March 24, 2020 / 5:03 AM / 5 days ago

Italy - Factors to watch on March 24

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

Italy is in favour of allowing the euro zone’s ESM bailout fund to provide financial support with no conditionality to the economies hit by the coronavirus outbreak, a government source told Reuters on Tuesday.

Italian banks are readying new credit measures for firms, which face a liquidity squeeze because of a lockdown to fight coronavirus that from Monday includes all business activity deemed non-essential.

DEBT

Italy’s Treasury said on Monday it would offer up to 750 million euros ($807.30 million) of a 30-year BTPei bond and up to 2.75 billion euros of a 24-month zero-coupon bond at an auction on March 26.

Treasury announces sale of 6-month BOT bills, with relative amounts to be auctioned on March 27.

(*) BANKS

The greater flexibility given banks by the ECB on managing bad loans and the temporary suspension of some rules like calendar provisioning has given lenders a breather, Il Messaggero said. The freezing of clandar provisioning allows savings of 5.5 bln euros that will make it easier to manage 12-13 bln euros of bad loans. Intesa Sanpaolo will be able to save about 3.6 bln euros in capital being able to manage 9 bln euros of new bad loans. UniCredit will benefit to the tune of 5.9 bln euros in capital and will be able to support another 14.9 bln euros in bad loans, it said. Overall the measures will allow 127 basis points to be saved on Italian banks’ CET1 ratios, the paper added.

MEDIASET

Italy’s top commercial broadcaster has raised its stake in ProSiebenSat.1 to just under 20 percent in a move that could help its plans to create a pan-European TV platform to tackle slow growth and stiffer competition.

(*) ATLANTIA

The idea of creating a publicly- and privately-owned vehicle to hold the three key assets of the group - its Italian motorway unit, its motorway payment unit and its airport operations - is being considered, Il Sole 24 Ore said. The paper said financial circles close to the government were pushing the idea.

(*) ENI

UAE’S Sharjah National Oil Company CEO said the start of production from Mahani 1 gas field developed by Eni will be slightly delayed, expected by the end of the year due to COVID-19 impact.

Eni is reviewing its energy projects in the Middle East, the company’s regional executive vice president said on Tuesday, including those with the Abu Dhabi National Oil Co.

GENERALI

Investor Francesco Gaetano Caltagirone has bought 0.13% of the Italian insurer’s capital, raising his stake to 5.13%, a watchdog filing showed.

LEONARDO

The defence group said on Monday it aimed at ensuring production continuity despite the coronavirus outbreak in Italy but added it would not compromise on safety and health of its employees.

Investors are asked to inform the company and Italy’s market watchdog Consob within 10 working days, starting from March 18, if they own a stake in Leonardo higher than 1% of the share capital, the defence group said. Leonardo added that voting rights relating to shares for which the envisaged communications have been omitted cannot be exercised.

CNH INDUSTRIAL

CNH Industrial said CEO Hubertus Mühlhäuser resigned to pursue other interests.

MONCLER

The Italian fashion group said on Monday it had cancelled its ordinary and extraordinary shareholder meeting called for April 22 due the coronavirus emergeny and would move it to a future date.

ASTALDI

The troubled Italian builder said on Monday it had pushed back to April 9 a creditors’ meeting to approve its rescue plan so as to allow for the meeting to be carried remotely.

FINCANTIERI

Board meeting on FY results.

ALITALIA

The Italian government plans to take control of the loss-making carrier in a month or so, creating a new company that will start off with a much smaller fleet, union sources said on Monday.

(*) RATELIT

Ratelit Digital Services will launch a public purchase offer on up to 7.23% of parent company Ratelit’s shares, it said in a statement late on Monday.

DIARY

Rome, Economy Minister Roberto Gualtieri speaks before Chamber of Deputies and Senate Budget committees on recent economic measures taken by the government to deal with the COVID-19 emergency(1400 GMT).

Rome, Senate Budget Committee starts examination of ‘Cura Italia’ law decree(1600 GMT).

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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