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Italy - Factors to watch on Sept. 7
September 7, 2017 / 4:01 AM / 13 days ago

Italy - Factors to watch on Sept. 7

The following factors could affect Italian markets on Thursday.

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

Government committee looking at Vivendi’s role in Telecom Italia expected to meet.

Voluntary arm of Italy’s depositors’ protection fund (FITD) holds meeting to approve new contributions to back Credit Agricole’s ruescue of Rimini, Cesena and San Miniato savings banks (0900 GMT).

ECONOMY

European Union finance ministers are set to discuss rule changes next week aimed at increasing taxes on digital multinationals such as Google and Amazon, an EU document seen by Reuters said.

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

OECD releases July composite leading indicator (1000 GMT).

DEBT

Treasury announces sale of 12-month BOT bills, with relative amounts to be auctioned on Sept. 12.

COMPANIES

Milan, Last day of ‘Equity Week’ at the Milan Stock Exchange (starting at 0700 GMT), opening session on “Infrastructure Day” (0700 GMT); strategic briefing with lender state agency Cassa Depositi e Prestiti (CDP) CEO Fabio Gallia and Government Spending review Commissioner Yoram Gutgeld (0715 GMT).

ITALIAN BANKS

The European Commission said on Wednesday it granted Italy a 12-month extension to the so-called GACS scheme under which the state gives guarantee to the securitisation of banks’ bad loans.

(*) FERRARI

Morgan Stanley cut its rating on the stock to ‘underweight’ from ‘overweight’.

UBI BANCA

Management Board President Letizia Moratti attends news conference to present Memorandum of Understanding with employers’ association Confindustria (1200 GMT).

(*) FINCANTIERI

The health of the Italian shipbuilder does not depend on the blocked takeover of STX France shipyards and had work for the next decade, Fincantieri’s CEO Giuseppe Bono reiterated at an event on Wednesday, according to several papers.

(*) TELECOM ITALIA

From a competition view and to guarantee equal access for all there is no need to spin-off Telecom Italia’s fixed-line network, Michele Polo, chairman of the regulatory committee that oversees the matter at the phone group, told Corriere della Sera. Polo added that after the reorganisation that happened last a new equivalence model had been introduced that already guarantees equal access.

(*) MEDIASET, VIVENDI

Vivendi’s proposal to limit its voting rights at Mediaset to 9.9 percent and sterilize the stake it owns above that in a blind trust that would prevent its use at any occasion, including extraordinary shareholder meetings, is not sufficient to allay communications watchdog AGCOM’s concerns, Il Sole 24 Ore said. According to the paper, AGCOM would like to see Vivendi commit to eventually sell the shares above 9.9 percent.

(*) LEONARDO

LEONARDO - The award of the T-X training contract, which could be worth up to $16 billion, may be delayed to 2018, MF said.

(*) BANCA MONTE DEI PASCHI DI SIENA

The bank’s bylaws could be changed by next spring to divide powers between the CEO - appointed by the treasury - and a director general to be named by private investors, Il Giornale said. It is not certain that Marco Morelli will be confirmed as CEO.

(*) BANCO BPM

The lender is preparing two other deals to sell non-performing loans for 3 billion euros with the help of the GACS scheme either later this year or in the first half of 2018, MF said.

GIORGIO FEDON

The group said on Wednesday that Sept. 14 would be its last day of trading on the Euronext Paris.

GEQUITY

The board appointed Luigi Stefano Cuttica as Chariman and Chief Executive on Wednesday.

ALITALIA

A group of Alitalia employees is preparing to join up with a non-European carrier and two Italian financial partners to bid for the insolvent airline, Italian weekly Panorama reported on Wednesday.

(*) M&A, DUCATI

India’s Eicher Motors Ltd, maker of Royal Enfield classic motorbikes, is set to make a binding takeover bid for Italian motorcyle manufacturer Ducati for $1.8 billion-$2 billion, the Economic Times daily reported on Thursday.

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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