May 11, 2018 / 4:00 AM / 7 months ago

Italy - Factors to watch on May 11

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

The anti-establishment 5-Star Movement and far-right League said on Thursday they had made “significant steps” towards forming a government, as Italy looked to end nine weeks of political deadlock.

Florence, annual event on “The State of the Union” ends (0700 GMT); expected attendees include European Parliament President Antonio Tajani, European Commission President Jean Claude Juncker, Terna Chairwoman Catia Bastioli, EU Commissioner for Energy Maros Sefcovic, Greek President Prokopios Pavlopoulos, EU Commissioner for Regional Policies Corina Cretu, EU foreign affairs chief Federica Mogherini, ECB Governor Mario Draghi, EU Commission representative Marco Buti, ESM-European Stability Mechanism Chief Economist Rolf Strauch, IFM european Department Director Paul Thomsen.

DEBT

Italian government bond yields rose to seven-week highs on Thursday on growing expectations that anti-establishment parties will take power in the euro zone’s third largest economy.

Treasury sells 2.25-2.75 billion euros 0.05 percent BTP bonds due April 15, 2021; 2.0-2.5 billion euros 1.45 percent BTP bonds due May 15, 2025; 1.0-1.5 billion euros 2.45 percent BTP bonds due Sept. 1, 2033. Subscriptions close at 0900 GMT.

Treasury gives minimum percentage coupon new 8-year ‘BTP Italia’ bond.

BANCA MONTE DEI PASCHI DI SIENA

Releases Q1 results (before borse opening), followed by conference call (0800 GMT).

The bank said on Thursday it had completed the securitisation for the sale of a bad loan portfolio with a gross book value of around 24.1 billion euros ($28.7 billion), obtaining investment-grade ratings on the senior tranche.

PRYSMIAN

The company reported first-quarter adjusted core earnings of 153 million euros, compared with 159 million in an analyst consensus provided by the company.

The cable maker sees net debt after General Cable acquisition, including capital increase, at between 2-2.1 billion euros, its CFO said.

Organic revenue growth recorded in the first quarter is seen sustainable for all of this year, Prysmian’s CEO said.

BRUNELLO CUCINELLI

The Italian luxury group plans to increase the proportion of earnings it pays out as dividends to 50 percent by 2020, its Chief Executive and Chairman Brunello Cucinelli said on Thursday.

ENI

Eni has recouped all outstanding payments that Iran owed the Italian oil company for past investments and has no plans for any new projects, Chief Executive Claudio Descalzi told shareholders at its annual meeting on Thursday.

Eni’s only remaining activity in Iran is the monthly purchase of 2 million barrels of oil as part of a contract that expires at the end of the year, Descalzi said, adding that any new sanctions would take six months to kick in. He added that supply could be sourced from elsewhere.

A2A

A2A CEO Valerio Camerano said the company had presented a non-binding offer for Terra Firma’s solar assets in Italy and expects a shortlist to be chosen within the next two weeks.

CREDITO EMILIANO

The company reported a first-quarter net profit of 54.6 million euros, up from 49 million a year ago.

MEDIOBANCA

Releases Q3 results, followed by conference call (0645 GMT).

CATTOLICA ASSICURAZIONI

Releases Q1 results (0530 GMT), followed by conference call (0730 GMT).

SOL

Annual general meeting (0800 GMT) and board meeting on Q1 results.

UBI BANCA

Releases Q1 results, followed by conference call (1300 GMT).

UNIPOL and UNIPOLSAI

Release Q1 results (before bourse opening), followed by conference calls (1000 GMT).

UNIPOLSAI

Trade ex-dividend of 0.145 euro per share.

ICCREA BANCA

News conference with Chairman Giulio Magagni and Director General Leonardo Rubattu on creation of ICCREA Cooperative Banking Group in Rome (1200 GMT).

Annual general meetings: FINCANTIERI (0800 GMT), GIGLIO GROUP (0900 GMT), GIORGIO FEDON (0900 GMT).

Board meetings on Q1 results: ATLANTIA, BANCA CARIGE followed by conference call (1200 GMT), BANCA INTERMOBILIARE, BANCA POPOLARE DI SONDRIO, BANCA SISTEMA followed by conference call, FIERA MILANO followed by conference call (1400 GMT), GRUPPO MUTUIONLINE, MOLMED, POLIGRAFICA SAN FAUSTINO , TERNIENERGIA.

Conference calls on Q1 results: INWIT (1200 GMT), ISAGRO (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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