May 28, 2018 / 4:01 AM / a month ago

Italy - Factors to watch on May 28

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

Efforts to form a coalition government collapsed on Sunday after the Italian president rejected a eurosceptic pick for the key economy ministry, triggering a possible constitutional crisis and opening the prospect of fresh elections.

Italy’s president is expected to ask a former International Monetary Fund official on Monday to head a stopgap government amidst political and constitutional turmoil, with early elections looking inevitable.

DEBT

Credit rating agency Moody’s said on Friday it may downgrade Italy’s sovereign debt, citing risks that the country’s new government will weaken its public finances and row back on past reforms.

Italy’s Treasury sells up to 1.75 billion euros in zero-coupon bonds and up to 1.75 billion euros of two inflation-linked bonds due in 2022 and 2028.

The Treasury said on Friday it would offer 3.75-6.00 billion euros in bonds at an auction on May 30.

Borrowing costs in southern Europe shot up on Friday and stock markets in Milan and Madrid fell as threatened no-confidence motions against Spain’s prime minister exacerbated a sell-off provoked by growing political risk in Italy.

The 5G auction the government will launch this year could raise 2.9 billion euros for state coffers, Il Sole 24 Ore said on Sunday.

BANKS

Shares in Italy’s banking sector hit their lowest level in nearly a year on Friday as the prospect of an anti-establishment government pushed the risk premium on Italian bonds to a four-year high.

INTESA SANPAOLO

Italy needs political stability if its wealth is not to be damaged, the bank’s CEO said in an interview in Corriere della Sera on Sunday.

BANCO POPOLARE

Shares in Banco BPM, Italy’s third-largest lender, closed down 7.3 percent on Friday, leading losses in Italian banking shares.

ENEL

Italy’s biggest utility is in advanced talks with Russian businessman Andrey Melnichenko over the sale of Enel’s Reftinskaya coal plant, three sources familiar with the talks told Reuters on Friday.

The São Paulo Court of Justice has suspended an injunction that changed the procedures established by Brazil’s market watchdog for the sale of Eletropaulo, requiring adjustment in the procedures for the São Paulo distributor’s auction.

MAIRE TECNIMONT

The engineering group said on Friday it had signed a key subcontract as part of the 3.9 billion euro project which Maire is executing in Russia acting as general contractor in the interest of Gazprompererabotka Blagoveshchensk. The value of the subcontract signed between Tecnimont Russia and Renaissance Heavy Industries is of around 1.3 billion euros. (*) FERRARI

Formula One’s governing body has cleared Ferrari of any suspicion of cheating after rivals questioned the Formula One team’s energy recovery system.

EI TOWERS

Besides the three mobile tower M&A operations already announced, a fourth deal should be on its way, Il Sole 24 Ore said on Sunday, citing CEO Carlo Ramella. Another 3 companies in Umbria are in the group’s sights and other small acquisitions could happen by year end, Ramella said.

BANCA INTERMOBILIARE

Trinity Investments Designed Activity Company starts full mandatory takeover bid on Banca Intermobiliare shares, ends on June 22.

BOERO BARTOLOMEO

Delisted as of today.

SPACE4

Extraordinary shareholders’ meeting.

CHL

Annual general meeting (1500 GMT).

GEQUITY

Annual general meeting (0900 GMT).

AXELERO

Board meeting on FY results.

ENERGY LAB

Board meeting on FY results.

Trade ex-dividend: ASTM of 0.255 euro per share as final 2017 dividend (0.214 euro per share as interim dividend on Dec. 11, 2017); COMPAGNIA IMMOBILIARE AZIONARIA 0.0022 euro per share; CONAFI PRESTITO of 0.0535 euro per ordinary share as extraordinary dividend; DATALOGIC of 0.50 euro per share; EL.EN. of 0.40 euro per share; GIMA TT of 0.42 euro per share; IRCE of 0.05 euro per share; MARR of 0.74 euro per share; NEODECORTECH of 0.153 euro per share; PLT ENERGIA of 0.1099 euro per share; SABAF of 0.55 euro per share; TRIBOO of 0.0348 euro per share; ZEPHYRO of 0.10 euro per share.

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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