November 27, 2013 / 5:03 AM / 4 years ago

Italy - Factors to watch on November 27

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

Silvio Berlusconi’s centre-right party declared on Tuesday it would vote against Italy’s 2014 budget, confirming its break with the ruling coalition a day before the Senate moves to expel the media tycoon over a tax fraud conviction.

A confidence vote on the budget will establish whether there is a parliamentary majority to support the government going forward, President Giorgio Napolitano said after Berlusconi’s party broke with the coalition.

DEBT

Treasury sells 7 billion euros ($9.49 billion) 6-month BOTs, short-term bills, maturing on May 30, 2014 (182 days). Subscriptions close at 1000 GMT.

FUND FLOWS

Assogestioni releases October fund flow data.

COMPANIES

MONCLER IPO-MON.MI

Italian skiwear company Moncler IPO-MON.MI said on Tuesday it had received approval for its share listing from Italy’s market regulator and set an indicative price range of 8.75-10.20 euros. * The goosedown jacket maker aims to raise at least 585-681 million euros ($793-$923 million) through a public share offer which is expected to start trading in Milan on Dec. 16, three term sheets for the deal showed on Wednesday.

BANCA MONTE DEI PASCHI DI SIENA

Bailed-out Italian lender Monte dei Paschi di Siena is to go ahead with a rights issue of up to 3 billion euros, more than its market capital, to avoid nationalisation. * Without a capital increase the nationalisation of Monte dei Paschi would be a certainty and the bailed-out Italian lender would disappear from its base in Siena, its chairman Alessandro Profumo told la Repubblica on Wednesday. * The steering committee of the foundation would meet on Wednesday to take a stand on the cash call, Il M

GENERALI

Standard & Poor’s placed Europe’s third biggest insurer on credit watch negative on Thursday, pending an examination of its sovereign exposure. * Generali said on Wednesday proceeds from a string of asset disposals will allow it to slash its debt and complete the acquisition of eastern European joint venture GPH next year as it continues to focus on its core insurance business. * Generali will consider progressively raising its dividends once it has completed a plan to reduce its debt and reinforce its capital base, Chief Executive Mario Greco said on Wednesday in an update on the insurer’s business plan.

* CARIGE

The lender’s newly appointed CEO and chairman have discussed with the Bank of Italy a new business plan as well as planned asset sales and rights issue, Il Sole 24 Ore reported, adding the regulator had given Carige a few more weeks to finalise the plan.

ENI, ROSNEFT

Eni and Russia’s Rosneft, the world’s top listed oil producer, have agreed to funnel oil supplies to each other’s European refineries, signing the deal during a Russia-Italy bilateral meeting on Tuesday.

Chief executive Paolo Scaroni said on Tuesday production at the vast Kashagan oilfield in Kazakhstan could restart in a few months.

INTESA SANPAOLO

Chief executive Carlo Messina said on Tuesday that Italy’s biggest retail bank could become a takeover target for foreign banks unless it boosted its profitability and market capitalisation.

ALITALIA

Cash-strapped Alitalia rebuffed on Tuesday an offer from low-cost airline Ryanair to feed passengers into its long-haul routes and help boost the Italian carrier’s profitability.

The deadline to subscribe to Alitalia’s emergency capital increase expires on Wednesday.

BANCO POPOLARE

Banco Popolare said on Tuesday it had approved a merger with two small units in a reorganisation which it said will boost its core capital by more than 50 basis points. * The lender convened a special shareholders meeting for April 24, 2014, to approve the planned merger of Credito Bergamasco into Banco Popolare.

FINMECCANICA

Chief executive Alessandro Pansa is due to deliver the closing address at an aerospace industry conference in Rome.

Assicurazioni Generali holds ‘Investor Day’ (1000 GMT) in London.

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:............................... ($1 = 0.7374 euros)

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