January 17, 2018 / 5:00 AM / in a month

Italy - Factors to watch on Jan. 17

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 (*).

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

(*) POLITICS

Italy’s centre-left leader Matteo Renzi is no longer the politician he once was, the chief executive of Fiat Chrysler Automobiles said on Tuesday, indicating their once strong ties had withered.

Markets are calm and do not believe that with the elections risks such as a referendum on the Euro or the dismantling of pension and job reforms could materialise, ECB’s Constancio said in an interview with la Repubblica on Wednesday.

Italy and Spain should be responsible in Europe for the problems of southern Europe, but in order to be more credible Italy must be more present in Brussels and press ahead with reforms, said the President of the EU parliament Antonio Tajani in an interview to Corriere della Sera. Tajani said that ideas and proposals for Europe should be at the centre of the electoral debate, adding he would not stand for elections.

ECONOMY

S&P holds ‘Annual Press Conference’ in Milan (0930 GMT).

European Central Bank Supervisory Chief Daniele Nouy meets top Italian banks’ representatives and Bank of Italy’s officials to discuss a number of hot topics including bad debt in Rome.

Swiss food group Nestle on Tuesday agreed to sell its U.S. confectionery business to Italy’s Ferrero for $2.8 billion, marking CEO Mark Schneider’s first big sale and a small step on its path towards healthier products. (*) There have been no convincing arguments to transform the European Stability Mechanism (ESM) into a so-called European Monetary Fund, the vice president of the European Central Bank said in an interview on Wednesday.

COMPANIES

BANCO BPM

The lender said on Tuesday it had successfully completed the issuance of a 750 million-euro 7-year covered bond, which drew orders worth more than one billion euro.

BANCA CARIGE

Fitch Ratings said on Tuesday it affirmed Banca Carige’s rating (IDR) at ‘B-’ following the lender’s 544 million euro capital increase and removed it from rating watch negative.

The lender plans to tackle unlikely to pay loans by selling around 20 single loans with a nominal value of between 5 and 30 million euros each, MF reported.

(*) BANCA MONTE DEI PASCHI DI SIENA

The lender has injected 70 million euros in new capital into online unit Widiba, MF reported.

ITALIAN BANKS

Ratings agency Standard&Poors’ said on Tuesday it sees downside risks for Italian banks from the Italian vote if new government reverses reforms. (*) The final report from parliament’s bank committee will be presented on Jan. 26 but will only contain proposals to update the current regulatory and supervisory system, without reconstructing events from the past, as parties have different points of view, la Repubblica reported.

FIAT CHRYSLER

Former Fiat Chrysler Automobiles NV vice president Alphons Iacobelli is expected to plead guilty in connection with a U.S. Justice Department investigation into allegations he made at least $1.2 million in improper payments to a former union vice president and his wife, two people briefed on the matter said on Tuesday. (*) European car sales fell 4.8 percent in December from the same month a year ago due in part to one less working day, with sales at all major automakers except PSA Group and BMW contracting, industry data showed on Wednesday. Sales from Fiat Chrysler fell 16.1 percent during the last month of 2017, despite an 11.8 percent rise in demand for its popular Jeep sport-utility vehicles.

TELECOM ITALIA (TIM)

Board meeting. (*) The board is expected to discuss again the group’s joint venture with Vivendi’s Canal + and call for another vote on the deal, which will include all independent board members, after concerns were raised by some board members and market regulator Consob, several dailies report.

(*) MEDIOBANCA Morgan Stanley raised on Wednesday the group’s price target to 11.50 euros from 11.40 euros.

(*) LEONARDO SocGen raised on Wednesday the group’s shares to ‘buy’ from ‘hold’.

(*) CAMPARI

JP Morgan cut on Wednesday the group’s target price to 6.30 euros from 6.50 euros.

(*) RECORDATI

Jeffries raised on Wednesday the company’s price target to 43.20 euros.

Credit Suisse cut the group to ‘underperform’ from ‘neutral’ on Wednesday.

(*) IPO

In view of its listing, Italian high-speed rail firm NTV is expected to change its name into Italo, with the board meeting, called on Thursday, to approve the move.

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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