June 24, 2019 / 4:04 AM / 22 days ago

Italy - Factors to watch on June 24

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 Deputy Prime Minister Matteo Salvini raised the stakes in a budget tussle with Brussels on Friday by threatening to resign and bring down the government unless he can push through at least 10 billion euros ($11 billion) of tax cuts.

In separate remarks that may further complicate talks with the European Commission over Italy’s growing debt, Prime Minister Giuseppe Conte, a technocrat who is seen as a moderate voice in Rome’s eurosceptic executive, sided with Salvini after a summit with EU leaders in Brussels.

DEBT

Italy needs to respect its fiscal targets if it wants to retain the confidence of investors over its capacity to repay its debt, Bank of Italy governor Ignazio Visco said on Saturday, as Rome faces a budget tussle with Brussels.

Treasury announces sale of BTP and CCTeu bonds, with relative amounts to be auctioned on June 27.

COMPANIES

FTSE share indexes revision effective as of Monday. Shares of the Italian payments group Nexi will replace those of Banca Generali in Milan Bourse blue chip index FTSE Mib.

FIAT CHRYSLER

A vote by Nissan shareholders this week could pave the way for Fiat Chrysler and Renault to resume their $40 billion merger talks, the Wall Street Journal reported on Sunday.

Executives of Fiat Chrysler, Renault and Nissan remain open to the idea that the deal could return, although they caution that conditions imposed by each side could hobble attempts to restart discussions, WSJ said citing people familiar with their thinking.

ATLANTIA

The infrastructure group said on Friday it had received many expressions of interest for its Telepass unit but added it was not engaged in any negotiation for the sale of a minority stake in the toll-road payment company.

Italian toll-road operators hope to be able to discuss with the government newly introduced changes to the tariff system before they become effective, two industry sources said on Friday.

BANCA CARIGE

(*) The FITD deposit guarantee is due to meet on Monday for a final decision on the rescue of the Italian troubled bank, a source close to the situation said.

(*) The rescue plan the FITD will discuss on Monday would envisage covering Carige’s 612 million euro capital shortfall as follows: 312 million euros would come from the conversion into equity of a hybrid bond held by the FITD’s voluntary arm, 150 million euro would be provided by a group banks that would take a 10-12 percent stake in Carige, the rest by the bank’s current shareholders.

(*) One of the options for the rescue of the Italian troubled bank is to spin-off the non-performing loans from the commercial business, L’Economia/Corriere della Sera wrote on Monday.

La Repubblica reported on Sunday that Apollo is no longer in the race. The FITD deposit guarantee fund was to become Carige’s main investor, Repubblica said on Sunday.

U.S. private equity fund Apollo Global Management is expected to present a new draft rescue plan for the Italian troubled bank to the European Central Bank’s supervisory board on June 26, Il Messaggero reported on Saturday adding that the offer would call for a capital increase of 630 million euros.

LEONARDO

The aerospace and defence company is considering bidding, together with its French partner, for MDA Corporation, a Canadian space and defence company controlled by U.S. Maxar , la Repubblica reported on Saturday.

TELECOM ITALIA (TIM)

The phone group is expected to hold a meeting of its strategic committee ahead of next Thursday board meeting over the future of its network.

(*) TOD’S

Credit Suisse has cut the rating on the stock to ‘underperform’ from ‘neutral’ and lowered the target price to 32 from 38 euros.

(*) CREDITO VALTELLINESE

The Italian regional bank said on Monday rating agency Moody’s considered credit positive a new business plan which envisages shedding 1.9 billion euros in soured loans as well as reducing Creval’s exposure to Italian government bonds. The plan would make it easier for Creval to seek a merger down the road, the bank said.

BIESSE

The industrial machine maker lowered its 2019 guidance for sales and margins due to a slowdown in the industry, the company said on Friday. It also assumed a shift to 2022 of the targets previously set for 2021.

(*) GAROFALO HEALTH CARE - The Italian healthcare group could consider a merger with another big company in the future, Chef Executive Maria Laura Garofalo told L’Economia/Corriere della Sera on Monday, adding the company could move to the Milan Bourse Star segment increasing its free float to 35% from the current 26,8%.

ALKEMY

Ordinary and extraordinary shareholders’ meetings (0700 GMT).

AS ROMA

Ordinary and extraordinary shareholders’ meeting (1300 GMT).

CHL

Annual and extraordinary shareholders’ meetings (1300 GMT).

COSTAMP GROUP

Annual general meeting (0830 GMT).

Trade ex-dividend: ACEA of 0.71 euro per share; ACSM-AGAM of 0.07 euro per share; AMBIENTHESIS of 0.0080 euro per share; AUTOGRILL of 0.20 euro per share; CAREL INDUSTRIES of 0.10 euro per share; DIGITOUCH of 0.02 euro per share; EXOR of 0.43 euro per share; HERA of 0.10 euro per share; IREN of 0.084 euro per share; MASI AGRICOLA of 0.10 euro per share; POSTE ITALIANE of 0.441 euro per ordinary share; PRYSMIAN of 0.43 euro per share; SNAM of 0.1358 euro per share as final dividend (0.0905 euro per share as interim dividend on Jan. 21, 2019); TELECOM ITALIA (TIM) of 0.0275 euro per saving share; TERNA of 0.1545 euro per share as final dividend (0.0787 euro per share as interim dividend on Nov. 19, 2018), UNIEURO of 1.07 euros per share.

DIARY

Rome, Economy Minister Giovanni Tria attends tax police conference (0830 GMT)

Taranto, Deputy Prime Minister Luigi Di Maio meets local authorities over ILVA’s steel plant. Press briefing (0900 GMT) followed by press conference (1300 GMT)

Milan, Illimity Bank CEO Corrado Passera attends “Game changers” conference (0950 GMT).

Milan, Deputy Economy Minister Massimo Garavaglia attends conference (1230 GMT).

Lausanne, Olympic Committee due to release decision on assignment of 2026 Winter Olympic Games to Milan-Cortina or Stockholm.

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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