October 24, 2018 / 4:01 AM / 2 months ago

Italy - Factors to watch on Oct. 24

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

Italian Cabinet Undersecretary Giancarlo Giorgetti, a senior figure in the League, said the government wanted to negotiate, discuss budget with EU.

Prime Minister Giuseppe Conte said on Tuesday his government’s planned deficit hike in 2019 “won’t be touched at the moment”, even though the European Commission had rejected Italy’s draft budget proposal. (*) European Economic Affairs Commissioner Pierre Moscovici said he was open to a constructive dialogue with Italy over its budget plans, according to an interview with daily La Repubblica published on Wednesday.

ECONOMY

ISTAT releases September non-EU foreign trade data (0800 GMT).

DEBT

Treasury announces sale of 6-month BOT bills, with relative amounts to be auctioned on Oct. 29.

ITALY BANKS

Moody’s takes action on 12 Italian financial institutions following sovereign downgrade.

(*) SAIPEM

Italian oil services group Saipem stuck to its guidance for the year on Wednesday saying it saw signs of a recovery for the industry. For the third quarter, the company posted a net loss of 34 million euros ($39 million) after writedowns and restructuring costs of 45 million euros.

(*) ATLANTIA, AUTOSTRADE PER L’ITALIA

The death of Gilberto Benetton has accelerated the reasoning on a spin-off of Autostrade per l’Italia (Aspi) with the distribution of shares to Atlantia shareholders, according to Il Sole 24 Ore. Under such scenario, 26.6 percent of Aspi would go to the Benetton family’s holding, Edizione, while Aspi would be automatically listed, the paper says. Edizione’s holding would then be put in a fund managed by infrastructure fund F2i, it added.

(*) MEDIOBANCA

CheBanca! las launched a process for the sale of 140 million euros worth of bad loans on private mortgages, which could close by the end of the year, writes Il Sole 24 Ore.

BANCA MONTE DEI PASCHI DI SIENA

Italian state-owned lender Monte dei Paschi does not need to issue new Tier2 debt this year, two sources close to the matter said on Tuesday after the bank held a series of meetings with investors.

BANCO BPM

Banco BPM CEO said bad loan sale can go ahead despite rising government bond yields.

BANCA CARIGE

Carige said it expected to approve capital measures by November 12 and said it had hired UBS to advise on possible tie-ups. (*) The issue of a subordinated bond of 200 million euros could take place via a private placement and include the bank’s main shareholders, MF said. Shareholders Raffaele Mincione, Gabriele Volpi and Aldo Spinelli may give their commitment conditional that there is agreement between them and the management on the strategy, especially as regards the choice of a potential financial partner, the paper added.

(*) UNICREDIT

The bank’s subsidiary in Russia, AO UniCredit Bank, has reached an agreement with EOS to sell a portfolio of non-performing loans, with a legal claim value of around 101 million euros, the lender said on Wednesday.

(*) ENI

Russia’s Rosneft and Italy’s Eni are discussing terms of a suspension of their joint hydrocarbon projects in the Barents Sea, Interfax cited a Russian government official as saying on Wednesday.

ENEL

Enel net production in first nine months rose 1.8 pct on year.

ENI, SNAM, TERNA, ITALGAS

Moody’s downgraded the ratings of Italian utilities and energy groups, including Eni, Snam, Italgas and Terna following its sovereign downgrade.

FINCANTIERI

France and Italy moved closer towards a military shipbuildling alliance on Tuesday when state-controlled shipyards Naval Group and Fincantieri announced a 50-50 joint venture to bid for Franco-Italian warship projects and export to the world market. (*) ASTALDI

Leonardo & are in the running for the role of industrial and financial adviser, while Linklaters for that of legal adviser, MF said.

TISCALI

Tiscali says talks with two shareholders for 15.6 million euro bond issue interrupted.

MONCLER

Board meeting on Q3 sales results (revenues) followed by conference call (1600 GMT).

STMICROELECTRONICS

Releases Q3 results, followed by conference call (0730 GMT).

Franco-Italian chipmaker STMicroelectronics reported a jump in third-quarter sales and profits, driven by a strong performance of its automotive and imaging businesses.

BENI STABILI

Board meeting on Q3 sales results.

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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