Italy - Factors to watch on July 27
27/07/2015 05:00
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
IT/DIA .
DEBT
Treasury announces sale of BTP and CCTeu bonds, with
relative amounts to be auctioned on July 30.
POLITICS
The euro zone needs deeper integration to remove the risk of
a member country leaving the single currency, Italian Economy
Minister Pier Carlo Padoan told the Financial Times in an
interview on Sunday. ID:nL5N1060N7
Cutting property taxes should not be a priority, the
European Commission Vice President Valdis Dombrovskis told La
Stampa on Saturday in a veiled criticism of Prime Minister
Matteo Renzi's plan to cut taxes on primary residences. Italy
should not stray away from its deficit-cutting goals, he said.
The government's spending review commissioner Yoram Gutgeld
told la Repubblica on Sunday spending cuts in the next budget
would target inefficiencies in the way some hospitals are run
and healthcare supplies are purchased as well as excessive exams
being ordered by doctors.
COMPANIES
BANCA MONTE DEI PASCHI DI SIENA BMPS.MI
The troubled Italian lender has reduced its exposure to
Japanese bank Nomura 8604.T to within regulatory limits, as
required by the European Central Bank, two sources close to the
matter told Reuters. ID:nL5N1050A1
The bank said on Friday its chairman Alessandro Profumo
would step down as expected on August 6.
Monte dei Paschi's banking foundation, Fintech Advisory and
BTG Pactual -- the Tuscan lender's core shareholders -- said on
Friday they had indicated the current chairman of the Italian
Stock Exchange Massimo Tononi as the bank's new chairman.
ID:nI6N0ZV00H ID:nI6N0ZV00D
Monte dei Paschi's 2-percent investor Alessandro Falciai
told Corriere della Sera on Saturday he backed Tononi's
appointment.
FIAT CHRYSLER FCHA.MI
U.S. auto safety regulators were considering a record $105
million fine for Fiat Chrysler Automobiles over recall lapses
involving millions of vehicles, according to people familiar
with the matter. ID:nL5N1060A2
The car maker will recall 1.4 million vehicles in the United
States to install software to prevent hackers from gaining
remote control of the engine, steering and other systems in what
federal officials said was the first such action of its kind.
ID:nL1N1041QI
Several newspapers on Saturday quoted former Ferrari
Chairman Luca Cordero di Montezemolo as saying the luxury
sports-car brand could be worth 20 billion euros -- or twice the
figure recently suggested by Fiat Chrysler CEO Sergio
Marchionne.
FINMECCANICA SIFI.MI
The Italian defence group is no longer looking to sell DRS
Technologies due to the improved performance of its U.S. unit, a
source close to the matter said on Sunday, confirming a press
report. ID:nL5N1060QT
EXOR EXOR.MI
The Agnelli family's holding company said on Saturday it was
in talks with Britain's Pearson PSON.L to possibly raise its
4.7 percent stake in The Economist Group, publisher of The
Economist newspaper. ID:nI6N0ZV00I
Shareholder advisory group Institutional Shareholder
Services said on Friday it had "significant concerns" about a
proposed takeover of PartnerRe Ltd PRE.N by Axis Capital
Holdings Ltd AXS.N and recommended that PartnerRe's
shareholders vote against the deal. ID:nL3N1045F0
Later on Friday Axis said its board continued to unanimously
recommend shareholders vote "for" amalgamation agreement between
Axis Capital and PartnerRe. It also said Institutional
Shareholder Services recommended Axis shareholders to vote in
favour of the tie-up with PartenrRe. ID:nASB09XG0
BANCO POPOLARE BAPO.MI
The cooperative lender said on Friday it had appointed
Mediobanca MDBI.MI and BofA Merrill Lynch as advisers for
strategic options. ID:nI6N0ZV00G
Merger talks will intensify now that the advisers have been
appointed but they won't necessarily lead to a deal, CEO
Pierfrancesco Saviotti was quoted as saying in Sunday's Il
Messaggero.
BANCO POPOLARE, UBI BANCA UBI.MI , BANCA POPOLARE DI MILANO
PMII.MI
Saviotti has discussed the terms of a potential merger with
UBI Banca CEO Victor Massiah and valuations should not differ
much from current market values, Il Messaggero said on Sunday
citing sources among the advisers.
