November 26, 2018 / 4:01 AM / 18 days ago

Italy - Factors to watch on Nov. 26

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

Italian Deputy Prime Minister Matteo Salvini hinted on Sunday at the possibility of tweaking the country’s deficit goal for next year, a move that could open a negotiation between Rome and Brussels to avoid a disciplinary procedure against Italy. (*) Italy’s governing coalition is discussing reducing next year’s budget target to 2.0-2.1 percent of gross domestic product from the current target of 2.4 percent to avoid a disciplinary procedure from Brussels, a government source said on Monday. (*) Italy’s government will meet on Monday evening to discuss a potential reduction of its deficit goal, a government source said.

ECONOMY

Rising yields on Italian government bonds are hurting private wealth and undermining the country’s financial sector, making it more expensive for companies to borrow, the central bank warned on Friday.

Rising bond yields in Italy could eventually hurt the economy as banks could be discouraged from lending, European Central Bank supervisor Daniele Nouy told a newspaper on Saturday.

DEBT

Italy’s Treasury said on Friday it would sell 6.5 billion euros in six-month bills at auction on Nov. 28.

Italy’s Treasury said on Friday 95 percent of retail orders for the latest BTP Italia bonds were below 50,000 euros and 68 percent below 20,000 euros.

Treasury announces sale of BTP and CCTeu bonds, with relative amounts to be auctioned on Nov. 29.

TELECOM ITALIA

Italian state lender CDP could become the controlling shareholder of a new company holding the broadband network of Telecom Italia and Open Fiber, La Repubblica reported on Saturday.

A document published last week by daily Il Messaggero with a secret plan to set up a company that will own the broadband network of Telecom Italia and wrap up smaller rival Open Fiber was prepared by Telecom Italia executive Stefano Siragusa, several Italian newspapers reported on Saturday.

FIAT CHRYSLER

The car maker will unveil its new Jeep pick up ‘Gladiator’ at the motorshow in Los Angeles on Wednesday, Il Messaggero reported on Sunday. The group will produce its new SUV for Alfa brand in Pomigliano, the newspaper added.

The electric version of Fiat 500 to be sold in Europe will likely be produced at Mirafiori plant, while the factory in Melfi will make the Jeep Compass, Il Giornale reported on Sunday, saying the carmaker will unveil its production strategy next Thursday.

(*) TOD’S

The company has no intention to sell pieces or all of the group, Chairman Diego della Valla reiterated in an interview with Affari&Finanza, adding he would “prefer to keep buying and investing” instead.

ENI

The Italian oil group and Algeria’s Sonatrach said on Sunday they had inaugurated a photovoltaic plant in Algeria and sign deals in the renewable energy sector.

PIRELLI

Pirelli has signed a new four-year deal to remain Formula One’s sole tyre supplier until the end of the 2023 season, the sport announced in a statement on Sunday.

MEDIOBANCA, UNICREDIT

UniCredit is in favour of a new shareholders’ pact for Mediobanca that would not include tight rules on voting rights and shares, Il Messaggero reported on Sunday. The so-called ‘light pact’ could last two years starting from Jan. 1, 2019, the newspaper said.

FINCANTIERI, SALINI IMPREGILO

The shipbuilder, the general contractor and Italian railways unit Italferr have presented a joint project to rebuild the bridge collapsed in Genoa in August, Fincantieri CEO Giuseppe Bono told Class CNBC in an interview published by MF.

Fincantieri will pay dividends in the next few years and will have rising margins, Bono told CNBC.

FERROVIE NORD MILANO, ATLANTIA

Lombardy local government and infrastructure fund F2i are studying the setting up of a new company that will own the majority of regional railway company Ferrovie Nord Milano, and two motorway operators, Il Messaggero reported on Saturday. F2i has dropped an alternative plan to take a stake in Atlantia’s motorway unit Autostrate per l’Italia, the paper added.

BANCA CARIGE

The bank will hold a board meeting Thursday to approve its plan on capital, Corriere della Sera said on Sunday.

(*) INTESA SANPAOLO

Cariplo Foundation Chairman Giuseppe Guzzetti has tried to open other shareholders and Intesa Sanpaolo’s CEO Carlo Messina to the possibility of electing a “younger and more dynamic chairman with solid skills in European finance to drive the transformation into a continental leader”, according to Affari&Finanza. As an alternative to Gian Maria Gros-Pietro, the weekly mentions vice chairman Paolo Andrea Colombo and bankers such as Domenico Siniscalco and Vittorio Grilli as well as Claudio Costamagna.

BREMBO

The group is looking for acquisitions to grow in new segments of the automotive sector, Brembo Deputy Chairman Matteo Tiraboschi told Il Giornale on Sunday.

SNAM

Snam Partners’ Day 2018

(*) SAIPEM

HSBC raised its recommendation on the stock to “buy” from “hold” and cut its target price to 4.5 euros from 4.6 euros.

ITALIAONLINE

The Italian company said on Friday it had named Roberto Giacchi as its new chief executive effective by Dec. 13.

IVS

The Italian vending machines operator said on Friday it agreed to buy 100 percent of rival office coffee machine maker SDA 2000.

ASTM

Trades ex-dividend of 0.23 euro per share as interim 2018 dividend.

BF

Starts capital increase; ends on Dec. 13.

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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