Italy - Factors to watch on July 30

Wed Jul 30, 2014 2:56am EDT

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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

Italian Senators clashed furiously on Tuesday over Prime Minister Matteo Renzi's plan to strip the upper house of most of its powers as part of a wide-ranging package of reforms to Italy's system of government and economy.

DEBT

Treasury sells BTP bonds. Subscriptions close at 0900 GMT.

Spanish and Italian bond yields hit the latest in a series of record lows on Tuesday on expectations 60 billion euros of coupon and debt repayments this week will be reinvested.

COMPANIES

* SNAM

Italian gas transport group Snam said on Wednesday its operating profit in the first half rose 2.4 percent, boosted by storage gas volumes.

* BANKS

The Bank of Italy has asked Italian banks undergoing the stress tests to show their "Plan B" in case their capital ratio were to fall below the required threshold, Il Messaggero said.

FINMECCANICA

Italy's Finmeccanica said on Tuesday it had reached an agreement with prosecutors to settle legal proceedings over a scrapped helicopter contract between one of its units and India, adding this did not equal an acknowledgment of any wrongdoing. * India's top crime-fighting agency said it will press ahead with its investigation of the country's scrapped helicopter contract with one of Finmeccanica's units, a day after prosecutors in Italy reached an agreement to end legal proceedings against the defence company.

EDISON, F2i

Italy's No. 2 utility Edison, a unit of France's EDF , and Italian infrastructure fund F2i have signed a deal to form a new renewable energy group, a source close to the situation said on Tuesday.

MEDIASET

Italy's biggest broadcaster Mediaset reported a net loss in the first half of this year as solid results at its Spanish unit failed to offset falling domestic revenues.

ENI

Ninety percent of the oil and gas group's Italian workers adhered to a strike call on Tuesday to protest at the company's plans to close or convert some of its unprofitable refineries, unions said.

TELECOM ITALIA, TIM PARTICIPACOES

An economic downturn and disruptions caused by the World Cup likely wiped out sales growth for Brazilian telecommunications companies, and dragged second-quarter profits lower, according to a Reuters survey of analysts. * Telecom Italia's process to sell its towers should start in September, Il Sole 24 Ore said citing sources close to the company, adding that a listing of the unit was also an option under consideration.

* UNICREDIT

Binding offers for 50 percent of the bank's asset management unit Pioneer should arrive on Wednesday, Il Messaggero said. Possible suitors are Banco Santander, CVC Credit Partners and Advent Capital Management, the paper added.

SAIPEM

The Italian oil services group does not need a capital increase but a share issue cannot be excluded should there be a need to strengthen the company's balance sheet, its CFO Alberto Chiarini said on Tuesday.

The current sanctions imposed on Russia are having no effect on development of the South Stream gas pipeline project that Italian oil services group Saipem is involved in, Saipem's CEO said on Tuesday.

Saipem cut its profit forecast on Tuesday to reflect contract delays and postponements as it tries to complete the low margin deals that left it nursing heavy wounds last year.

CIR, SORGENIA

Sorgenia has signed a new agreement with Eni for the supply of gas and terminated a longterm contract for the purchase of gas from Libya signed in 2004. The new contract has a duration of approximately six months, the company said in a statement.

ALITALIA, POSTE ITALIANE

Italy's Poste Italiane will invest 65 million euros ($87 million) into troubled flagship carrier Alitalia as part of a deal with banks meant to pave the way for a tie-up with Etihad Airways, two sources close to the matter said on Tuesday.

Italy's post office operator Poste Italiane, which the government has slated for privatisation, said on Tuesday it would need more funding to be able to keep up a comprehensive mail delivery service. * Etihad reiterated in a letter to Alitalia that the deadline to agree on a tie-up deal was Thursday, several papers said. * Executives from Alitalia, Atlantia, Poste and the banks are expected to meet at the prime minister's office on Wednesday morning, Il Sole 24 Ore said.

FIAT CHRYSLER

Reports second-quarter results, followed by conference call at 1200 GMT.

The Italian government is considering offering tax incentives to encourage new car purchases by both private and public sector owners, Transport Minister Maurizio Lupi said on Tuesday.

BANCA MONTE DEI PASCHI DI SIENA

York Capital Management Global Advisors owns a 5.025 percent stake in Italy's Banca Monte dei Paschi, a filing by market regulator Consob showed on Tuesday.

BANCA POPOLARE DI SPOLETO

Holds ordinary and extraordinary shareholders' meeting (0630 GMT).

MITTEL

Holds board meeting on Q3 results.

PRIMI SUI MOTORI

Holds ordinary and extraordinary shareholders' meeting (0800 GMT).

SAT

Holds ordinary shareholders' meeting (0900 GMT).

Board meetings on H1 results: ASSICURAZIONI GENERALI (press release on July 31), D'AMICO INTERNATIONAL SHIPPING followed by conference call, DATALOGIC (preliminary H1 results on July 18), EDISON, ENEL GREEN POWER followed by conference call, ENI (also on Q2 results, press release on July 31), GABETTI PROPERTY SOLUTIONS , INDESIT followed by conference call, ITALCEMENTI, MEDIOLANUM (0830 GMT) followed by conference call, SAVE, SORIN, VIANINI LAVORI, YOOX followed by conference call.

For Italian market data and news, click on codes in brackets:

20 biggest gainers (in percentage)............

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FTSE IT allshare index

FTSE Mib index........

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FTSE Mid Cap index....

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

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

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