December 18, 2017 / 5:00 AM / 6 months ago

Italy - Factors to watch on Dec. 18

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’s ruling Democratic Party has lost further ground over its rivals after political infighting and fallout from a banking scandal, an opinion poll showed on Sunday. (*) Former Prime Minister Matteo Renzi said that what was worrying were not the latest poll figures but the loss of seven percentage points since May in the support for the Democratic Party (PD), speaking in an interview with Corriere della Sera on Monday. Renzi added the reason for this falling trend was that while other parties had already launched their electoral campaign, the PD had to govern the country and “spends time fighting inside (the party)”.

The leader of Italy’s main opposition party, the 5-Star movement, said he was keeping the option of a referendum on the euro open in the event his party won elections and failed to convince Brussels of the need to change some of the euro zone’s economic rules.

DEBT

Italy’s Treasury said on Friday it would offer to repurchase five bonds at auction on Dec. 19.

ISTAT releases October foreign trade data (0900 GMT).

Economy Minister Pier Carlo Padoan speaks before parliamentary Bank Committee.

COMPANIES

Bourse After Hours market closed.

Italian Bourse and FTSE Russell launch “FTSE Italian Brands Index” (0730 GMT).

LUXOTTICA

Italy’s Luxottica has parted ways with its fourth chief executive in three years as Chairman Leonardo Del Vecchio prepares the eyewear group he founded for a planned merger with France’s Essilor.

Del Vecchio told Corriere della Sera on Saturday he wanted EssilorLuxottica to be listed in Milan in addition to Paris and would try to make it happen. He said he would stay on at EssilorLuxottica until he had accomplished all that he had in mind and that his close aide Francesco Milleri would replace him at the merged group if anything happened to him. (*) Ray-Ban, produced by Luxottica, will open in Milan its first Italian pop-up store, Affari & Fianza reported.

ENI

The Egyptian petroleum ministry said on Saturday that the mammoth Zohr field had begun an initial production of 350 million cubic feet per day. Output from Zohr will raise Egypt’s natural gas production to 5.5 billion cubic feet per day from 5.1 billion daily.

TELECOM ITALIA

A joint-venture Telecom Italia has agreed to set up with Vivendi’s Canal + is expected to reach break even in four years’ time and until it gets to 5 million clients the phone group must guarantee it a minimum level of revenues, which total 95 million euros in 2020, Il Sole 24 Ore reported on Saturday.

MEDIASET

An accord with France’s Vivendi needed to resolve a legal spat over a failed pay-TV deal will be finalised only after the Christmas holidays, Il Sole 24 Ore reported on Saturday. (*) CEO Pier Silvio Berlusconi dreams of a Pan-European free-to air TV group, similar to the Southern European Netflix-like conglomerate thought with Vivendi’s Vincent Bollore, but the project doesn’t appear to be feasible, L’Economia/Corriere della Sera reported on Monday. (*) Luxembourg-based Mediaset Investments will weigh on Mediaset with a 161.5 million euro fiscal loss linked to its share in KirchMedia Participation, Affari&Finanza reported.

AUTOGRILL

The group said on Friday it had implemented the corporate reorganisation project approved by the board on 9 November 2017.

MONCLER

The luxury outerwear maker said on Friday it had signed a preliminary agreement with the Italian tax authorities to benefit from Patent Box. It added that the benefits for the three-year period in 2015-2017 would be around 34 million euros.

FIAT CHRYSLER AUTOMOBILES

China’s TUS International is interested in the car group’s Comau and Magneti Marelli units, Il Giornale reported on Saturday citing industry rumours.

(*) GENERALI

The insurer said on Monday it would sell Ireland’s PanEurope and that the deal would generate a post post-tax gain of approximately 56 million euros.

(*) SALVATORE FERRAGAMO

Bernstein cut on Monday the group’s price target to 24 euros from 25.5 euros.

(*) BANKING SECTOR

The introduction of so-called templates by the European Banking Authority (EBA) to give details on bad loans to “reveal the exact nature and potential of each single credit” will result in increasing the number of potential buyers, getting more offers and negotiating their sale at a higher price, the President of the EBA Andrea Enria, said in an interview with Affari & Finanza on Monday.

BANCA MONTE DEI PASCHI DI SIENA

Extraordinary and ordinary shareholders’ meetings (0830 GMT).

The lender said on Friday that Chairman Alessandro Falciai would be unavailable to be reappointed for personal reasons.

Current deputy chairman Antonino Turicchi, a top manager at the Treasury that owns 68 percent of the bank, could be named as the new chairman, Corriere della Sera said on Sunday.

BANCA CARIGE

The lender reached an agreement with unions on layoffs on Saturday, Il Corriere della Sera said on Sunday. Out of a total of 645 units, 490 will be by early retirement by end 2019.

INTESA SANPAOLO

Credit rating agency Fitch on Friday affirmed Intesa Sanpaolo at ‘BBB’, with stable outlook.

UNICREDIT

Shareholder Leonardo Del Vecchio told Corriere della Sera on Saturday that the bank was on the right track but should seek a merger with another lender.

Credit rating agency Fitch on Friday affirmed Unicredit at ‘BBB’, with stable outlook.

PIRELLI & C

Enters FTSE MIB Index and Banca Mediolanum exits.

ANSALDO STS

The rail-signalling group lowered on Friday its 2017 guidance after a delay in the finalisation of some contracts.

IMMOBILIARE GRANDE DISTRIBUZIONE (IGD)

The group said on Friday it had signed an agreement to buy a portfolio of four shopping galleries and a retail park for around 200 million euros.

STMICROELECTRONICS

Trades ex-dividend of 0.06 US dollars per ordinary share as quarterly dividend.

DADA

Dali Italy Bidco SpA full mandatory takeover bid on Dada shares starts, ends on Jan. 24, 2018.

INTEK GROUP

Ordinary shareholders’ meeting (1400 GMT).

SOCCER

European soccer’s governing body UEFA has rejected a request by AC Milan to waive the Financial Fair Play (FFP) rules, citing uncertainties in the Italian soccer club’s financial situation, it said on Friday. (*) AC Milan’s miserable season hit a new low when they slumped to a 3-0 loss at struggling Verona in Serie A on Sunday. Juventus had no such problems as they won 3-0 at Bologna to overhaul Inter Milan and go second, one point behind leaders Napoli who won 3-1 at Torino on Saturday. (*) AS Roma won 1-0 against Cagliari, Lazio drew 3-3 with Atalanta.

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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