June 10, 2020 / 4:02 AM / a month ago

Italy - Factors to watch on June 10

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 .

CORONAVIRUS

Deaths from the COVID-19 epidemic in Italy climbed by 79 on Tuesday against 65 the day before, the Civil Protection Agency said, while the daily tally of new cases was broadly stable at 283 against 280 on Monday.

ECONOMY (*) European Central Bank officials are drawing up a scheme to cope with potentially hundreds of billions of euros of unpaid loans in the wake of the coronavirus outbreak, two people familiar with the matter told Reuters.

OECD releases April leading indicator data (0800 GMT).

Bank of Italy releases April data on bank lending and domestic government bond holdings at Italy-based banks.

ECB board member Isabel Schnabel attends online seminar on “ECB Policies in COVID-19 times” organised by ‘Florence School of Banking and Finance’ (1100 GMT).

DEBT

Treasury sells 7.0 billion euros in new 12-month BOT bills. Subscriptions close at 0900 GMT.

INTESA SANPAOLO, UBI BANCA, BPER BANCA

Italy’s antitrust authority cannot clear Intesa Sanpaolo’s offer for rival UBI for now because of uncertainties over a planned asset sale aimed at solving competition issues, a document showed on Tuesday. (*) Intesa could decide to hand over some 100 additional branches to BPER Banca, compared to the already planned 400-500, for the same price as a way to address competition issues over its bid for UBI, daily Il Sole 24 Ore reported. (*) Italy’s antitrust authority will make a final decision on Intesa’s bid for UBI around July 20, daily Il Messaggero said. (*) BPER Banca is expected to hold a board meeting on Thursday and it is likely that possible changes to its agreement with Intesa could be discussed, both Il Messaggero and MF reported. (*) Italy’s insurance watchdog IVASS and market watchdog Consob are expected to give their go-ahead to Intesa’s proposed takeover offer on UBI, daily la Repubblica said. (*) Intesa’s bid over UBI could be delayed to September to review some terms of the offer, in order to comply with antitrust’s requests, MF said.

(*) MEDIOBANCA,, GENERALI

Some government members are considering getting state lender Cassa Depositi e Prestiti to buy a small, symbolic stake in the insurance group, an asset deemed as strategic for the country, MF reported, adding that however a decision has still not been made.

(*) ATLANTIA, POSTE ITALIANE

The Italian state-controlled postal service group could invest at least 300-400 million euros, through its insurance unit Poste Vita, in Italy’s infrastructure fund F2i which might buy a controlling stake in toll-road operator Autostrade from the Benetton family’s Atlantia, daily Il Sole 24 Ore said.

(*) ATLANTIA

The Benetton family is keen to offer once again to the government the possibility of extending the duration of its motorway concession as a way to reduce toll tariffs, daily la Repubblica said. The report, however, added that Rome did not give any feedback on this.

(*) ENEL, TELECOM ITALIA

US private equity firm KKR is considering to buy a 20-25% stake of state-controlled broadband group Open Fiber, MF daily reported on Wednesday citing financial sources.

(*) UNICREDIT

The lender said on Wednesday it would repay in full and ahead of maturity, on July 21, a 500 million euro step-up subordinated bond issued in 2010.

(*) FINCANTIERI

The shipbuilder should soon sign a contract to sell two military frigates to Egypt, Il Sole 24 Ore said.

(*) ENI

The group’s plans to increase its focus on natural gas, biofuels and green energy will allow it to avoid cutting jobs, Chief Executive Claudio Descalzi told Il Corriere della Sera in an interview.

SAFILO

Moody’s on Tuesday downgraded Safilo to B3 with negative outlook.

TERNA

Terna on Tuesday updated its 8 billion euro Euro Medium Term bond programme.

DIASORIN

Annual general meeting (1300 GMT).

STMICROELECTRONICS

Webcast presentation at Exane BNP European CEO Conference.

(*) ALITALIA (unlisted)

Sales director Fabio Lazzerini is set to be the airline’s new chief executive but, although he has received a green light from the Industry ministry and the Treasury, his nomination needs to be formalised by a cabinet meeting, probably as early as this week, daily Il Messaggero reported. It added that the creation of a new company for Alitalia was making no progress and that it was not clear how many employees would be made redundant.

DIARY

Rome, Italian banking association ABI Director General Giovanni Sabatini speaks before Chamber of Deputies banking committee(0615 GMT).

Rome, Leonardo CEO Alessandro Profumo speaks before Senate Defence Committee on Italian participation in common European defence projects (0630 GMT).

Rome, Labour Minister Nunzia Catalfo speaks before Schengen Committee on migrants’ regularisation (1200 GMT).

European Medicines Agency (EMA) Executive Director Guido Rasi speaks via videoconference before Chamber of Deputies Foreign Affairs Committee (1030 GMT).

IR Top Consulting holds online #SMARTInvestorDay “Green AIM” with Renergetica Chairman Davide Sommariva, Elettra Investimenti Chairman and CEO Fabio Massimo Bombacci, Kolinpharma Chairwoman and CEO Rita Paola Petrelli, Monnalisa CEO Christian Simoni, Energica Motor Company CEO Livia Cevolini, FOPE CEO Diego Nardin (0830 GMT).

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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