September 3, 2018 / 4:02 AM / 2 months ago

Italy - Factors to watch on Sept. 3

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 .

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

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

August state sector borrowing requirement data.

FITCH AND POLITICS

Fitch Ratings on Friday cut Italy’s sovereign debt outlook to “negative”, citing expectations that the new government’s fiscal loosening would leave the country’s mammoth debt more exposed to potential shocks.

On Saturday, Economy Minister Giovanni Tria said Italy will respect European Union budget commitments and address the concerns of credit ratings agencies like Fitch with concrete policy choices in coming weeks.

Deputy Prime Minister Luigi Di Maio was less reassuring on Sunday, saying the government was prepared to make a “historic choice” between what citizens need and what ratings agencies say should be done.

“We can’t think about listening to the ratings agencies and reassuring the markets, and then stab Italians in the back,” Di Maio said at a conference in Tuscany. “We’ll always choose Italians first.” (*) Italy deficit will come close to 3 percent of the gross domestic product in 2019, Deputy Prime Minister Matteo Salvini said late on Sunday, several Italian newspaper reported.

ATLANTIA

Italy’s transport minister described as “indecent” a statement on Friday from toll-road operator Autostrade per l’Italia, which said it had met all obligations under its Italian motorway concessions in a timely fashion.

A top Italian official raised doubts on Friday over the idea of nationalising Autostrade per l’Italia following a deadly bridge collapse, saying the other option was to launch a European tender for the toll-road company’s concessions. (*) GIC and Adia, which are in talks with Edizione to take a stake in Spanish masts group Cellnex, have asked for more time to review the deal after the bridge collapse in Genoa which put Autostrade and the Benettons under fire, Il Sole 24 Ore reported on Saturday.

(*) FINCANTIERI

The shipbuilder CEO Giuseppe Bono told L’Economia/Il Corriere he had had contacts with Atlantia CEO over a possible cooperation to rebuild Genoa collapsed bridge. “If they call us... we are ready to cooperate,” Bono said. Bono said the group’s turnover would rise by 6 percent in 2018 and confirmed revenue guidance in 2018-2022 industrial plan.

(*) TELECOM ITALIA, ENEL

Telecom Italia and Enel’s Open Fiber could share the same telecom network, which would be managed by company owned by Enel and Cassa Depositi e Prestiti, Open Fiber CEO Elisabetta Ripa told L’Economia/Il Corriere. Open Fiber will become profitable in 2021, Ripa said. (*) ITALIAN BANKS

The European Commission has given its green light to an extension of a state guarantee scheme for securitisations of banks’ bad loans (CAGS) to March 7, 2019, Il Sole 24 Ore reported on Saturday.

(*) MEDIASET

Tf1 and Prosiebensat are the most likely candidates for a tie-up with the Italian broadcaster, Il Sole 24 Ore said on Sunday.

(*) MAIRE TECNIMONT

The group was provisionally awarded a contract worth 248 million Lpg project by Sonatrach in Algeria.

(*) FERRARI

Formula One world champion Lewis Hamilton equalled Michael Schumacher’s record of five Italian Grand Prix wins on Sunday and left Ferrari feeling the pain yet again in their own backyard.

VITTORIA ASSICURAZIONI

The tender and exchange offer on 40.76 percent of the insurance’s capital has ended with 94.2 percent of shares tendered, equal to 38.39 percent of the group’s capital, the Milan bourse said on Friday.

BIESSE

The group said on Friday it would postpone the listing of its unit HSD due to unfavourable market conditions.

PIRELLI

Pirelli has competition for Formula One’s next tyre contract despite French rivals Michelin ruling out a bid, International Automobile Federation (FIA) president Jean Todt said on Saturday.

POLIGRAFICA SANFAUSTINO

The group said on Friday its net profit fell to 0.2 million euros in the first half of this year, from 0.8 million euros one year ago.

AEROPORTO DI BOLOGNA

Board meeting on H1 results.

IMMSI

Board meeting on H1 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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