June 12, 2017 / 4:03 AM / 3 months ago

Italy - Factors to watch on June 12

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

Italy will not hold elections until the natural end of the legislature in spring next year, former Prime Minister Matteo Renzi, who leads the ruling Democratic Party (PD), said on Saturday.

Italy’s maverick 5-Star Movement looked set to suffer a severe setback in local elections on Sunday, failing to make the run-off vote in almost all the main cities up for grabs, early results and exit polls said.

ECONOMY

ISTAT releases April industrial output (0800 GMT) and January-March Italian region export data (0900 GMT).

OECD releases April composite leading indicator (1000 GMT).

DEBT

Treasury sells 6.5 billion euros 12-month BOT bills. Subscriptions close at 0900 GMT.

COMPANIES

MEDIASET, TELECOM ITALIA

Italy’s Serie A soccer league said on Saturday it was launching a new tender for television rights to transmit matches for the seasons from 2018-2021 after private broadcaster Mediaset made no bid in the original tender.

TIM on Sunday denied press reports that it had considered participating in the tender in partnership with other groups.

MONTE DEI PASCHI DI SIENA

The private equity funds negotiating the purchase of some of the Tuscan bank’s bad loans are now pushing to pay less than the level of 20-21 percent of the loans’ gross book value that was agreed with the European Central Bank, financial daily Il Sole 24 Ore wrote on Sunday.

BANCA CARIGE

The board of regional Italian lender Banca Carige on Friday approved a no-confidence motion against Chief Executive Officer Guido Bastianini in a move that analysts said may delay the bank’s restructuring plan.

Carige’s chairman Giuseppe Tesauro told financial daily Il Sole 24 Ore on Sunday that he expected a new CEO to be named “within days” and, after a conference call with the European Central Bank, ruled out that Carige could be put into special administration.

ENI

Eni will start commercial oil and gas production at its Sankofa field off the coast of Ghana in July, three months ahead of schedule, project partners said on Friday.

CEO Claudio Descalzi said on Sunday on the sidelines of a G7 environment meeting in Bologna that chemical unit Versalis and the retail gas & power business are not for sale.

BANCO BPM

Algebris Investments reached an agreement to buy non-performing loans with a face value of about 750 million euros from Italian lender Banco BPM SpA, Bloomberg said on Friday, citing people with knowledge of the matter.

POPOLARE DI VICENZA, VENETO BANCA

The chief executive of UniCredit, Italy’s biggest bank by assets, said on Sunday he was confident a solution for the country’s two ailing Veneto-based lenders would be found with the help of other domestic banks.

Bank of Italy Governor Ignazio Visco told Corriere della Sera in an interview on Sunday that he expected a satisfactory solution to be found for the problems of Popolare di Vicenza and Veneto Banca, which risk being wound down.

“I am confident that we will soon reach a solution in line with EU rules and the need for financial stability and safeguarding savings,” he told the newspaper.

(*) LUXOTTICA

The European Commission is not expected to pose a hurdle to the planned merger of the Italian eyewear group with French lens maker Essilor as the two companies have very little overlap, Essilor CEO Hubert Sagnieres told the Financial Times in an interview on Monday. He also said it would take Essilor-Luxottica some time to produce connected glasses.

(*) SOGEFI

The car parts maker could consider a “sort of arbitrage” between the company’s various business units if an opportunity arose, but wants to focus on completing its turnaround before considering any extraordinary moves, Chairman Monica Mondardini told Corriere della Sera’s L‘Economia insert when asked about possible M&A.

ELETTRA INVESTIMENTI

‘Investor Day’ on 2017-2020 development plan (0900 GMT).

PININFARINA

Starts capital increase, ends on June 30.

The reference price rectified for the capital increase has been set at 2.188 euros, according to the Italian bourse.

PIQUADRO

Board meeting on FY results.

UBI BANCA

Starts capital increase; ends on June 27.

The company said on Friday that market regulator Consob had approved the prospectus for the bank’s capital increase.

The reference price rectified for the capital increase has been set at 3.358 euros, according to the Italian bourse.

CREDITO EMILIANO

Moody’s has downgraded the company’s long-term deposit ratings to ‘Baa1’ from ‘A3’.

Trade ex-dividend: FNM of 0.017 euro per share; OVS of 0.15 euro per share.

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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