January 8, 2019 / 5:00 AM / 3 months ago

Italy - Factors to watch on Jan. 8

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 (*).

For a complete list of diary events in Italy please click on .

ECONOMY

Bank of Italy releases December data on Target 2 liabilities and European Central Bank funding to Italian banks.

DEBT

Treasury announces sale of BTP bonds, with relative amounts to be auctioned on Jan. 11.

BANCA CARIGE

The Italian government approved a decree aimed at shoring up troubled lender Banca Carige, offering it access to a series of state-support options including re-capitalisation.

Special commissioners expected to meet trade unions (1030 GMT). (*) A potential precautionary re-capitalisation would cost 1.2 billion euros, Corriere della Sera said. (*) The lender’s commissioners may pre-announce a new bond issue, moves to accelerate on the sale of bad debts and other measures already on Tuesday, Corriere della Sera added. (*) The government’s decree also includes guarantees on extraordinary financing issued by the Bank of Italy/the ECB, the so-called emergency liquidity assistance, Il Sole 24 Ore said. (*) In the outcome of stress tests concluded in November Carige’s CET 1 ratio has fallen to 2-3 percent in the worst case scenario, Il Messaggero said.

FERRARI

Ferrari appointed Mattia Binotto as their fourth Formula One principal in less than five years on Monday, with previous incumbent Maurizio Arrivabene paying the price for their continuing lack of titles.

BRUNO CUCINELLI

Italy’s Brunello Cucinelli 2018 revenues rose 8.1 percent to 553 million euros, in line with expectations. (*) J.P. Morgan cut its target price on the stock to 27.50 euros from 29 euros.

(*) FIAT CHRYSLER

Jefferies cut its target price on the stock to $18 and 16 euros.

(*) BPER BANCA

The lender should present a new business plan in the first half of February, which will probably include extraordinary measures such as the acquisition of Unipol Banca, MF said.

(*) SNAM

Exane BNP Paribas raised its rating on the company to “outperform” from “neutral”.

(*) PRYSMIAN

Goldman Sachs has raised its rating on the stock to “buy” from “neutral” and cut its target price to 21 euros from 22 euros.

BRIOSCHI

Brioschi signed a Prelim. Agreement to sell properties and activities in Shopping Mall in Latina.

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

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