Italy - Factors to watch on August 28

Wed Aug 28, 2013 2:39am EDT

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 (*).

POLITICS

Italy's fractious ruling coalition struggled on Tuesday to bridge differences over a housing tax that threatens to create a new crisis for a government already severely strained by the legal turmoil surrounding Silvio Berlusconi.

Italy holds a cabinet meeting on Wednesday to reach an agreement on the controversial housing tax. Italian press reports an agreement on the tax is within reach.

PUBLIC DEBT

The Treasury sells 8.5 billion euros of six-month bills ahead of a more challenging offer of five- and 10-year bonds on Thursday. On Tuesday yields on two-year, zero-coupon Italian bonds edged marginally higher at auction compared with a month earlier.

SYRIA TURMOIL

Western powers could attack Syria within days, envoys from the United States and its allies have told rebels fighting President Bashar al-Assad, sources who attended the meeting told Reuters on Tuesday.

ECONOMY

National statistics institute ISTAT releases June retail sales data (0800 GMT).

COMPANIES

ITALY BANKS

Two mid-sized Italian lenders reported slower growth in bad debts on Tuesday, pointing to a tentative recovery in the euro zone's third-biggest economy.

BANCO POPOLARE

Italian lender Banco Popolare posted on Tuesday a first-half net profit of 156 million euros, up more than five times compared to a year ago, helped by a writeback on its Agos Ducato unit impairment. ΕΎ

UBI BANCA

Tentative signs of economic recovery in Italy have convinced mid-tier lender UBI Banca to stick with its forecast for a small fall in bad loan provisions this year, despite an increase in the first half.

BANCA POPOLARE DI MILANO

The bank posted a first-half net profit of 105.6 million euros on Tuesday, helped by higher fees and trading gains, and said it would revise its business plan by October and then set the timing of a planned capital increase.

BANCA POPOLARE DELL'EMILIA ROMAGNA

The bank said on Tuesday a review of its loan portfolio conducted applying stricter criteria on loan loss provisions set by the Bank of Italy was now virtually complete and had led to a 52 percent annual rise in net writedowns in the first half to 468 million euros.

* MONTE DEI PASCHI DI SIENA

The Monte dei Paschi Foundation, a charitable foundation with links to local politicians and the lender's top investor, has once again failed to elect the foundation's new president. Another meeting is scheduled for Sept. 2.

* AUTOGRILL

The operator of highway restaurants and airport shops will bid for the management of operations at three high-speed railway stations and two airports in Spain, the MF said, citing the director general for Autogrill Iberia Octavio Llamas.

D'AMICO INTERNATIONAL SHIPPING

The shipping company has placed orders for dry cargo ships totalling $290 million, a senior official said, as it sees ship building prices near a bottom and expects a recovery in freight demand.

The following companies report H1 results on Wednesday:

Brunello Cucinelli. In a preliminary release of the first-half results in July, the cashmere specialist reiterated its pledge to deliver double-digit full-year growth as it posted a 16.5 percent rise in first-half revenue.

Regional utility Hera

Regional utility Iren

Property firm Prelios

For more details on today's events please see the full agenda in Italian.

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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