September 30, 2019 / 4:00 AM / 19 days ago

Italy - Factors to watch on Sept. 30

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

Cabinet meeting on new targets on GDP growth, deficit/GDP ratio, debt/GDP ratio (1630 GMT).

ECONOMY

Italy’s economy minister suggested on Sunday that the country’s budget deficit would be set at around 2.2% of domestic output next year, stressing the need for flexibility as Rome tries to rekindle stalled growth without reigniting friction with the EU.

Italy will target its budget deficit at around 2.2% of gross domestic product next year, falling to 1.8% in 2021 and 1.4% in 2022, a political source said on Saturday.

European Central Bank policymaker and Bank of Italy Governor Ignazio Visco said on Saturday recent expansionary measures agreed by ECB were necessary to counter the risk of a return to deflation in the euro area.

ISTAT releases August employment rate data (0800 GMT), flash September CPI and HICP data (0900 GMT).

ENI

Italian prosecutors are investigating the wife of Chief Executive Claudio Descalzi as part of a wider probe into allegations of corruption involving the oil and gas major in Congo Republic, a prosecution document seen by Reuters showed.

TELECOM ITALIA

Chief Executive Luigi Gubitosi has sounded out Massimo Tononi, chairman of state lender CDP, over replacing Fulvio Conti, who stepped down as Telecom Italia chairman last week, la Repubblica said on Sunday. The report said that TIM shareholders Elliott Management and France’s Vivendi may put aside their divergences to agree on Tononi’s name.

A deadline expires on Monday for the Italian antitrust authority’s proceedings against Telecom Italia over a possible abuse of dominant position in the fibre-optic market.

(*) French telecoms operator Iliad plans to enter Italy’s fixed-line market and provide Internet services to private customers by 2024, the CEO of Iliad’s Italian branch Benedetto Levi said in an interview with La Stampa on Monday.

MEDIASET

The Italian broadcaster holds a board meeting on first half results (1400 GMT), followed by a conference call (1600 GMT)

(*) MEDIASET, TELECOM ITALIA

French media group Vivendi potentially faces a combined 1.3 billion euros capital loss on its investments in the two Italian companies, according to estimates published by L’Economia on Monday.

UNICREDIT, DOVALUE

The lender is in advanced talks with bad loan specialist doValue over management of a 5 billion euro residential mortgage portfolio it plans to sell via a securisation deal that would make use of a state guarantee scheme (GACS), Il Sole 24 Ore said on Saturday.

MONTE DEI PASCHI DI SIENA

Binding offers for a 300 million euro real estate portfolio are expected by early next month, after the bank received 92 preliminary proposals, Il Sole 24 Ore said on Saturday. Monte dei Paschi will only consider offers for the entire portfolio, the report said, adding potential buyers included Hines, Bain Capital, Blackstone, DEA Capital, Apollo, Cerberus and PIMCO.

Rome is weighing options to protect future buyers of Monte dei Paschi from a number of pending lawsuits to make the bank more attractive, La Stampa said on Saturday. One of the options is to create a bad bank where to place legal disputes, it said.

BANCA CARIGE (suspended form trading)

Italian banks want a new management for Carige after they agreed to save the troubled bank through the FITD depositor guarantee fund, Il Messaggero said on Saturday. Current special administrators should not be part of the bank’s new management, the report added, while candidates to lead Carige include former UniCredit General Manager Gianni Franco Papa and former Creval Chief Executive Mauro Selvetti.

FIAT CHRYSLER

The Italian American car maker and its U.S. unit will pay $40 million for misleading investors about its monthly sales figures and will resolve a lengthy probe by the U.S. Securities and Exchange Commission.

ATLANTIA

The Italian infrastructure group said on Friday it had picked auditor KPMG and engineering firm Ramboll Denmark to conduct an audit to verify the correct application of internal procedures at its units Autostrade and Spea. It also appointed SGS Italia to conduct an assessment of the quality and fitness of the methodological framework and procedural systems used by Autostrade and Spea.

ALITALIA (unlisted), ATLANTIA

Representatives of Italian state railways FS, infrastructure group Atlantia and U.S. carrier Delta could meet again on Tuesday to try to smooth out divergences over a rescue plan for ailing Alitalia, officially due on Oct. 15, daily Il Messaggero said on Saturday.

BANCA IFIS

The Italian bank has shortlisted Hines, Coima, Partners group and France’s Ardian to present binding offers for a real estate portfolio it plans to sell, Il Sole 24 Ore said on Saturday, adding binding offers are expected by mid-October. All preliminary offers valued the portfolio at around 80 million euros, the report said.

ITALMOBILIARE

The holding group and its Clessidra SGR unit, a private equity firm, have an investment capacity of more than 2.5 billion euros, Italmobiliare Chief Executive Carlo Pesenti said in an interview with la Repubblica on Sunday. Pesenti said investments would focus on Italian companies in industries such as food, fashion, design, healthcare and technology. La Repubblica added that Italmobiliare alone had up to 425 million euros to invest in Italian companies.

JUVENTUS,

Cristiano Ronaldo helped the Turin side to continue their unbeaten start to the Serie A season with a comfortable 2-0 home victory over SPAL on Saturday.

AS ROMA, LAZIO

Edin Dzeko’s goal secured a 1-0 win for AS Roma away to Lecce on Sunday while Lazio blew away Genoa 4-0 in Rome.

AC MILAN (unlisted), LVMH

Both U.S. fund Elliott Management and the Arnault family, which controls the French luxury group LVMH, on Saturday denied reports of a possible sale of the Milan-based soccer team. Earlier on Saturday daily la Repubblica had said that Elliott, which currently controls AC Milan, was in talks with LVMH Chief Executive Bernard Arnault to sell the Serie A club for 960 million euros.

BIO-ON

The bio-plastics company holds a board meeting on first half results.

WEBSOLUTE

Listed on AIM segment.

DIARY

Rome, Prime Minister Giuseppe Conte has a live interview on skuola.net (1330 GMT).

Cabinet meeting on new targets for GDP growth, deficit-to-GDP ratio, debt-to-GDP ratio (1630 GMT).

Rome, Energy Authority AEEGSI expected to release energy and gas fees effective from Oct. 1, 2019.

Milan, CEO of Banco BPM Giuseppe Castagna attends cenference (0930).

Milan, conference on “Shareholder Activism and ESG: U.S. and European Perspectives” with Italian Stock Exchange Chairman Andrea Sironi, Snam CEO Marco Alvera, Assicurazioni Generali Chairman Gabriele Galateri di Genola (1230 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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