October 3, 2013 / 4:00 AM / 4 years ago

Italy - Factors to watch on October 3

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 (*).

POLITICS

President Giorgio Napolitano warned the parties in Italy’s governing coalition on Wednesday against renewed political turbulence after Prime Minister Enrico Letta won a confidence vote in parliament.

Earlier on Wednesday, Silvio Berlusconi, facing revolt in his own centre-right party, backtracked on threats to bring down the country’s coalition government.

Angelino Alfano may have changed the future of Italian politics by leading the internal party revolt that thwarted Silvio Berlusconi’s attempt to bring down the government.

DEBT MARKETS

Italian government bond yields fell on Wednesday after Prime Minister Enrico Letta won a confidence vote from lawmakers following former premier Silvio Berlusconi’s climbdown from threats to topple the coalition.

Moody’s said early on Thursday Italy’s political instability is credit negative despite the confidence vote.

EQUITY MARKETS

European stocks fell on Wednesday as a U.S. government shutdown continued to rattle investors, although Italian shares rose after Prime Minister Enrico Letta survived a confidence vote.

COMPANIES

*INTESA SANPAOLO

Italy’s largest bank will unveil a new business plan in the spring of 2014, its new chief executive said in a newspaper interview on Thursday.

“The bank will have a new business plan ready, which has been postponed for years due to poor visibility of the macroeconomic outlook,” Carlo Messina told Italian business daily Il Sole-24 Ore.

UNICREDIT, BANK BGZ

UniCredit, Italy’s largest bank by assets, has submitted a preliminary offer to buy Poland’s Bank BGZ and is sounding investors out on the possibility of selling its Ukrainian unit, Chief Executive Federico Ghizzoni said.

*ANSALDO ENERGIA, FINMECCANICA

Italian state lender Cassa Depositi e Prestiti (CDP) is considering buying a majority stake in Finmeccanica’s power engineering unit Ansaldo Energia and could file an offer shortly, two sources close to the matter told Reuters.

The defense group is likely to hold a board meeting Friday to discuss the sale of its Ansaldo Energia group, Italian papers reported.

TELECOM ITALIA

Italian telecoms company Telecom Italia holds a board meeting on Thursday at which Chairman Franco Bernabe is expected to resign following a strategy clash with the phone company’s core shareholders.

Telecom Italia could appoint Angelo Provasoli, chairman of publisher RCS Mediagroup, as an independent board member, a source close to the matter said on Wednesday.

FASTWEB

Italian broadband operator Fastweb is ahead of schedule with plans to roll out cable connections to as many as 5.5 million households by the end of 2014 as demand for high-speed Internet grows, its chief executive Alberto Calcagno said.

BANCA MONTE DEI PASCHI DI SIENA,

An Italian prosecutor has shelved an investigation into Banca Monte Paschi di Siena over its 2007 acquisition of regional lender Antonveneta, saying the bank was only harmed by the alleged crimes, a judicial source told Reuters.

The source added that U.S. bank JP Morgan remains under investigation along with seven other people including Monte Paschi’s former chairman Giuseppe Mussari and ex-director general Antonio Vigni.

JP Morgan denies the charges.

ECONOMIC DATA

Markit releases September service PMI data.

National statistics institute ISTAT releases 2010-2012 GDP data.

“DIGITAL ITALIA” conference

Start of two-day conference on “Digital Italia” with state-controlled financing agency Cassa Depositi e Prestiti chairman Franco Bassanini, Vodafone Southern Europe and Italy CEO Paolo Bertoluzzo, Fastweb CEO Alberto Calcagno, Wind CEO Maximo Ibarra, Telecom Italia CEO Marco Patuano and Communication Authority representative Angelo Cardani.

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