July 26, 2018 / 4:04 AM / 3 months ago

Italy - Factors to watch on July 26

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 .

ECONOMY

ISTAT releases July consumer and business confidence data (0800 GMT), Q2 wage inflation (0900 GMT).

Italy’s government, which has questioned the validity of ArcelorMittal’s planned takeover of Italian steelmaker Ilva, on Wednesday said it was not happy with new bid proposals put forward by the steel giant.

DEBT

Treasury sells CTZ and BTPei bonds. Subscriptions close at 0900 GMT.

Italy’s Treasury said on Wednesday it would offer up to 7.5 billion euros over three bonds at auction on July 30.

FIAT CHRYSLER

Former Fiat Chrysler chief executive Sergio Marchionne died after a 14-year career in which he helped to rescue the carmaker, the news arriving on Wednesday moments before the group reported a surprisingly heavy fall in profit.

Second-quarter operating profit fell below expectations, Fiat’s shares were down by as much as 14 percent as the carmaker cut its full-year outlook in response to a weaker performance in China. (*) Barclays cut on Thursday its price target to 20 euros from 21 euros. (*) Newly-appointed CEO Mike Manley could appoint an Italian manager to replace Alfredo Altavilla, at the head of the European business, given the position is key for talks to unions and authorities as well as the management of production plants, including those in Italy, Poland and Turkey, Il Sole 24 Ore reported. (*) The head of Italy’s largest metalworkers union Fiom-Cgil, Francesca Re David, asked for the government to open talks between the company, unions and the controlling shareholder, the Agnelli family, speaking in an interview with Corriere della Sera. She added that the last industrial plan was not respected and that it is not clear in the current one how much will be invested and what car models will be produced in each plant.

MONCLER

The luxury group said on Wednesday it saw further growth in 2018 after posting half-year revenue and profitability above expectations, lifted again by sales in Asia.

Moncler’s CCO said on Wednesday that the 2018 consensus was “very challenging” due to the tough base of comparison. (*) Jefferies on Wednesday raised the target price to 40 euros from 37.50 euros, with a ‘Hold’ rating.

(*) BANCA CARIGE

Malacalza Investimenti, the holding company of the group’s largest shareholder, kept unvaried in its balance sheet the value of its share in the bank at the cost of acquisition, indicating it is supportive of Carige’s industrial plan, Il Sole 24 Ore reported, citing the holdings financial documents.

(*) MEDIASET

The TV group’s Spanish unit - Mediaset Espana -posted a fall in half-year net profit, down at 125.2 million euros.

Barclays cut on Thursday the target price of Mediaset Espana to 8.50 euros per share from 9.75 euros.

(*) CNH Industrial

The group said on Thursday it signed a deal with IBM to develop its digital infrastructure in key business processes.

SALINI IMPREGILO

The group said on Wednesday its H1 net profit rose to 64.9 million euros.

SAIPEM

The group said on Wednesday it won onshore E&C contracts worth a total of about $800 million in Saudi Arabia, Serbia, Mexico, Iraq and Nigeria.

(*) LUXOTTICA

French spectacles and lens maker Essilor said on Thursday it was making good progress in the completion of its merger with Italian peer Luxottica.

(*) LEONARDO

Airbus Chief Executive Tom Enders sought on Thursday to clarify recent comments about fighter consolidation in Europe, saying he did not see a corporate merger of the combat jet activities of Airbus, BAE Systems or others any time soon.

RAI WAY

Board meeting on H1 results, followed by conference call.

BANCA GENERALI

Board meeting on H1 results, followed by conference call (1200 GMT).

CNH INDUSTRIAL

Board meeting on H1 results, followed by conference call (1330 GMT).

BREMBO

Board meeting on H1 results (0730 GMT).

FINCANTIERI

Board meeting on H1 results.

DAMIANI

Annual general meeting (1500 GMT).

INNOVATEC

Ends capital increase.

AZIMUT

Board meeting on H1 results.

ENI

Board meeting on H1 results, press release on July 27.

RECORDATI

Board meeting on H1 results.

AMPLIFON

Board meeting on H1 results, followed by conference call.

CEMENTIR

Board meeting on H1 results, followed by conference call.

MAIRE TECNIMONT

Board meeting on H1 results.

Board meeting on H1 results: ALERION CLEAN POWER, AUTOSTRADE MERIDIONALI, BANCA SISTEMA followed by conference call, CARRARO (1200 GMT), COIMA RES, POLIGRAFICI PRINTING, RATTI , RISANAMENTO.

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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