However, a merger between Banco Popolare and Popolare di
Milano may be an easier option, Il Messaggero said. Talks are
less advanced but the CEOs of the two banks are planning a new
meeting before the mid-August break.
BANCA CARIGE CRGI.MI
The bank will kick off merger talks at the beginning of
September when it appoints the advisers, Il Messaggero reported
on Sunday, mentioning Mediobanca and Barclays as the most likely
candidates.
PIRELLI PECI.MI
The closing of China National Chemical Corp's
7.1-billion-euro takeover of the Italian tyre maker is expected
in the first 10 days of August, Il Sole 24 Ore reported on
Sunday.
RCS MEDIAGROUP RCSM.MI , MONDADORI MOED.MI
The board of RCS will discuss at a meeting on July 30
whether to accept an offer by Mondadori for the publiher's book
unit, la Repubblica reported on Saturday.
BANKS
Italian banking lobby ABI said on Saturday non-performing
loans would continue to rise this year and the next. The growth
rate of gross NPLs is set to slow down to 10.8 percent this year
from 17.8 percent in 2014, decreasing further to 4.1 percent in
2016 before turning negative in 2017 when ABI expects a 1.2
percent fall.
ABI sees Italian bank's return-on-equity (ROE) improving to
0.8 percent this year from -2.2 percent in 2014. At 2.6 percent
in 2017, Italian banks' ROE would be more than three times lower
than before the crisis, ABI said.
INFRASTRUCTURE
Renato Ravanelli, head of Infrastructure fund F2i, told
Corriere della Sera on Sunday a new investment vehicle had
raised 1.25 billion euros, including nearly 500 million euros
from foreign investors. Among them, the paper mentioned Chinese
sovereign wealth fund China Investment Corporation, South-Korean
pension fund National Pension Services and France's BNP Paribas
and EDF Investments.
SORIN SORN.MI
Sorin shareholders will buy all the 53,246 shares, for which
cash exit rights were exercised, at a price of 2.2043 euros
($2.42) per share, the company said on Friday. ID:nFWN104025
MONDO TV MTV.MI
Mondo TV said on Friday it had reduced its stake in Mondo TV
Suisse to 74.45 percent. ID:nFWN104027
ASSITECA ASSI.MI
Italian independent broker debuts on AIM bourse segment.
LUXOTTICA LUX.MI
Board meeting on H1 results, followed by conference call
(1700 GMT).
MITTEL MTTI.MI
Board meeting on Q3 results.
AUTOSTRADE MERIDIONALI AUMI.MI
Board meeting on H1 results.
FIERA MILANO FIMI.MI
Board meeting on H1 results.
INWIT INWT.MI
Board meeting on H1 results.
((Milan newsroom, +39 02 6612 9507, fax +39 02 801149,
milan.newsroom@news.reuters.com))
For Italian market data and news, click on codes in
brackets:
20 biggest gainers (in percentage)............ .PG.MI
20 biggest losers (in percentage)............. .PL.MI
FTSE IT allshare index .FTITLMS
FTSE Mib index........ .FTMIB
FTSE Allstars index... .FTSTAR
FTSE Mid Cap index.... .FTITMC
Block trades.......... .BLK.MI
Stories on Italy...... IT-LEN
For pan-European market data and news, click on codes in
brackets:
European Equities speed guide................... EUR/EQUITY
FTSEurofirst 300 index.............................. .FTEU3
DJ STOXX index...................................... .STOXX
Top 10 STOXX sectors........................... .PGL.STOXXS
Top 10 EUROSTOXX sectors...................... .PGL.STOXXES
Top 10 Eurofirst 300 sectors................... .PGL.FTEU3S
Top 25 European pct gainers....................... .PG.PEUR
Top 25 European pct losers........................ .PL.PEUR
Main stock markets:
Dow Jones............... .DJI Wall Street report ..... .N
Nikkei 225............. .N225 Tokyo report............ .T
FTSE 100............... .FTSE London report........... .L
Xetra DAX............. .GDAXI Frankfurt market stories .F
CAC-40................. .FCHI Paris market stories... .PA
World Indices..................................... 0#.INDEX
Reuters survey of world bourse outlook......... EQUITYPOLL1
Western European IPO diary.......................... WEUIPO
European Asset Allocation........................ EUR/ASSET
Reuters News at a Glance: Equities............... TOP/EQE
Main currency report:............................... FRX/
Keywords: ITALY FACTORS/JULY 27