April 10, 2017 / 4:00 AM / 3 months ago

Italy - Factors to watch on April 10

7 Min Read

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

Rome, G7 Energy Summit ends.

Lucca, G7 Foreign Affairs Summit starts; ends on April 11.

Economy

Italy's draft additional measures to meet European Union's fiscal targets this year are likely to be in line with EU requests, the EU commission vice president said on Saturday.

The government will confirm an economic growth forecast of 1 percent for 2017 and revive its privatisation programme when it publishes a new multi-year fiscal plan this week, junior Economy Minister Enrico Morando said on Saturday.

Morando said Rome will indicate a falling trend for its huge public debt starting from 2018.

ISTAT releases February industrial output data (0800 GMT).

OECD releases February composite leading indicator (1000 GMT).

Companies

Telecom Italia

Vivendi CEO Arnaud de Puyfontaine topped the company's slate of nominees for Telecom Italia's board, suggesting the French media group wants to appoint him as chairman of the Italian phone carrier.

(*) Italy's telecommunications authority may decide as early as Tuesday whether Vivendi's position as top shareholder in Telecom Italia and an investor in Mediaset is compatible with Italian laws, La Stampa reported on Monday.

Banco Bpm

Speaking at the bank's shareholder meeting, CEO Giuseppe Castagna ruled out the need for a capital increase, several newspapers reported on Sunday.

ubi.mi

Shareholders on Friday approved a capital increase for up to 400 million euros which is part of UBI's acquisition of three small banks that Italy rescued from bankruptcy in November 2015.

(*) Credito Emiliano

Director General Nazzareno Gregori was quoted as saying in Monday's L'Economia that the bank could be interested in buying asset management companies.

Banca Popolare Di Vicenza, Veneto Banca

The draft restructuring plan drawn up by Atlante's chief Alessandro Penati, Vicenza CEO Fabrizio Viola and the treasury envisages a reduction in operating expenses of 30-35 percent, equivalent to up to 4,000 layoffs, La Repubblica said on Saturday.

It said the state was set to take a stake of at least 66 percent in the banks, with Atlante's holding diluted to less than 20 percent.

Italian Banks

Finance minister Pier Carlo Padoan said on Saturday that banks should be allowed to offload their bad loans in a "reasonable" time, urging the European Central Bank to be cautious in its push to clear banks' balance sheets of soured credit.

Credit Agricole's Italian unit Cariparma will likely rescue three small ailing banks, Il Messaggero reported on Saturday. Under a scheme agreed with the Bank of Italy, Cariparma will buy Cassa di Rimini, Cassa di Cesena and Cassa di San Miniato following an injection of fresh funds from the Italian fund that guarantees banks' deposits.

ENEL, POSTE ITALIANE, LEONARDO The government is studying a plan to sell stakes in the three state-owned companies to cash in up to 80 billion euros and cut public debt, Il Messaggero reported on Saturday.

According to the daily, one option envisages state fund Cassa Depositi e Prestiti buying stakes in the three groups from the Treasury. CDP would issue preferred shares and sell them to institutional investors to raise the funds needed to pay for the stakes. The plan is being examined by a group of experts, the newspaper said, adding it is not clear yet whether the deal will be included in the Treasury's multi-year budget plan due to be published on Tuesday.

Intesa Sanpaolo, Unicredit, Alitalia

Italy's two biggest lenders have threatened to walk away from negotiations to rescue airline Alitalia if state lender Cassa Depositi e Prestiti does not guarantee new loans the banks are expected to grant to the carrier to keep it afloat, Il Messaggero reported on Saturday.

La Stampa said on Sunday that UniCredit is asking for further cost cuts at the airline. It said CDP was unlikely to get involved in the rescue, mentioning the possibility of a state loan to the carrier.

(*) Intesa could be ready to provide more credit to Alitalia but it rules out taking a stake in the airline, la Repubblica A&F reported on Monday. Like UniCredit, Intesa would like CDP to step in but such a move appears unlikely, the paper said.

(*) Intesa Sanpaolo

The bidding consortium comprising Christofferson Robb & Company and Bayview has submitted the highest bid for the 2.5 billion euro bad loan portfolio Intesa has put up for sale, Il Sole 24 Ore reported on Sunday. The bank is also seeking a partner to manage 1.35 billion euros in real estate loans.

(*) Brunello Cucinelli

The luxury goods group CEO confirmed in an interview with L'Economia on Monday that sales would rise double-digit in 2017

Generali

The insurer may appoint a director general, Il Sole 24 Ore said on Saturday.

As Roma

Ordinary shareholders' meeting (1300 GMT).

Trevi

Presents FY results (1500 GMT).

Avio

Rocket engine maker Avio debuts on STAR segment, listing ceremony at 0615 GMT.

Banco Desio

Trades ex-dividend of 0.0846 euros per ordinary share and 0,1016 euros per saving share.

Coima Res

Trades ex-dividend of 0,11 euros per share.

For Italian market data and news, click on codes in brackets:

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FTSE IT allshare index

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

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