August 2, 2018 / 4:02 AM / 14 days ago

Italy - Factors to watch on Aug. 2

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 (*).

For a complete list of diary events in Italy please click on .

POLITICS

Infrastructure Minister Danilo Toninelli speaks before Chamber of Deputies Transport Committee on ministry strategy (1200 GMT).

COMPANIES

Bourse After Hours market closed.

FIAT CHRYSLER AUTOMOBILES

Sales of new cars rose 4.4 in Italy in July from a year earlier, according to the transportation ministry. Fiat Chrysler’s sales rose 3.4 percent annually for a market share of 27.8 percent.

Major automakers on Wednesday reported lower U.S. new vehicle sales for July amid steep declines in passenger cars, except Fiat Chrysler Automobiles, which said its sales climbed 6 percent.

FERRARI

Ferrari’s new boss sought to reassure investors that he would execute midterm targets set by his predecessor, Sergio Marchionne, but the stock fell more than 8 percent on Wednesday when he described the goals to 2022 as “aspirational”.

Ferrari is proving it can run on autopilot. Despite the trauma and uncertainty caused by the sudden loss of former boss Sergio Marchionne, the Italian supercar maker delivered strong quarterly earnings on Wednesday and kept its 2018 guidance stable. That allows new Chief Executive Louis Camilleri to start in top gear. (*) Morgan Stanley raised its rating on the stock to “equal-weight” from “underweight” and its target price to $120 from $110.

(*) UBI BANCA

The lender said overnight it had completed the securitisation of a portfolio of bad loans with a gross book value of 2.75 billion euros and would apply shortly for the GACS state guarantees for the senior tranche. The lender added that a an additional bad loan portfolio was being defined for disposal by the end of this year or start of 2019.

(*) EI TOWERS, MEDIASET

2i Towers, the vehicle through which Mediaset and infrastructure fund F2i had launched their bid on EI Towers, said late on Wednesday that market regulator Consob had approved the document for the buyout offer which will run from Aug. 27 until Oct 5.

(*) GENERALI

JP Morgan cut its price target on the stock to 19.80 euros from 20.40 euros.

(*) ENI

Morgan Stanley cut its target price on the stock to 17.50 euros from 19 euros.

(*) CREDITO VALTELLINESE

The bancassurance agreement with Credit Agricole could be the premise for broader future collaboration, Creval CEO Mauro Selvetti told Il Sole 24 Ore.

(*) IL SOLE 24 ORE

The company said first-half net loss narrowed to 4.1 million euros from loss of 45.5 million euros a year ago.

INTESA SANPAOLO

Weakening core revenues and rising loan losses overshadowed stronger-than-expected second-quarter net profit at Italy’s biggest retail bank Intesa Sanpaolo, weighing on its shares.

MONTE DEI PASCHI DI SIENA

Boutique financial firm SC Lowy said on Wednesday it had bought a $160 million bad loan portfolio from the Italian state-owned bank in one of the country’s largest shipping debt sales.

Board meeting on H1 results (statement on Aug. 3)

ASCOPIAVE

Infrastructure fund F2i said on Wednesday it had submitted an expression of interest for a possible investment in regional utility Ascopiave and its parent company Asco Holding, with a view to strengthening the group’s gas distribution business through a partnership with 2i Rete Gas.

PIRELLI

The tyre maker said on Wednesday it had agreed with China’s Hixih Group to buy a 49 percent stake in a new plant to boost its production flexibility in the high-value segment.

IREN

The company said group net profit rose 29 percent in the first six months to 187.2 million euros. Conference call on H1 results (0800 GMT).

POSTE ITALIANE

The company said first-half net profit rose 44 percent to 735 million euros thanks to improved operating results. Earnings release followed by conference call (0830 GMT).

SAFILO

Board meeting on H1 results and business plan update, followed by conference call (1615 GMT).

BUZZI UNICEM

Board meeting on H1 results, followed by conference call (1430 GMT).

DIASORIN

Board meeting on H1 results followed by conference call (1300 GMT).

PININFARINA

Board meeting on H1 results.

TENARIS

The company said second-quarter net income rose 127 percent to $166 million.

Conference call on H1 results (1300 GMT).

BIANCAMANO

Board meeting on 2017 FY results.

PIQUADRO

Board meeting on Q1 sales.

THESPAC

Debuts on AIM segment, listing ceremony at 0630 GMT.

VIMI FASTENERS

Debuts on AIM segment.

Board meetings on H1 results: Anima, Banca Profilo , Banco di Desio e della Brianza, Be, Caltagirone, Cattolica Assicurazioni (press release on Aug. 3), Centrale del Latte d’Italia, Elica followed by conference call (1400 GMT), Enav, ePrice followed by conference call (1300 GMT), Gas Plus, Gefran (0800 GMT), Italiaonline , Prima Industrie, Reply, Retelit followed by conference, Sabaf followed by conference (1300 GMT), Txt e-solutions, Valsoia .

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:...............................

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