October 4, 2018 / 6:57 AM / 2 months ago

Italy - Factors to watch on Oct. 4

The following factors could affect Italian markets on Thursday.

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

The Italian government is targeting economic growth of 1.5 percent next year, rising to 1.6 percent in 2020, Italian financial daily Il Sole 24 Ore said on Thursday. (*) Italy will not change its deficit targets even if the gap between its benchmark 10-year bond yield and the equivalent German bund should widen to 400 basis points, Deputy Prime Minister Matteo Salvini said on Thursday.

Italy will cut its budget deficit targets from 2020 and reduce its debt over the next three years, Prime Minister Giuseppe Conte said on Wednesday, easing fears about fiscal policy in the euro zone’s third-biggest economy.

Italian government bond yields fell sharply on Wednesday on reports that Rome plans to cut the budget deficit faster than it had previously indicated, easing fears about the fiscal policy of the euro zone’s third-biggest economy.

ENI, ENAV

The Italian government is considering transferring its stakes in Eni and ENAV to state lender CDP to raise about 3.6 billion euros, Il Corriere della Sera said.

(*) LEONARDO, FINACNTIERI, SAIPEM

Banks are suggesting state lender CDP “unites” Fincantieri, Leonardo and Saipem, Il Sole 24 Ore said. CDP, which controls the companies, is set to present a new industrial plan in November.

(*) ITALY BANKS

A spike in Italy’s bond yields has put the country’s banks under renewed pressure, raising the spectre of capital shortfalls just as challenging refinancing deadlines near.

(*) As part of budget measures for next year, Italy plans to lower to 86 percent from 100 percent the share of interest payments banks can deduct from their tax base, Il Sole 24 Ore reported. Rome would also force banks to spread over a period of two to 10 years, from one year at present, the deduction of losses booked under the newly introduced IFRS9 accounting rule, the paper said.

CREDITO VALTELLINESE

The Italian bank said on Thursday it had obtained a state guarantee it had requested on the 509.5 million euro senior tranche of a securitisation of 1.6 billion euros in bad loans, which boosted its core capital by 46 basis points.

(*) FIAT CHRYSLER

The sale of Magneti Marelli to KKR is in its final stages, MF said, adding the two sides were considering lowering the asking price in return for certain “captive” assets remaing with the Fiat group, MF said.

(*) EXOR

A spokesman for the holding company denied reports Exor reinsurance unit PartnerRe was interested in Scor.

(*) ASTALDI

The group’s operations will be split in two as part of the Chapter 11-like creditor protection programme it is under, Il Messaggero said. The company will tap the market via a capital increase and bank financing, it said.

PIRELLI

Marco Tronchetti Provera & C., Fidim, Massimo Moratti and Finanziaria Alberto Pirelli have committed to remain shareholders of Camfin for 3 years while UniCredit will discuss things with the shareholders. At the end of the reorganisation Camfin will hold more than 10 percent of Pirelli.

(*) TREVI

The company’s board meeting which had been planned for Oct. 3 has been moved back to next Wednesday, several papers said. The board is expected to approve a capital increase of 400 million euros.

SALINI IMPREGILO, ASTALDI

Salini Impregilo unit Lane won a $253 million contract for road in Florida.

The Italian builder said on Thursday it was closely following developments at companies in the construction sector, including troubled rival Astaldi, but had taken no decision yet.

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Stories on Italy...... IT-LEN

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European Equities speed guide...................

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Top 25 European pct gainers.......................

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