August 31, 2018 / 6:53 AM / 2 months ago

Italy - Factors to watch on Aug. 31

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 (*).

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

POLITICS

Marina Di Pietrasanta, Cabinet Undersecretary Giancarlo Giorgetti attends “Versiliana 2018”, the annual festival by newspaper ‘Il Fatto quotidiano’ (1000 GMT).

ECONOMY

Ratings agency Fitch reviews sovereign debt rating on Italy.

ISTAT releases July unemployment rate data (0800 GMT); August flash CPI and HICP data (0900 GMT); Q2 GDP final data (1000 GMT).

Reuters releases August asset allocation poll (1100 GMT). (*) The European Union expects a “substantial effort” from Italy on its upcoming budget law, European Commissioner for Economic and Financial Affairs Pierre Moscovici told the financial newspaper Il Sole 24 Ore on Friday. (*) Austria’s central bank governor, Ewald Nowotny, said on Friday he did not see an immediate risk arising from Italy, although investors are concerned that tax cuts and welfare spending proposed by the ruling coalition could increase Italy’s mountain of debt. (*)European Union Commissioner Guenther Oettinger chided Italy on Friday about its high debt levels and warned that market confidence could be eroded if Europe raised its overall debt. (*) The Economy Minister Giovanni Tria aims to reach the minimum goal of a 1.5 percent deficit/GDP ratio in the new budget, thus asking the EU for the equivalent of a “discount” of some 10 billion euros, La Stampa reported on Friday. (*) Italy/Germany 10-year government bond spread will not stay at current levels until the end of the year but could easily rise to 400 basis points, Ralf Preusser, Global Head of Rates Research at Bank of America Merrill Lynch told la Repubblica in an interview. (*) Italy’s government aims to update its public finance targets as soon as possible to reassure investors, Il Messaggero reports.

COMPANIES

Bourse After Hours market closed.

ENI

Credit rating agency Standard & Poor’s has revised Eni rating to ‘A-‘ from ‘BBB+’.

ATLANTIA

Autostrade unit board meeting on answers to be given to Transport and Infrastructure Ministry over the Genoa bridge collapse (0730 GMT), followed by Atlantia board meeting (1000 GMT).

Autostrade per l’Italia, a unit of Italian infrastructure group Atlantia, on Thursday presented several options to local authorities to rebuild the motorway the bridge that collapsed in Genoa this month, the group said in a statement. (*) Infrastructure fund F2i - owned by state lender CDP, banks, banking foundations and international funds - has expressed interest in buying a minority stake in toll-road operator Autostrade, but not in Atlantia, Il Messaggero reported citing banking sources involved. The report added that the government could starts talks with F2i shareholders over the matter.

(*) ATLANTIA, FINCANTIERI

La Stampa reports that Autostrade CEO Giovanni Catellucci and Fincantieri CEO will meet in Genoa next week to start to discuss the plan of a new consortium - which includes the two groups and a specialised viaduct builder- aimed at rebuilding the bridge in Genoa.

Vincenzo Boccia, head of Italy’s largest employers’ association Confindustria, says he agrees with the shipbuilder being inlvoved in the reconstruction of the bridge, as long as the time to do so does not drag, hurting local businesses, La Stampa reported. BOccia added that if the government issues a decree to nationalise Austostrade it creates an element of distortion in the country’s rule of law.

ASTALDI

The group said on Thursday that negotiations regarding the sale of assets linked to Bosphorus Third Bridge Concession in Turkey are continuing and are at advanced phase.

(*) PIRELLI

Berenberg cut on Friday its target price to 6.50 euros from 7.00 euros and cut share to ‘Sell’ from ‘Hold’.

(*) JUVENTUS FC, AS ROMA

Juventus forward Cristiano Ronaldo will face his former club Manchester United after the two European giants were drawn together in the Champions League group stage on Thursday.

Last season’s runners-up Liverpool, big-spending French league champions Paris St Germain and Carlo Ancelotti’s Napoli were thrown together in the pick of the groups while holders Real Madrid must face last season’s semi-finalists AS Roma.

VITTORIA ASSICURAZIONI

Vittoria Capital SpA ends voluntary takeover offer on Vittoria Assicurazioni shares.

Board meetings on H1 results: ACSM-AGAM, POLIGRAFICA SAN FAUSTINO.

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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