Italy - Factors to watch on August 29

Thu Aug 29, 2013 2:44am EDT

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 (*).

POLITICS

Italy's government reached a deal on Wednesday to reform an unpopular property tax, easing a source of persistent tension which had threatened to split the fragile coalition of traditional rivals from the left and right.

Italian bond yields dipped on Wednesday as Rome was seen close to scrapping a controversial property tax in an effort to calm tensions within the country's ruling coalition.

PUBLIC DEBT

The Treasury auctions on Thursday a new five-year bond maturing in Dec. 2018 for 2.5-3.5 billion euros and tap its 10-year March 2024 bond for 1.75-2.5 billion euros.

Italy's six-month borrowing costs rose slightly at auction on Wednesday as investors remained wary of turmoil in the country's fragile ruling coalition, ahead of a more challenging sale of longer-dated bonds on Thursday.

ECONOMY

National statistics institute ISTAT releases August consumer confidence data (0800 GMT), August business confidence data (0900 GMT) and July wage inflation data (1000 GMT).

COMPANIES

TELECOM ITALIA * Telco, the holding company that controls the telecoms incumbent, could raise fresh capital by converting all or part of 1.65 billion euros in debt it owes to its shareholders, la Repubblica reported without citing sources. The paper adds a decision must be taken by November, when outstanding credit lines worth 1.05 billion euros must be refinanced or reimbursed.

EU telecoms chief Neelie Kroes has scrapped a draft proposal to cut wholesale roaming fees by as much as 90 percent, a European Commission document seen by Reuters showed, following criticism from major telecom companies.

FINMECCANICA, ANSALDO STS

State-controlled financing group CDP could be involved in buying stakes in Finmeccanica units Ansaldo Energia and Ansaldo STS, Il Giornale said, citing rumours.

BANCA MONTE DEI PASCHI DI SIENA

The bank's CEO could meet with EU competition head Joaquin Almunia at a conference in Cernobbio on Sept 6-7 to discuss changes to the bank's restructuring plan, Corriera della Sera said. A request to shut down proprietary trading and close out its exposure to Italian governement bonds is considered unreasonable, it said, citing a source. The bank, which is trying to wrap up discussions with the EU in 2-3 weeks, could cut more branches, it said.

ENEL GREEN POWER

The renewable energy company has won three contracts in the wind power sector in Brazil, Il Sole 24 Ore said, citing Enel CEO Fulvio Conti.

PRELIOS

Italian property firm Prelios said on Wednesday it posted a net loss in the first six months of 64 million euros, weighed down by writedowns and financial charges.

BRUNELLO CUCINELLI

Italian cashmere specialist Brunello Cucinelli said on Wednesday its core earnings in the first half rose 19.7 percent because of strong retail growth in the United States, Europe and China.

* IPO MONCLER

Given debt of 230 million euros, the luxury down jacket maker could be worth 2.3-2.4 billion euros in its IPO, IL Sole 24 Ore said. Moncler will start filing for its listing in September and could debut in November, it said.

The following companies release H1 results:

Ascopiave

Camfin

Exor

Salvatore Ferragamo followed by conference call,

Conference call on H1 results for:

Iren

Prelios (0800 GMT)

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)............

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FTSE IT allshare index

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FTSE Mid Cap index....

Block trades..........

Stories on Italy...... IT-LEN

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