November 8, 2019 / 5:04 AM / 10 days ago

Italy - Factors to watch on Nov. 8

The following factors could affect Italian markets on Friday.

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

The Italian government will fight ArcelorMittal in the courts if it goes back on a pledge to buy steelmaker Ilva, but Rome still hopes to avoid a bruising legal showdown, Prime Minister Giuseppe Conte said on Thursday.

ECONOMY

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

DEBT

Treasury to buy back following four bonds: CTZ zero-coupon bond due Nov. 27, 2020; 0.45% BTP nominal bond due June 1, 2021; CCTeu floating rate bond due June 15, 2022; CCTeu floating rate bond due July 15, 2023 (1000 GMT).

Treasury announces sale of BTP bonds, with relative amounts to be auctioned on Nov. 13.

Treasury said on Thursday it would offer 5.5 bln euros in 12-mnth bills on Nov. 12.

(*) FIAT CHRYSLER

The value of the cost savings announced in the planned merger between Peugeot owner PSA and Fiat Chrysler is nominal, and its management will try to improve that over time, PSA’s Chief Executive Carlo Tavares told French BFM Business radio on Friday.

BANCA MONTE DEI PASCHI DI SIENA

A Milan court is expected to issue the first verdict at the end of a trial over two controversial derivative transactions arranged by Deutsche Bank and Nomura for the Italian lender between 2008 and 2012.

(*) MEDIOBANCA

Italian businessman Leonardo Del Vecchio is preparing a detailed plan to send to the European Central Bank to ask for the green light for his holding Delfin to go above 10% of Mediobanca and as far as 20%, La Stampa said.

Delfin is studying changes to its structure to allow it to become the holding company of a banking group with a view to creating an Italian financial hub around Mediobanca with a core group of stable long-term Italian investors, it said.

TELECOM ITALIA (TIM)

Italy’s biggest telecoms group said on Thursday it has made progress in cutting its debt burden as it presses ahead with plans to find an investment partner to help it fund a potential tie-up with smaller rival Open Fiber.

Conference call on Q3 results (1300 GMT).

TIM and Spanish lender Banco Santander have agreed to set up a joint venture to provide consumer-credit services in Italy, the companies said on Thursday, confirming earlier reporting by Reuters.

The group signed a preliminary agreement with Google on cloud business.

(*) MEDIASET

Vivendi is considering selling most of its stake in the Italian broadcaster, Il Sole 24 Ore said without citing sources.

The French group would keep just a small stake compared to the 28.8% it currently holds. But it does not want to get out at a loss and would ask for at least 3.7 euros per share, the paper said.

LEONARDO

The Italian defence group reported a 10.8% rise in its nine-month revenue to 9.1 billion euros, pushed by its helicopter division and its Electronics & Security business.

The group announced a public purchase offer on the entire amount of its dollar-denominated bonds with maturity 2039 and 2040.

(*) CATTOLICA ASSICURAZIONI

Alberto Minali, the former CEO of Cattolica, said it was still not clear to him why he had been forced out of his position last month. In an interview in Il Sole 24 Ore Minali said the idea he had been working to convert the insurer into a joint-stock company (JSC) and had fallen out over the issue was an invention. He said shareholder Warren Buffett and international funds had never pushed him to press for a conversion into a JSC.

Cattolica’s nine-month net profit was up at 84 million euros from 72 million euros a year ago.

(*) UNIPOLSAI

The insurer said on Friday its adjusted net profit was up at 576 million euros from 566 million euros a year ago.

(*) UNIPOL

Unipol Group said on Friday its nine-month adjusted net profit was up 14.6% at 577 million euros.

FINCANTIERI

The Italian shipbuilder said its nine-month results were dented by a negative performance of its subsidiary Vard, which is undergoing reorganisation.

Conference call on Q3 results (0800 GMT).

SALINI IMPREGILO

Billionaire Leonardo Del Vecchio bought a stake in Salini Impregilo taking part in a share sale the Italian builder launched on Thursday, the Salini chief executive said. He also said Elliott had taken shares.

CNH INDUSTRIAL

The industrial vehicle maker said on Thursday it launched a new buyback program on up to $700 million of its common shares.

ITALGAS

Italy’s biggest gas distributor expects to clinch an acquisition by the end of this year or in the first quarter of 2020, Chief Executive Paolo Gallo said on Thursday.

Italgas said on Thursday its net profit rose to 96.4 million euros in the first quarter.

BPER BANCA

The regional bank has approved a capital increase of up to 27.8 million euros in the context of the its public exchange offer on saving shares of Banco di Sardegna, it said on Thursday. New shares will be issued at a price of 3.53 euros each.

BPER Banca said on Thursday it would meet its NPE ratio target of less than 9% one year ahead of plan thanks to a new securitisation of bad loans it was preparing.

Conference call on 9-months results (0830 GMT).

CREDITO EMILIANO

The lender said on Thursday its nine-month net profit slightly rose year on year to 157.7 million euros.

DOVALUE

Italy’s bad loan specialist said on Thursday it expected its net profit excluding non recurring items to grow 15% per year on average between 2019 and 2022.

BANCA IFIS

The Italian bank will look to broaden the range of impaired loans it can tackle through new hires or specific accords after failing to strike a partnership with rival Credito Fondiario, Chief Executive Luciano Colombini said on Thursday.

IFIS posted on Thursday a 31% drop in net profit for the third quarter.

BANCA PROFILO

Nine-month net profit rose year on year to 6.1 million euros, the bank said on Thursday.

MASSIMO ZANETTI

Italy’s second-biggest coffee maker on Thursday trimmed its guidance for 2019 core earnings after reporting flat nine-month sales.

BRUNELLO CUCINELLI

Nine-month sales grew 7.7% to 459.2 million euros, Italy’s luxury group said on Thursday. Chairman Brunello Cucinelli said he expected revenues to rise around 8% next year, while profits to grow more than sales.

AVIO

Adjusted operating profit fell to 13.6 million euros in the first nine months of this year, the group said on Thursday.

ATLANTIA

Board meeting on Q3 results.

UBI BANCA

Board meeting on Q3 results, followed by conference call (1430 GMT).

BANCA POPOLARE DI SONDRIO

Board meeting on Q3 results.

CATTOLICA ASSICURAZIONI

Releases Q3 results (0630 GMT), followed by conference call (0830 GMT).

UNIPOL and UNIPOLSAI

Releases Q3 results (before Bourse opening), followed by conference call (1100 GMT).

NEXI

Board meeting on Q3 results.

ANIMA

Board meeting on Q3 results.

RCS MEDIAGROUP

Board meeting on Q3 results.

SALCEF GROUP

Debuts on AIM segment.

M&C

Merger with M&CL SpA effective as of today.

DIARY

Cagliari, Bank of Italy Governor Ignazio Visco gives speech at academic year inauguration ceremony of Cagliari University (1000 GMT).

Bergamo, “Festival 4.0” continues; ends on Nov. 10. Expected attendees include European Commission Director General Roberto Viola, Mediocredito Italiano Managing Director Stefano Firpo, Industry Minister Stefano Patuanelli.

Rome, market regulator Consob presents report on investment choices of Italian families in 2019 (0930 GMT).

Turin, Exor, FCA and Ferrari Chairman John Elkann meets Politecnico University’s students (0900 GMT).

Venice, Anagina assembly on “The future starts now” with Assicurazioni Generali Italian unit CEO Marco Sesana, Banca Generali Deputy Managing Director Andrea Ragaini, JP Morgan Italian Country head Lorenzo Alfieri (0730 GMT).

Bologna, summit on Bio-On with new judicial administrator, trade unions and institutions.

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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