May 30, 2018 / 4:04 AM / 22 days ago

Italy - Factors to watch on May 30

The following factors could affect Italian markets on Wednesday.

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 may hold repeat elections as early as July after the man asked to be prime minister failed to secure support from major political parties for even a stop-gap government, sources said on Tuesday, as markets tumbled on the growing political turmoil. (*) The U.S. Treasury believes it would be better for Italy and other euro-zone countries to work out their issues with no major changes to the bloc, a senior Treasury official said on Tuesday as Italian political and market turmoil emerged as a key topic for a G7 finance leaders meeting this week.

DEBT

Treasury sells 1.250-2.00 billion euros CCTeu bonds due Sept. 15, 2025; 1.00-1.750 billion euros 0.95 percent BTP bonds due March 1, 2023; 1.50-2.250 billion euros 2.00 percent BTP bond due Feb. 2, 2028. Subscriptions close at 0900 GMT.

A deepening political crisis in Italy, the euro zone’s third biggest economy, fuelled a selloff in Italian assets and the euro on Tuesday that was reminiscent of the euro zone debt crisis of 2010-2012.

Italy’s government debt situation is still manageable despite the sharp rise in borrowing rates in recent days as the country’s long debt maturity profile and improved economic fundamentals are supportive, ratings agency DBRS told Reuters.

Investor bets on short-dated Italian futures surged close to their highest on record last Friday, data suggested, as investors geared up for a brutal selloff triggered by this weekend’s political developments.

ECONOMY

Italy’s political crisis risks undoing years spent rebuilding the country’s banks, undermining the value of their assets, choking off access to funding and rekindling euro exit fears.

The European Commission proposed on Tuesday spending more European Union money on Italy and other southern members hit by the economic and migrant crises, while spending less in the former communist countries of central Europe.

FIAT CHRYSLER

Fiat Chrysler (FCA) boss Sergio Marchionne is expected to outline new plans for electric and hybrid cars in a strategy presentation on Friday, aiming to ensure the world’s seventh-largest carmaker remains in the race in the absence of a merger.

POSTE ITALIANE

Shareholders at the Italian post office approved on Tuesday a share buy-back for up to 5 percent of the capital and spending for up to 500 million euros. Investors also gave their green light to the assignment of 210 million euros in free reserves to BancoPosta’s ring-fenced capital.

(*) UNICREDIT, INTESA SANPAOLO, BANCO BPM , UBI BANCA

There are open short position on the four banks for more than 1.1 billion euros, MF said. (*) UNICREDIT

CFRA Research cut its target price on the stock to 18 euros from 22 euros.

(*) SAIPEM

The company is close to securing a new contract related to the planned Nong Fab LNG receiving terminal in Thailand, Il Sole 24 Ore said. The company is also hoping to secure an onshore engineering contract, which relates to the further developemnt of the Bu Hasa oil field, south of Abu Dhabi. Saipem and Egypt’s ENPII are preparing a joint bid for the tender worth around 1.2 billion euros, the paper added.

(*) TREVI

Creditor banks, including Intesa Sanpaolo and Unicredit, have asked the Trevisani Family, top investor with a 32.7 percent stake, to take a step back in the management of the group as part of its restructuring plan, Il Messaggero reported.

It added that the board will meet on Wednesday to try to finalise a rescue deal with Bain Capital Credit, which is willing to underwrite a 150 million euros super senior bond with a 10 percent interest rate in exchange for the conversion of about 300 million euros. The board is also expected to approve a 150 million capital increase, to be used as a plan B in case negotiations with Bain fall through, it added.

INTESA SANPAOLO

Chairman Gian Maria Gros-Pietro attends news conference by FAI-Italian Environment Fund in Milan (0900 GMT).

PORTALE SARDEGNA

CEO Massimiliano Cossu attends news conference to present a regional project in Nuoro (0830 GMT).

ABITARE IN

Extraordinary shareholders’ meeting (1600 GMT).

AGATOS

Board meeting on FY results.

ECOSUNTEK

Board meeting on FY results.

ITWAY

Board meeting on FY 2017 and Q1 2018 results.

NETWEEK

Annual general meeting (0730 GMT).

TOSCANA AEROPORTI

Annual general meeting (0900 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:...............................

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below