May 25, 2018 / 4:04 AM / 5 months ago

Italy - Factors to watch on May 25

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

A new government is expected to take office in Italy next week after one of the longest periods of post-election flux in its history, but the fraught gestation might prove child’s play by comparison with what comes next.

Italy’s coalition parties are pushing a reluctant head of state to name an 81-year-old eurosceptic economist as economy minister, creating the first big headache for Prime Minister-designate Giuseppe Conte.

ECONOMY

ISTAT releases April non-EU foreign trade data (0800 GMT).

Italy’s partners in the euro lined up in Brussels on Thursday to urge the new government in Rome to stick to EU budget rules or risk following Greece into financial calamity that would hurt the whole of Europe.

DEBT

Treasury announces sale of BTP and CCTeu bonds, with relative amounts to be auctioned on May 30.

Italy’s Treasury said on Thursday it would offer 5.5 billion euros ($6.45 billion) in 6-month bills at an auction on May 29.

BANKS

European Union finance ministers are likely to agree on Friday to new banking capital rules in a major step toward enhancing EU financial stability, but the deal could be delayed because Italy’s political crisis, EU officials said. (*) Reimbursement of savers hit by banking resolutions, as envisaged by the 5-Star/League programme, could cost Italian banks 12 billion euros, MF said, citing a study by broker Equita. The flat tax idea of the nascent government could cost the banking system 3.1-5.3 billion euros, Il Sole 24 Ore said.

BANCA MONTE DEIPASCHI DI SIENA

The preventive recapitalisation of the bank organised by the Italian government is temporary and in the future the lender needs “to walk again on its own legs”, Il Sole 24 Ore said citing EU competition commissioner Margarethe Vestager.

(*) INTESA SANPAOLO

Intesa Vita is targeting non-life gross premiums of 2.5 billion euros in 2021 from 400 million euros last year, the CEO of Intesa Vita said in an interview in Il Giornale.

ENEL

CEO Francesco Starace said there is no plan to list broadband business Open Fiber.

Starace also said he expects a deal for the sale of Reftinskaya coal plant in Russia in June.

Brazilian power distribution company Eletropaulo Metropolitana Eletricidade de Sao Paulo said in a securities filing on Thursday that a court decision changed the rules for the auction of the company’s controlling stake. According to the filing, bidders Enel and Neoenergia will present new offers only on June 4.

A bitter feud over a Brazilian power grid operator has taken a global rivalry to new levels as Europe’s top two utilities ready $1.5 billion-plus bids for Eletropaulo.

FIAT CHRYSLER

A U.S. threat that it may introduce tariffs on foreign auto imports drew strong criticism on Thursday from the country’s main business lobbying group, which warned of a “staggering” blow to the industry and the prospect of a global trade war.

(*) TELECOM ITALIA

Communication watchdog AGCOM has postponed its first look at the idea of spinning off Telecom Italia’s fixed-line network to the next meeting of its board, probably on June 6, Il Sole 24 Ore said.

GENERALI

Generali said on Friday it had renewed revolving credit facilities, increasing the size to 4 billion euros.

FUNDS

Investors pulled out a record of $380 million from Italian equity funds last week on worries over the creation of a eurosceptic government in Italy, EPFR Global said.

YOOX NET-A-PORTER

Swiss luxury goods group Richemont has clinched its takeover offer for Yoox Net-a-Porter by garnering more than 95 percent of the Italian group’s shares, the companies said on Friday.

PARMALAT

The dairy group has signed a preventive agreement for “Patent Box” tax benefits.

LEONE FILM GROUP

The company said it had halted an accelerated bookbuilding procedure for the sale of a stake in company due to averse market conditions given the political instability in Italy.

AMBIENTHESIS

Annual general meeting (1300 GMT).

CLABO

Board meeting on Q1 results.

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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