October 2, 2017 / 4:00 AM / in 2 months

Italy - Factors to watch on Oct. 2

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 .

ECONOMY

Markit/ADACI releases September PMI manufacturing (0745 GMT).

ISTAT releases August unemployment data (0800 GMT).

September state sector borrowing requirement data.

COMPANIES

BANKS

Italy solved one of its remaining banking headaches on Friday as France’s Credit Agricole agreed to take over three small ailing banks for 130 million euros.

The ECB will launch in the coming days a consultation over the possibility of giving banks quantitative targets for non-performing loan reduction.

Banking regulations are necessary but they need to be well designed, Bank of Italy governor Ignazio Visco said on Saturday, as reported by Il Sole 24 Ore on Sunday. The rules should be simplified, he added.

TELECOM ITALIA

The Italian group said on Friday it had no obligation to notify the Italian government of ownership changes, control or availability of its network, after Rome launched a probe on the phone incumbent.

Industry Minister Carlo Calenda told Il Sole 24 Ore on Saturday the government would decide by end-October over using its special powers in relation to Telecom Italia. Calenda said he believed there were grounds to use powers reserved for companies of strategic relevance but added that the requirements to be set would be “balanced not punitive.”

The government is likely to limit to Telecom Sparkle its powers to void acts carried out by Telecom Italia in relation to its failure to notify Rome that French media group Vivendi had assumed de facto control of the phone company, Il Sole 24 Ore reported on Saturday.

Telecom Italia on Thursday decided to transfer voting rights over its Persidera unit to the Advolis trust, Il Messaggero reported on Saturday, adding board members Lucia Calvosa and Francesca Cornelli voted against such move and were also opposed to powers assigned to Chairman Arnaud de Puyfontaine as they would have wanted a non-executive chairman.

ENEL

Telecoms group Wind Tre has extended its agreement with Enel broadband unit Open Fiber to a further 258 cities, Wind Tre CEO Jeffrey Hedberg said in an interview with Il Sole 24 Ore on Sunday.

FINCANTIERI

Industry Minister Carlo Calenda told Il Sole 24 Ore on Saturday the working group studying a possible cooperation between the Italian shipbuilder and Naval Group would take 6-8 months to reach its conclusions.

FIAT CHRYSLER

Transport Ministry releases September car sales data (1600 GMT).

ATLANTIA

The motorway group has hired Spanish bank Santander as adviser on its bid for Abertis.

BANCO BPM

Adviser KPMG will present at a board meeting on Oct. 17 candidates for the bank’s new ‘bancassurance’ partnerhip, Il Sole 24 Ore reported on Saturday. (*) The lender expects to complete the sale of 8 billion euros worth of non-performing loans by June 2018, its chief executive told Affari&Finanza in an interview published on Monday.

BANCA INTERMOBILIARE

Investment fund Attestor has entered exclusive talks until Oct. 20, 2017 to buy the private bank that the government is selling as part of the liquidation process of Veneto Banca. The process may entail spinning off 600 million euros in bad loans, Il Sole 24 Ore reported on Saturday.

INTESA SANPAOLO

Chairman Gian Maria Gros Pietro told Corriere della Sera on Saturday further banking consolidation in Italy and Europe was inevitable as lenders needed to achieve economies of scale but added that Intesa did not have this problem. (*) RBC cut its price target on the lender to 3.10 euros from 3.30 euros and its rating to ‘sector perform’ from ‘outperform’.

(*) UBI BANCA

Societe Generale raised its price target on the lender to 5.6 euros from 4 euros and its rating to ‘buy’ from ‘hold’. (*) BPER BANCA

Societe Generale starts coverage of the lender with a ‘buy’ rating and a price target of 6 euros.

(*) TOD‘S

HSBC cut its price target on the company to 58 euros from 60 euros.

(*) SALVATORE FERRAGAMO

HSBC cut its price target on the company to 29 euros from 32 euros.

(*) SARAS

Barclays raised its price target on the company to 2.20 euros from 2 euros and cut its rating on the stock to ‘underweight’ from ‘equal-weight’.

(*) TERNA

Terna is focusing on Italy, “where there is space for further investment,” Chief Executive Luigi Ferraris told la Stampa in an interview.

Outside Italy, Terna is looking at North Africa where it is “counting on a project of a new line in Tunisia,” whose planning will start after Europe gives a green light to funding, he said, adding the latter was expected in the first half of 2018. The group is also interested in developments in the Balkans, he added.

GEDI GRUPPO EDITORIALE

The publishing group said on Friday it would pay 175.3 million euros to settle a tax dispute concerning the 1991 fiscal year.

GRUPPO TREVI

The soil engineering group said on Friday it was confident it would be able to overcome difficulties that may threaten business after its first-half loss rose fivefold due to falling Oil&Gas orders, making it necessary to restructure its debt and seek a standstill accord with creditors.

H1 results presentation (1500 GMT).

EDISON, ITALGAS

Edison is frontrunner to buy Gas Natural’s client portfolio in Italy while 2iRete Gas, rather than Italgas, is in pole position to take the Spanish group’s Italian distribution assets, Il Sole 24 Ore reported on Saturday.

ALITALIA

One of the state-appointed commissioners running the troubled airline told Corriere della Sera on Sunday he did not rule out selling Alitalia as a whole. Binding bids are expected on October 16.

IPO, NTV

The high-speed train company does not rule out a market listing next year, Chairman Luca Cordero di Montezemolo told Corriere della Sera’s L‘Economia insert published on Monday.

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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