(*) MEDIOBANCA

Italian billionaire Leonardo Del Vecchio could increase its stake in the Italian investment house after buying a stake of almost 7%, according to La Repubblica and Corriere della Sera.

(*) UNICREDIT

Deputy Chairman Cesare Bisoni, who became intermi chairman after the sudden death of Fabrizio Saccomanni, is expected to be confirmed in this role at a board meeting scheduled on Friday, two Italian newspapers reported.

(*) INTESA SANPAOLO

Italy’s biggest retail lender aims to become the country’s fourth largest insurer in non-life business, the head of bank’s insurance unit Nicola Maria Fioravanti told Il Sole 24 Ore.

(*) ALITALIA

The cash in the carrier’s coffers fell to 360 million euros at the end of August, Alitalia administrator Stefano Paleari said during a meeting with the industry minister on Wednesday according to several newspapers.

ATLANTIA

The group’s maintenance unit SPEA Engineering said its board appointed Guglielmo Bove chief executive after the previous manager resigned following the arrests of two employees in a probe over falsified road security reports. The company moved all the employees engulfed in the probe to different jobs.

ENI

Board meeting to approve 2019 interim dividend.

CARIGE (shares suspended from trading)

Italian troubled lender said on Wednesday that events after June 30 did not affect the adequacy of a 900 million euro ($993 million) cash call envisaged by its rescue plan.

The Genoa-based bank added it would book a 81 million euro loss from the planned sale of almost all of its impaired loans to Italy’s state-backed bad bank SGA. (*) Carige’s investor Raffaele Mincione will vote in favour of a rescue plan at a shareholder meeting on Friday, he told Il Sole 24 Ore, adding he did not intend to buy into the rights issue.

B.F.HOLDING

The Italian agriculture holding said on Wednesday it expected to book a net profit in 2019 and could pay a dividend.

IPO

Italian motor yacht maker Sanlorenzo aims to list on the Milan Stock Exchange at about the same time as the rival Ferretti Group, with an initial public offering (IPO) expected to be launched as early as the second half of October, two people familiar with the matter said on Wednesday.

DIARY

Rome, Prime Minister Giuseppe Conte interviewed at “Unica, Labor Day” (1630 GMT); Education, Sport and Youth Policies Minister Vincenzo Spadafora attends (1900 GMT).

Rome, news conference on stipulation of convention among INPS, INL, Confindustria, CGIL, CISL, UIL with INPS President Pasquale Tridico, trade unions general secretaies Maurizio Landini for CGIL, Anna Maria Furlan for CISL, Carmelo Barbagallo for UIL, Labor Minister Nunzia Catalfo (0730 GMT).

Turin, Intesa Sanpaolo holds conference on “The spread of insurance culture in Italy and the impact of technological innovation” with Chairman Gian Maria Gros-Pietro, Turin Mayor Chiara Appendino, IVASS President and Bank of Italy Director General Fabio Panetta, insurers’ association ANIA President and Poste Italiane Chairwoman Maria Bianca Farina; Intesa Sanpaolo CEO Carlo Messina delivers closing address (0900 GMT).

Turin, Terna CEO Luigi Ferraris and FCA EMEA COO Pietro Gorlier sign a ‘Memorandum of Understanding’ “e-mobility and energy transition” to create a cutting-edge laboratory to test the Vehicle-to-Grid (0900 GMT).

Assisi, conference on “The creation of mass popular culture between television and online information” with state broadcaster RAI CEO Fabrizio Salini, Mediaset Chairman Fedele Confalonieri (1600 GMT).

Milan, Pirelli CEO Marco Tronchetti Provera attends news conference to present ‘Milano Monza Open-Air Motor Show’ (0900 GMT).

Milan, Bocconi University holds conference on financial fair play with Juventus FC Chairman Andrea Agnelli, Barcellona FC Chairman Josef Maria Bartomeu, Olympique de Marseille Chairman Jacques-Henri Eyraud, head of FFR, UEFA Philippe Rasmussen, FC Internazionale Milano Chairman Stevan Zhang (1530 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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