December 20, 2013 / 5:00 AM / 4 years ago

Italy - Factors to watch on December 20

7 Min Read

The following factors could affect Italian markets on Friday.

Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).

Economy

ISTAT releases October industry orders and sales data (0900 GMT); October retail sales data (1000 GMT); November extra EU foreign trade data (1100 GMT).

Reuters releases December asset allocation (1200 GMT).

Rome, banking association Abi presents report on "AFO, 2014-2015 Forecasts" (0915 GMT).

Italy's main business lobby group warned on Thursday that the risk of social breakdown was growing, despite signs that Italy's two-year recession was coming to an end.

Debt

Treasury announces sale of BOTs and CTZ, with relative amounts to be auctioned on Dec. 27.

The European Union's insurance watchdog said on Thursday it will reduce the amount of capital insurers must hold against top quality securitised debt and other investments to help generate funds for economic recovery.

Italy must show political stability and convincing signs of an economic recovery to secure foreign demand for its debt in 2014, when domestic banks are expected to slow their purchases of the country's bonds.

Companies

Milan Bourse FTSE MIB Index quarterly review and after hours trading closed; Bourse after hours trading closed.

Telecom Italia

Holds ordinary and extraordinary shareholders' meeting (1000 GMT).

Telecom Italia's shareholders meet on Friday to decide whether to oust the entire board in an attempt by dissident investors to weaken the increasingly powerful influence of rival Spanish group Telefonica.

Telefonica said on Thursday it had no agreement with BlackRock over Telecom Italia as it sought to dispel concerns it was maneuvering behind the scenes ahead of a shareholder vote over control of the Italian phone group.

Telecom Italia said on Thursday it was not looking into any specific measures to recover an investment grade rating level beyond plans already outlined in its 2014-2016 industrial plan. * BlackRock may abstain from the vote, several papers said.

A small shareholder of Telecom Italia filed a complaint with market watchdog Consob, in which he seeks to establish the existence of an undeclared shareholders' pact between retail shareholders group ASATI, its head Franco Lombardi and rebel investor Findim, which could eventually affect those participants' voting rights.

Italy's telecoms regulator AGCOM said on Thursday it had approved cuts to the wholesale broadband prices that Telecom Italia charges its rivals to access its network, shrugging off an EU request to withdraw the proposal.

Banks

The Bank of Italy said the requirements for Italian banks to meet stricter Basel III capital rules will come into force on Jan. 1, 2014, and institutions which do not meet a common equity Tier 1 level of 7 percent will not be allowed to distribute dividends or bonuses to their managers.

European Central Bank President Mario Draghi endorsed a hard-fought EU agreement on how to close failing banks on Thursday, even as an array of critics branded the plan overcomplicated and underfunded.

Europe's efforts to form a united front behind euro zone banks are reaching a climax, but many fear they will fail to restore confidence and prove flimsy should another crisis strike.

Alitalia

Abu Dhabi's Etihad Airways is in early-stage talks over a possible 300 million euro ($413 million) investment in Alitalia, a political source close to the matter said, which could help rescue the loss-making Italian airline.

Etihad confirmed on Thursday it was in talks with Alitalia but did not comment on the size of any investment.

Monte Dei Paschi Di Siena

Three banking foundations are ready to take 20 percent of the Tuscan lender from its top shareholder fondazione Monte dei Paschi giving in exchange 0.9 percent they hold in Intesa Sanpaolo and a 0.38 percent stake in Unicredit, according to MF.

Erg, Unicredit

Italian energy company ERG Renew will raise 50 million euros ($69 million) by selling a 7.14 percent stake to bank UniCredit through a reserved capital increase, its parent ERG said in a statement on Thursday.

Enel

Argentina on Thursday threatened to take control of utility firms Edenor and Edesur after power outages blanketed large swaths of the capital and surrounding areas just ahead of the South American summer.

Finmeccanica

BAE Systems said the United Arab Emirates had quit talks to buy Eurofighter Typhoon aircraft and it had not yet reached a final agreement with Saudi Arabia over a jet deal.

Impregilo

The Italian builder said on Thursday it had won a 480 million euros ($656 million) contract to build a road connecting the Italian port of Ancona with highways.

* Enel

The Italian utility confirms it expects to meet its 2013 targets, Il Sole 24 Ore said.

* Banca Popolare Di Milano

The lender should proceed as soon as possible with a planned capital hike, Piero Giarda, the candidate in pole position to become chairman of the bank told Il Sole 24 Ore.

Prada

Holds board meeting on Q3 results, followed by conference call (1200 GMT).

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

20 biggest losers (in percentage).............

FTSE IT allshare index

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