August 29, 2019 / 4:03 AM / 2 months ago

Italy - Factors to watch on Aug. 29

The following factors could affect Italian markets on Thursday.

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

Italian President Sergio Mattarella has summoned outgoing Prime Minister Giuseppe Conte for a meeting on Thursday morning at 0730 GMT.

Conte will likely receive a mandate to try to form a new government with the ruling 5-Star Movement and the opposition Democratic Party (PD).

Both parties said on Wednesday they would try to form a coalition, setting aside years of hostility to avert a snap election and ease economic uncertainty. (*) The economic guidelines for the new government include a plan to cut taxes on labour and block an increase in the value added tax, several newspapers reported.

ECONOMY

ISTAT releases June industry orders and sales data (0800 GMT).

DEBT

Italy’s 10-year bond yield briefly fell to a record low below 1% on Wednesday on growing hopes that a new government will soon be formed and a new election averted.

Treasury sells 1.75-2.25 billion euros 1.75% BTP bonds due July 1, 2024; 3.5-4.0 billion euros new 1.35% BTP bonds due April 1, 2030; 0.75-1.0 billion euros CCTeu bonds due Jan. 15, 2025. Subscriptions close at 0900 GMT.

(*) ATLANTIA

The economic guidelines for the new government include a plan to revise motorway concessions, Il Sole 24 Ore reported.

(*) FINCANTIERI

The shipbuilder is finalising the technical details of a bid for the U.S. guided-missile frigate programme FFG(X), to be submitted on Thursday, Il Sole 24 Ore reported.

(*) ALITALIA, ATLANTIA

There will be no meeting on August 31 between the prospective investors in the Italian carrier, Il Messaggero and La Repubblica reported, adding that Delta Air Lines, Italian railway group Ferrovie dello Stato and Atlantia are still negotiating the main points of Alitalia’s rescue plan.

(*) ESSILORLUXOTTICA

Luxottica CEO Francesco Milleri told MF daily he welcomed an investment in the company by U.S. hedge fund Third Point LLC investment, saying he did not see any risk in the move.

(*) BANCA CARIGE

Italy’s treasury will reply to the European Commission’s request for clarification over the rescue of Banca Carige in the next few days, MF reported.

MEDIASET

A court hearing on a petition filed by France’s Vivendi against the Italian broadcaster to preserve its right to vote against Mediaset’s plan to create a pan-European media business is scheduled on Thursday in the morning.

Both Vivendi and trust Simon Fiduciaria have registered their stakes in a bid to benefit from a loyalty share scheme to be awarded to investors in a new Dutch holding under the planned merger between Mediaset with its Spanish subsidiary, the Italian broadcaster said on Wednesday.

BRUNELLO CUCINELLI

The Italian fashion company said its core profit came in at 49.9 million euros in the first half.

Brunello Cucinelli, CEO and Chairman of the company, said the current trend in China was very positive, while Hong Kong was suffering slightly.

Bourse After Hours market closed.

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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