November 5, 2018 / 5:01 AM / 10 days ago

Italy - Factors to watch on Nov. 5

The following factors could affect Italian markets on Monday.

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

Italian Deputy Prime Minister Luigi Di Maio said on Saturday the governing coalition programme must be respected after a top official raised doubts about a key pledge to introduce a minimum income for the poor.

(*) The EU Commission would not be able to open an excessive deficit procedure against Italy on Dec. 4 as the deadline is too close and such a decision would be taken instead in January when the budget will have already been approved, Monday’s La Stampa quoted an EU source as saying.

BANKS

The European Banking Authority published on Friday the results of its stress-test of 48 banks in the European Union to check how well their capital buffers can withstand a combination of theoretical market and economic shocks.

Cabinet Undersecretary Giancarlo Giorgetti said in Sunday’s la Repubblica the government was closely monitoring the situation as regards the banks and was ready to act in a timely and resolute manner if needed.

FCA

The car maker’s new CEO is tired of being No. 3 in U.S. pickup truck sales. With a strategy of loading up its revamped Ram 1500 full-size trucks with new features - ranging from 12-inch touch screens on the dashboard to large battery packs and electric motors to help adjust speed and gears and conserve fuel - FCA is banking on a sustained surge in demand.

The company’s new car registrations in Italy fell 16.8 percent year-on-year in October, the transport ministry said on Friday. Its market share stood at 23.56 percent in October, up from 22.7 percent the previous month, according to Reuters calculations.

Trade union FIOM holds news conference on factories of FCA, CNH Industrial and Magneti Marelli in Rome (1100 GMT)

BANCO BPM

Italy’s Banco BPM, one of the banks that fared the worst in Europe-wide stress tests of the sector, said on Friday one-off costs had weighed on the outcome of the health check.

Banco BPM’s fully-loaded CET1 ratio stood at 6.67 percent under the adverse scenario in the EBA’s stress tests.

Asked if the bank would sell another 8 billion euros of bad loans by year end, BPM CEO Giuseppe Castagna told Il Sole 24 Ore on Sunday the bank aimed to sell the sour loan portfolio by year end and expected offers from three pretenders by mid November. The CEO said the bank would not sell its 14.6 percent stake in Anima Holding.

INTESA SANPAOLO

The bank said on Friday its fully-loaded CET1 capital ratio of 10.4 percent under the adverse scenario in the EBA stress tests made it a winner in Europe. “We come out of this stress test with a further determination to meet all targets in our business plan,” CEO Carlo Messina said.

UBI BANCA

The bank said its fully-loaded CET1 ratio stood at 7.46 percent under the adverse scenario in the EBA’s stress tests.

UNICREDIT

The bank’s fully-loaded CET1 ratio stood at 9.34 percent under the adverse scenario in the EBA’s stress tests.

ENI

Eni CEO met Libya’s Prime Minister Fayez al-Sarraj and reiterated the group’s commitment to Libya.

MEDIASET

Mediaset will remain Italian, leading shareholder Silvio Berlusconi said in comments included in a book. “Indeed the company is thinking of expanding further to be more competitive on the global market,” he said. Berlusconi said he thought the threat of a possible takeover by Vivendi was over.

ASSICURAZIONI GENERALI

The insurer’s new business plan will look at growth in Europe and Russia, la Repubblica said on Sunday.

The plan will have three main planks: financial optimisation of resources, expansion in regions and sectors - such as non-life, health insurance and private pension plans - where the group’s presence is too small, investments to acquire IT skills and digitalise the 150,000 agents’ network, la Repubblica Affari&Finanza on Monday. The paper said raising Generali’s 38.45 percent stake in Russia’s Ingosstrakh was a possible use of part of the 2 billion euros the insurer has available. Expanding its presence asset management was another possibility.

(*) AZIMUT

CEO Pietro Giuliani said current BTP bond yields offered “a great opportunity” to invest up to 15-20 percent of one’s savings. He confirmed clients did request that their money be invested abroad when asked about concerns among Italian savers about a possible euro exit or a wealth tax in Italy.

ITALGAS, ASCOPIAVE

Ascopiave, advised by Rothschild and law firm BonelliErede, is studying the idea of a tie up worth over 1 billion euros with Italgas that could involve equity and asset swaps as it looks to exit retail business to focus on gas distribution, Il Sole 24 Ore said on Saturday.

(*) LUXOTTICA

Luxottica CEO Francesco Milleri has little chance of becoming the new CEO of the merged company EssilorLuxottica, la Repubblica Affari&Finanza quoted financial sources as saying.

AEDES

Bondholders’ meeting (1000 GMT).

Board meetings on Q3 results: FERRARI N.V. followed by conference call (1430 GMT), ITALGAS followed by conference call (1330 GMT), PRIMA INDUSTRIE, RISANAMENTO.

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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