September 4, 2017 / 4:01 AM / 3 months ago

Italy - Factors to watch on Sept. 4

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 .

POLITICS

A referendum on Italy’s membership of the euro currency would be held only as a “last resort” if Rome does not win any fiscal concessions from the European Union, a senior lawmaker from the anti-establishment Five-Star Movement said on Sunday.

The next governor of the Bank of Italy will be announced in September, two months earlier than usual, to help reassure markets before Italy presents next year’s budget, Il Messaggero reported on Saturday without citing sources. Current governor Ignazio Visco is likely to be given another mandate, the paper said. (*) Europe must invest six billion euros in Libya to solve the problem of migrants crossing the Mediterranean, European Parliament speaker Antonio Tajani said in an interview to Il Messaggero on Monday. Tajani added the Dublin convention on asylum seekers must be changed and that any solution would require the stabilisation of Libya, handing Tripoli the political leadership of the country and Bengasi the military one.

Government speaks before Senate and Chamber of Deputies Foreign Affairs committees on relations with Egypt (1200 GMT).

Norcia, European Parliament President Antonio Tajani starts visit with European Commissioner Tibor Navracsis (1440 GMT).

ECONOMICS

A strong euro will have very little economic impact on Italy, Economy Minister Pier Carlo Padoan said on Sunday, after the single currency hit a 2-1/2-year high against the dollar last week. (*) Italy’s debt will start falling, if not this year, the next, Eurogroup Head Jeroen Dijsselbloem told Corriere della Sera in an interview on Monday. He added that if the EU were to set up a bad bank then the burden sharing rule should be applied to private institutional investors, while small investors should be protected.

COMPANIES

FIAT CHRYSLER

Fiat Chrysler (FCA) has not received any offer for the company nor is the world’s seventh-largest carmaker working on any “big deal”, Chief Executive Sergio Marchionne said on Saturday.

New vehicle registrations were up 15.77 percent in August from August 2016, the transport ministry said on Friday. FCA’s market share in Italy was 28.79 percent in August, according to Reuters calculations.

FERRARI

Lewis Hamilton won the Italian Grand Prix for Mercedes on Sunday, leaving Ferrari’s Sebastian Vettel, who had led the standings since March, to finish third in the final race of the European season, 36.3 seconds behind the winner.

Marchionne, who is also chief executive of Ferrari, was quoted by Gazzetta dello Sport saying it was “almost embarrassing to see the difference between Mercedes and Ferrari today”. “This isn’t Ferrari,” the paper quoted him as saying. “We need to double our commitment, wipe the smiles off their faces.” (*) The group said on Monday it had renewed its multi-year partnership with Philip Morris International.

LUXOTTICA

The proposed merger of Italian eyewear manufacturer Luxottica with French lens maker Essilor will require thorough vetting by European antitrust authorities, the head of the bloc’s competition watchdog said on Saturday.

MEDIASET

Mediaset filed a new complaint against Vivendi in June seeking damages of 3 billion euros in total in connection with Vivendi’s acquisition of Mediaset shares at the end of 2016, Vivendi said in its first-half financial statement. (*) TELECOM ITALIA, MEDIASET

EU Antitrust Commissioner Margrethe Vestager said on Saturday the regulator was closely monitoring Vivendi’s shareholding in Telecom Italia and Mediaset.

FINCANTIERI (*) French Finance Minister Bruno Le Maire said on Saturday he would meet his Italian counterpart on Sept. 11 to try to trash out an agreement over Italian shipbuilder Fincantieri’s blocked takeover bid for STX France shipyards. Rome and Paris hope to resolve the issue in time for a Sept. 27 Franco-Italian summit.

European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Saturday he hoped Italy and France would find a solution for Fincantieri.

On Friday the chairman of Fincantieri Giampiero Massolo said that Italy and France are holding “technical talks” over the disputed Italian bid to take control of French shipyard STX.

TELECOM ITALIA

Telecom Italia (TIM) Deputy Chairman Giuseppe Recchi said on Friday he was not at all worried about relationships with Italy’s government. Speaking on the sidelines of the Ambrosetti conference, Recchi said Telecom Italia was “always in touch” with the government.

In an interview with Corriere della Sera on Sunday, Recchi said a sale of TIM’s unit Sparkle to the government could be discussed, while spinning off TIM’s fixed-line network would be difficult.

ENEL

Enel Open Fiber expects to finalise in April-May next year a 3.5 billion euro financing package it is currently negotiating, the CEO of the fibre-optic group controlled by Enel and state lender CDP said on Saturday.

FERROVIE DELLO STATO

A study by Italy’s state-owned railway company shows spinning off long-distance train services and listing them on the stock market would be beneficial, but the plan is on hold pending government approval, its chief executive said on Friday. (*) The group is considering the sale of the commercial areas of four railway stations, Roma Ostiense, Milano Gardibaldi, Padona and Torino Porta Susa, L‘Economia/Corriere della Sera reported on Monday. The proposal will be submitted to the board at the end of this month and if approved the sale should be closed by Spring 2018, the report added.

IPO (*) Italian tyremaker Pirelli said on Monday it had filed a request to place on the market up to 40 percent of its shares in an initial public offering expected to be completed by October. (*) Italian pasta maker De Cecco is thinking again of a market listing after the idea was put on hold in 2008 due to market turbulence, L‘Economia/Corriere della Sera reported on Monday. A listing would allow the group to fund a “big investment”, Chairman Filippo De Cecco told L‘Economia, explaining it would not be an acquisition but rather an investment in a production plant in the United States.

AEROPORTO DI BOLOGNA

Board meeting on H1 results, followed by conference call.

BIOERA

Extraordinary shareholders’ meeting (0900 GMT).

IRCE

Board meeting on H1 results (1200 GMT).

KI GROUP

Ordinary shareholders’ meeting (1300 GMT).

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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