November 12, 2018 / 5:01 AM / a month ago

Italy - Factors to watch on Nov. 12

The following factors could affect Italian markets on Monday.

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

An Italian judge on Saturday acquitted Rome mayor Virginia Raggi of false testimony in a trial over a senior job appointment within city hall, defusing a possible crisis for her party, the ruling 5-Star movement.

Tens of thousands of people rallied in northern Italy on Saturday in support of an ambitious Franco-Italian rail link, known as TAV, and against the decision of the ruling anti-establishment 5-Star Movement to reconsider the project.

Deputy Prime Minister Matteo Salvini said that Italy needed more infrastructure projects and that it was best to complete those that had been started, several dailies quoted him as saying on Sunday.

ECONOMY

Italy’s economy minister is looking to revise down the budget’s growth forecast for next year to try to reach a deal with the European Commission over fiscal policy, a government source said on Sunday.

Deputy Prime Minister Matteo Salvini said on Sunday the European Commission would not be happy with Italy’s budget response on Tuesday, but that results of the country’s fiscal policy would speak for themselves.

ISTAT releases September industrial output data (0900 GMT).

OECD releases September composite leading indicator (1100 GMT).

DEBT

Treasury sells 5.5 billion euros 12-month BOT bills. Subscriptions close at 1000 GMT.

TELECOM ITALIA

The board of Telecom Italia has given its Brazil unit approval to make a non-binding offer for NII Holdings’ Nextel Brazil, three sources familiar with the matter said on Friday, allowing for a potential deal that could boost its market share in Latin America’s largest economy.

Il Sole 24 Ore on Sunday reported that a document it had seen envisaged the break up of the company including the spin off of the group’s network and its merger with broadband company Open Fiber. It also included the sale of tower unit Inwit , submarine network unit Sparkle and unit Tim Brazil. The plan was drafted by a senior TIM manager, according to sources, but TIM said there was no connection between the document and the company, the report added.

Italy is preparing legislation that could lead to a merger of Telecom Italia’s network with smaller rival Open Fiber, an issue that is causing friction between the phone group’s CEO and some board directors, sources close to the matter said on Sunday.

The phone group said there was no plan to call an extraordinary board meeting next week, a spokesman said, after a report said some directors were asking for one to push for the resignation of Chief Executive Amos Genish.

BANCA CARIGE

Italy’s interbank deposit protection fund (FITD) is ready to inject between 220-370 million euros in the lender, to support the bank’s capital, Corriere della Sera reported on Sunday.

(*) Banca Carige needs around 400 million euros to plug a hole in its capital base, three sources close to the matter said on Monday, adding part of these funds will be injected by Italy’s interbank deposit protection fund (FITD). (*) The bank on Monday will approve the issue of an additional Tier 1 bond worth 400 million euros, La Stampa and Il Sole 24 Ore reported on Monday. La Stampa said the lender could launch a capital increase next spring. The difficulties of Carige have been discussed between Bank of Italy governor and the Economy Minister on Saturday, La Stampa said.

LEONARDO (*) The defense group said on Monday it was awarded a 280 million euros contract for 22 new AW 169 helicopter variant by Italy’s Guardia di Finanza.

Italy’s government plans cuts to the defence sector worth 500 million euros in 2019, Il Sole 24 Ore reported on Saturday, adding that the state-controlled group would be hit by the decision. The plans would include cuts to Italy’s investments to the programme of the NH90 helicopter, jointly produced by Leonardo, Airbus and Dutch Fokker, and the one for the surface-to-air missile CAMM ER, produced by consortium MDBDA, which includes Airbus, BAE Systems and Leonardo.

(*) ANSALDO STS

Ansaldo STS, head of the Flow Consortium, has Signed a contract for Operation & Maintenance services relating to lines 3, 4, 5 and 6 of Riyadh subway.

SAIPEM

The court of Milan has rejected claim by 64 individual investors for a 174 mln euro compensation against Saipem, the company said on Friday.

MONTE DEI PASCHI

Monte dei Paschi said on Friday it had picked WRM as potential buyer for bank’s IT platform.

BANCO BPM

Morgan Stanley holds 7.6 pct of Banco BPM, mostly via borrowed securities, a regulatory filing by the Italian market watchdog showed on Friday.

BIO-ON

Bio-On said on Friday it would cooperate with Unilever on development of personal hygiene and care products.

BEGHELLI

Beghelli said on Friday it could not confirm 2018 forecasts in terms of revenue and Ebitda.

ALITALIA

Lufthansa is considering a “shareholding partnership” with the Italian airline, at certain set conditions, Il Sole 24 Ore reported on Saturday, adding that top management of the German carrier met Italy’s Infrastructure and Transport Undersecretary Armando Siri to discuss the matter.

“We do not comment on speculations,” a Lufthansa spokesman told Reuters on Saturday. Siri told Ansa news wire on Sunday he had exchanged some information with Lufthansa, adding it was up to the airline to make the next step.

AS ROMA

AS Roma forward Stephan El Shaarawy scored twice in the second half to help his side thump Sampdoria 4-1 on Sunday in a Serie A game which saw two penalties revoked — one for each side — following VAR reviews.

ELITE presents new companies admitted with President Raffaele Jerusalmi, CEO Luca Peyrano, Invitalia CEO Domenico Arcuri, SACE CEO Alessandro Decio (1330 GMT).

Board meetings on Q3 results: ACSM-AGAM, BANCA CARIGE followed by conference call (1645 GMT), BANCA POPOLARE DI SONDRIO, CAREL followed by conference call, CREDITO VALTELLINESE followed by conference call (1730 GMT), GABETTI PROPERTY SOLUTIONS , GIMA TT, GRUPPO MUTIONLINE, IMA , MOLMED, SABAF followed by conference call (1400 GMT), ZUCCHI.

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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