May 15, 2019 / 4:05 AM / 12 days ago

Italy - Factors to watch on May 15

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

Deputy Prime Minister Luigi Di Maio on Tuesday criticised a suggestion by his coalition partner, Matteo Salvini, that Italy could break European Union fiscal rules and increase its public debt in order to spur job creation.

(*) Salvini ruled out a break-up of Italy’s ruling populist alliance in an interview with Corriere della Sera daily on Wednesday. Although infighting between the coalition partners has spiked ahead of European elections this month, there is no alternative majority in the parliament, Salvini told Corriere.

ECONOMY

ISTAT releases March industry orders and sales data (0800 GMT).

Bank of Italy releases March data on public finances, state borrowing and debt.

DEBT

Italy’s 10-year bond yield hit a two-month high of 2.755% after Salvini’s comments, while the closely watched spread between Italian and German yields expanded to its widest level in three months at 282.6 basis points.

UNICREDIT

The Italian lender has stepped up preparations for a potential bid for Germany’s Commerzbank by drafting in investment bankers including a former top German official, three people familiar with the matter said.

In a statement responding to the Reuters story, UniCredit said it wanted to clarify that no banking mandate had been signed in relation to any potential market operation.

MEDIASET

Italy’s largest commercial broadcaster reported a 4% fall in first-quarter domestic advertising revenues to 483.6 million euros, after the company gave up its Italian and international soccer rights.

Chief Financial Officer Marco Giordani told analysts that the company could take up new financing for up to 1 billion euros to use in potential acquisitions.

French shareholder Vivendi is set to be excluded from a loyalty share scheme recently adopted by Mediaset to reward long-term investors, according to a document detailing the scheme.

SALVATORE FERRAGAMO

The Italian luxury shoemaker posted the first signs of recovery in the first quarter of 2019 with closely watched like-for-like sales rising 2.2% after declining for 10 straight quarters.

PIRELLI

The Italian tyremaker cut its guidance for full-year sales on Tuesday due to prolonged weakness in the original equipment segment, though adjusted operating profit matched forecasts in the first quarter.

(*) The group’s main shareholders ChemChina and Camfin have started negotiations to renew an agreement on governance, Il Sole 24 Ore reported on Wednesday.

AUTO SECTOR, FIAT CHRYSLER

Italy will introduce tax breaks on value-added tax for the auto sector in the next budget law, Deputy Prime Minister Matteo Salvini said on Tuesday.

AXELERO

Board meeting on FY results.

ERG

Releases Q1 results (before Bourse opening), followed by conference call on Q1 results (0900 GMT).

SNAM

Releases Q1 results (0600 GMT), followed by conference call (1200 GMT).

A2A

Board meeting on Q1 results, followed by conference call (1400 GMT).

ASSICURAZIONI GENERALI

Board meeting on Q1 results (press release on May 16).

HERA

Board meeting on Q1 results.

ACEA

Board meeting on Q1 results.

Annual general meetings: PIRELLI & C. (0830 GMT), SIAS-SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI (0900 GMT), EL.EN. (0800 GMT).

Board meetings on Q1 results: ACOTEL, AEROPORTO DI BOLOGNA, ARNOLDO MONDADORI EDITORE followed by conference call, B&C SPEAKERS (0900 GMT), CLASS EDITORI, COMPAGNIA IMMOBILIARE AZIONARIA, EL.EN., EMAK, ENAV, FIDIA (0800 GMT), FILA, GAMENET GROUP, GAROFALO HEALTH CARE, GUALA CLOSURES followed by conference call, ICF GROUP, IL SOLE 24 ORE, IMA, INWIT followed by conference call, ISAGRO (1400 GMT), ITWAY, IVS GROUP, KI GROUP, MASI AGRICOLA, MONRIF, PANARIAGROUP, POLIGRAFICI EDITORIALE, SALINI IMPREGILO (new orders), SERI INDUSTRIAL, TINEXTA.

DIARY

Rome, Rete Imprese Italia holds annual meeting with Prime Minister Giuseppe Conte, Deputy Prime Minister and Interior Minister Matteo Salvini (0830 GMT).

Rome, “Public Administration Forum 2019” continues, ends on May 16. Expected attendees include Economy Minister Giovanni Tria.

Rome, Cabinet Undersecretary Giancarlo Giorgetti speaks before Chamber of Deputies Culture Committee (1200 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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