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Italy - Factors to watch on July 2
July 2, 2012 / 3:03 AM / 5 years ago

Italy - Factors to watch on July 2

MILAN - 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 (*).

MARKETS

Asian shares rose on Monday with sentiment brightening at the start of the third quarter after European leaders agreed to shore up the region’s troubled banks, but the euro gave up some of its gains amid concerns that the debt crisis is till far from over.

German Bund futures rose after a slow start on Monday, reversing some of the losses made last week after European Union leaders surprised markets by agreeing to re-model the euro zone’s bailout funds.

FIAT, FIAT INDUSTRIAL

Fiat SpA has asked for the suspension of a court ruling ordering it to hire 145 workers who are members of Italy’s largest metalworkers union and is launching an appeal against the decision, the auto maker said on Saturday.

*Italian car sales posted a double-digit fall in June, Fiat Chief Executive Sergio Marchionne said on Sunday. June car sales data are due later on Monday.

*Despite massive problems in Europe, Fiat is a stock worth hyaving for investors with an appetite for risk, accoridng to a report in Barron’s weekly financial newspaper.

*Fiat Industrial’s truck unit Iveco will close five truck plants in Europe by the end of 2012 to adpat its manufacturing footprint to Europe’s plummeting truck sales, Iveco CEO Alfredo Altavilla said on Sunday.

FONDIARIA-SAI, UNIPOL

Italian insurer Unipol issued an ultimatum on Friday over its controversial rescue plan for troubled peer Fondiaria-SAI, saying it would drop the offer if its conditions were not met by July 20.

In yet another twist to the saga, a judicial source said on Friday that Italian prosecutors probing the Ligrestis business dealings would ask regulators to verify conflicting estimates about Unipol’s financial strength..

Fondiaria’s controlling shareholder Premafin to hold a board meeting on Monday.

* In an interview with Corriere della Sera, Unipol CEO Carlo Cimbri said the court administrator who called for another Premafin shareholder meeting to re-examine and possibly revoke the capital hike approval was not impartial. He also said he expected Premafin’s board to confirm the operation on Monday.

*FINMECCANICA

Eurofighter is in various stages of trying to sell the Typhoon jet fighter to ocuntries from Oman to Romania very differently to the way the consortium has done business in the past 20 years, Finmeccanica CEO Giuseppe Orsi told the Financial Times in an interview.

*ENI

Essar Energy Plc has agreed to sell a 50 percent stake in Vietnam’s offshore exploration block 114 to Eni, it said on Monday.

IMPREGILO

Impregilo suitor Gavio due to unveil detail of its strategy for Italy’s biggest construction group at a news conference due at 0930 GMT on Monday.

EDISON

Electricite de France to launch a takeover offer for the 19.3 percent of Edison it does not own. Il Sole 24 Ore said on Sunday Carlo Tassara holding, which owns 10 percent of Edison, is not ruling out legal action against the takeover offer, which would force Tassara to book a loss.

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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