Italian Stocks - Factors to watch on Jan 31

MILAN, Jan 31 (Reuters) - 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 (*).

U.S. FEDERAL RESERVE CUTS RATES

The U.S. Federal Reserve cut its key interest rate by a half-percentage point in an aggressive effort to halt a sharp downturn in the country's economy.

ITALIAN POLITICAL CRISIS

Senate speaker Franco Marini agreed to try to form an interim government aimed at reforming electoral rules that are blamed for the collapse last week of the country's 61st government since World War Two.

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ENEL (ENEI.MI)

The country's biggest power producer reports 2007 results after the market close. Reuters Knowledge's consensus estimate for earnings before interest, tax, depreciation and amortisation is 9.23 billion euros.

ALITALIA AZPIa.MI

The state-controlled airline said finances had worsened so much since a survival plan in August it needed 750 million euros of fresh cash by mid-year to survive alone, as a political crisis looked set to delay any takeover by giant Air France-KLM.

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The head of Air One backer Intesa Sanpaolo tells Corriere della Sera newspaper the game is still open on the sale.

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Air France-KLM's plans include grounding 40 planes -- about 22 percent of Alitalia's passenger fleet -- which would mean about 400 job losses among pilots and about 800 lay-offs for flight crew, Il Sole 24 Ore reports.

The airline could announce flight cuts at Milan's Malpensa airport as a nominal deadline for formalising new timetables falls. The head of Assoclearance, which oversees airport slots, said on Wednesday the carrier could cut over 100 slots.

TERNA (TRN.MI)

The power grid operator outlines its plans for 2008-2012 with a presentation to analysts at 1000 GMT and a press conference at 1130 GMT.

* EDISON (EDN.MI)

The power producer is trimming its gross operating profit forecast for 2007 to 1.6 billion euros from 1.65 billion previously, MF newspaper says, with net profit of 450 million euros compared to analysts' expectations of about 130 million. Edison was not immediately available for comment.

ENI (ENI.MI)

Board member Dario Fruscio, an Italian senator, resigned with about two months' left to his term.

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TOD'S (TOD.MI)

The luxury shoe and bag maker said 2007 profitability would miss expectations as it turned in a 14.7 percent rise in sales.

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BULGARI (BULG.MI)

The jeweller reports 2007 sales.

UNIPOL (UNPI.MI)

The insurer gives figures for 2007 premiums.