July 31, 2012 / 4:02 AM / 7 years ago

Italy - Factors to watch on July 31

The following factors could affect Italian markets on Tuesday.

Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).

EURO ZONE CRISIS

European Central Bank President Mario Draghi must back up his pledge to do what it takes to protect the euro when the bank’s policymakers meet on Thursday or else face deep disappointment from investors hungry for - and expecting - immediate action.

GLOBAL MARKETS

Asian shares rose on Tuesday on hopes for further stimulus from the European Central Bank and the U.S. Federal Reserve, both of which hold policy meetings this week, but scepticism about the long-term effectiveness of any ECB actions capped the euro.

DEBT

Rating agency DBRS is likely to cut Italy’s sovereign rating by one or more notches by August 22, a senior official at the agency said on Monday, citing a deep economic recession and rising political uncertainty as the main risk factors.

Fitch Ratings cut long-term foreign and local currency ratings for the Italian city of Naples by one notch to ‘BBB’ on Monday, bringing them just two notches above junk status.

FINMECCANICA

Financial debt at the defence conglomerate rose 11 percent in the first half of 2012 compared to a year ago, Il Sole 24 ore said on Tuesday ahead of publication of the company’s results.

Il Sole, citing unnamed sources, said debt had risen to 4.66 billion euros as of June 30 and was now equivalent to the company’s net assets.

Finmeccanica is due to release its results later on Tuesday.

FIAT

The car maker reports its second quarter results on Tuesday.

Chrysler Group LLC continued its turnaround from near death just three years ago, earning $436 million in the second quarter and confirming that it will show a full-year operating profit of at least $3 billion.

TELECOM ITALIA

TIM Participaçoes, Brazil’s second-largest wireless phone company, missed profit forecasts in the second quarter as a cooling economy and stiffer competition dragged on growth.

*SNAM

The group said on Tuesday its first half EBIT was up 2.7 percent at 1.013 billion euros.

ERG

Italian refiner Erg said on Monday it had decided to withdraw from a project with Shell to build a liquefied natural gas (LNG) terminal in Sicily because of the impact of the economic crisis.

IMPREGILO

Impregilo said on Monday the re-focusing of business on core activities had initiated and corporate governance advisory board instituted.

SORIN

Italian biomedical group Sorin plans to focus on growth through mergers and acquisitions, continuing a shift from European markets to emerging markets, the company said as it reported second-quarter earnings on Monday. 

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