October 7, 2013 / 4:05 AM / 4 years ago

Italy - Factors to watch on October 7

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 (*).

POLITICS

An Italian Senate committee recommended on Friday that former Prime Minister Silvio Berlusconi be expelled from parliament after his conviction for tax fraud, paving the way for a final decision this month that could seal his political fate.

ROME- Government meets trade unions on 2014 budget. (1630 GMT).

ECONOMY

Recent political turmoil in Italy has not increased the chances of its credit rating being downgraded but the euro zone as a whole remains fragile, DBRS head of Sovereign Ratings Fergus McCormick said on Friday.

DBRS also said in a note on Friday that political instability still posed a threat to Italy’s credit rating, but a “one-off” overshooting of the country’s deficit target would not necessarily immediately affect the country’s DBRS rating.

ROME- On Monday Bank of Italy releases September data on European Central Bank’s funding to Italian banks. * Economy Junior Minister Luigi Casero told Corriere della Sera on Monday that Italy will discuss initial plans to lower the tax wedge with EU authorities.

DEBT

Treasury announces sale of BOTs, short-term bills, with relative amounts to be auctioned on October 10.

ITALIAN BANKS

An expected massive revaluation of Bank of Italy shares held by hard-pressed domestic lenders would likely boost their capital and help them strengthen their balance sheets in the face of mounting bad loans.

COMPANIES * MONTE DEI PASCHI DI SIENA

The bank holds a board meeting on Monday to approve a tougher restructuring plan aimed at gaining a green light from European Authorities for a state bailout received earlier this yaer.

FINMECCANICA

The state controlled defence group said it had agreed to sell power unit Ansaldo Energia to an Italian state-backed fund, a deal that will help the company cut debt and focus on its core aerospace, defence and security businesses. * ENEL

The Italian utility will not sell nuclear assets it owns in Slovakia or reduce its 70 percent stake in green energy group Enel Green Power as part of efforts to cut its debt pile, its chief executive was quoted as saying on Monday.

ALITALIA

Italy’s government meets Alitalia’s top management on Monday. The government is working on a plan for the heavily indebted airline which protects national strategic interests and employment levels, Transport Minister Maurizio Lupi said in a statement on Friday.

Italian Prime Minister Enrico Letta is sounding out the state-owned railway group Ferrovie dello Stato about taking a stake in money-losing airline Alitalia, Il Messaggero reported on Sunday. * Alitalia shareholder and Deputy Chairman Salvatore Mancuso told Il Messaggero on Monday he was unhappy with Air France’s plans for Alitalia as the French carrier would use Rome’s Fiumicino airport as a regional hub.

Mancuso was also cool about the suggestion, reported over the weekend, that Italy’s state railways operator could take a minority stake in Alitalia, saying Ferrovie dello Stato could not be a long-term partner as it was not in the aerospace sector. However, he said cross-sector “synergies” could be of interest.

Mancuso said Italy’s government should try to safeguard a strategic Italian asset, mentioning that the French government owns a stake in Air France.

Partnering with Russian carrier Aeroflot would be a good opportunity, Mancuso said, but he would prefer Abu Dhabi’s Etihad to take a minority stake. * Letta will meet on Monday morning with Ferrovie dello Stato Chief Executive Mauro Moretti and in the afternoon with Alitalia’s shareholders, its creditor banks Intesa Sanpaolo and UniCredit and its suppliers.

The Italian carrier will hold a new board meeting on Oct. 8, it said in a statement on Friday.

TELECOM ITALIA,,,

Telecom Italia’s new chief executive Marco Patuano will unveil a business plan outlining the future of its South American units and a possible corporate restructuring in Italy at a board meeting on Nov. 7, trade union officials said on Friday.

BANCA GENERALI

Italian asset manager Banca Generali said on Friday net inflows in September totalled 122 million euros ($166.21 million), taking total inflows received so far this year to 1.85 billion euros.

* BANCA CARIGE

Possible candidates for the role of chief executive comprise consulting firm McKinsey Managing Director Vittorio Terzi, former BPM Deputy Director General Roberto Frigerio or current Chief Executive Piero Luigi Montani and former Intesa Sanpaolo executive Giuseppe Castagna, CorrierEconomia reported without citing sources.

The bank is expected to hold a board meeting on Monday.

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:............................... ($1 = 0.7340 euros)

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