June 20, 2019 / 4:04 AM / a month ago

Italy - Factors to watch on June 20

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

Italy’s coalition has drawn up a bill aimed at giving the government and parliament the right to name the central bank’s five-member board, ending the current system by which appointments are made mainly internally.

The government proposes to use 5.2 billion euros ($5.9 billion) in expected improvements in its 2019 budget position to avoid European Union disciplinary action for excessive debt, financial daily Il Sole 24 Ore said on Thursday.

DEBT

Italy’s central bank chief, Ignazio Visco, described the difference between Italian and German sovereign bond yields as ridiculous, saying it reflected unfounded fears that Rome could fail to repay its debts or might exit from the euro.

Treasury announces sale of CTZ and BTPei bonds, with relative amounts to be auctioned on June 25.

FIAT CHRYSLER

Renault and Nissan resolved their corporate governance dispute, the Wall Street Journal reported on Wednesday. French ministers have consistently highlighted the importance of ensuring that the Renault-Nissan alliance remains strong, before planning any further consolidation with the likes of Fiat Chrysler.

(*) Morgan Stanley cut the target price on Fiat Chrysler shares to 19 euros from 21 euros.

(*) TELECOM ITALIA (TIM)

The two main shareholders, Vivendi and Elliott, are trying to find a compromise to end their feud with a board reshuffle that could involve the resignation of Chairman Fulvio Conti, Il Sole 24 Ore wrote on Thursday.

CDP could switch its 50% in Open Fiber with a stake in Telecom Italia, according to a plan of Chief Executive of TIM Luigi Gubitosi, La Repubblica wrote on Thursday.

(*) GENERALI

JPMorgan removed the stock from its analyst focus list and cut the rating to ‘neutral’ from ‘overweight’ and the target price to 18.5 euros from 19.4 euros.

(*) ENEL

Italy’s biggest utility plans to invest almost 1 billion euros between 2019 and 2021 in Africa, Il Sole 24 Ore wrote on Thursday.

(*) UBI BANCA

The Italian lender plans to reduce its soured debt to 7 billion euros in 2021 from 9.9 billion at the end of 2018 with a NPE ratio of 7.6%, MF wrote on Thursday.

BANCA CARIGE (shares suspended)

U.S. private equity fund Apollo Global Management has presented a draft rescue plan for Italy’s troubled bank, three sources close to the matter said. Meanwhile, Italian banks are considering whether they could step in to plug Carige’s entire capital shortfall, according to the head of a deposit guarantee fund made up of all Italian banks.

(*) Apollo promised to the European Central Bank to improve its plan on Carige with a rights issue of 630 million euros instead of the recapitalisation of 450-500 million originally planned, Il Messaggero wrote on Thursday.

(*) MEDIASET

The bylaws of the new Dutch holding, which the TV company is setting up, will fireproof the new board, Italian newspapers wrote on Thursday.

ASTALDI, SALINI IMPREGILO

Astaldi said on Wednesday it received a formal confirmation from Salini Impregilo of its interest to pursue a transaction aimed at the financial and economic strengthening of Astaldi, in the context of a plan to create a national construction champion.

EDISON

Edison has agreed to buy green energy assets from its French parent company EDF to make it Italy’s No. 2 wind player and pave the way for “major” growth in solar power.

ELES

Trading in the company’s shares without a price cap is not allowed as of Thursday until further notice, Italy’s Bourse said on Wednesday.

DIARY

Rome, ISTAT President Gian Carlo Blangiardo presents “2019 Annual report”, Chamber of Deputies Speaker Roberto Fico attends (0900 GMT).

Rome, Prime Minister Giuseppe Conte attends Italy’s first Biobank inauguration ceremony (0645 GMT).

Rome, Italian Insurance Supervisor IVASS President and Bank of Italy Director General Fabio Panetta presents annual report (0830 GMT).

Rome, Deputy Prime Minister and Interior Minister Matteo Salvini attends 2018-2019 academic year closing ceremony of police advanced training course (0800 GMT).

Rome, Cabinet undersecretary Giancarlo Giorgetti holds news conference to present “Sport & Suburb Plan” (1200 GMT).

Rome, Industry Ministry holds meeting on Piaggio Aero Industries (1300 GMT).

Milan, European Investment Fund holds news conference to announce its entry into Anthilia’s vehicle ‘Anthilia BIT III’ with CEO Pier Luigi Gilibert, Banco BPM CEO Giuseppe Castagna (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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