Italy - Factors to watch on April 4
04/04/2025 05:00
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 IT/DIA. POLITICS Italian Prime Minister Giorgia Meloni said on Thursday that trade tariffs announced by the United States were a mistake but their impact should not be overestimated and the EU should be wary about responding with counter-tariffs. (*) The European Union should aim to have new U.S. trade tariffs halved from 20% to 10%, in line with Britain, Italy's Foreign Minister Antonio Tajani told daily Corriere della Sera in an interview published on Friday. ECONOMY ISTAT releases February retail sales data (0800 GMT); Q4 2024 deficit/GDP ratio data (0900 GMT). DEBT (*) Italy's pledges to increase defence spending to help Ukraine could scupper government efforts to rein in the mammoth public debt, analysts say, posing a threat to the creditworthiness of the euro zone's third-largest economy. Fitch is set to review Italy's sovereign debt rating, which currently stands at BBB with a positive outlook. (expected after 20:00 GMT) COMPANIES (*) GENERALI GASI.MI The insurer has no intention to come to a showdown with the Italian government over its proposed asset management tie-up with BPCE-owned Natixis Investment Manager, CEO Philippe Donnet told daily Corriere della Sera in an interview published on Friday. Morgan Stanley on Friday cut its rating to 'equal weight' from 'overweight' and raised the target price to 33.8 euros from 32.6 euros. (*) GENERALI, UNICREDIT CRDI.MI Donnet also told Corriere della Sera that Generali could extend collaborations with UniCredit beyond existing arrangements, and that he had talked with UniCredit CEO Andrea Orcel after the lender increased its stake in the insurer. BANCO BPM BAMI.MI, UNICREDIT CRDI.MI UniCredit is on course to secure a conditional green light from the Italian government over its plan to take over smaller rival Banco BPM BAMI.MI, three sources familiar with the matter told Reuters. Italy's second-largest bank will continue to evaluate in the coming months whether to proceed with its proposed buyout bid and any decision will be taken only towards the end of June, a person close to the lender. (*) BANCO BPM BAMI.MI, ANIMA HOLDING ANIM.MI Banco BPM on Thursday, a day before the end of the takeover period, had reached 66.3% of Anima's shareholding, according to Borsa Italiana data, just short of the two-thirds majority required to have a controlling stake. (*) POSTE ITALIANE PST.MI, TELECOM ITALIA (TIM) TLIT.MI Poste CEO Matteo Del Fante and TIM Chairwoman Alberta Figari met on Thursday to discuss adjustments in the governance of the phone operator after Poste raised its stake in TIM, becoming its top investor, Il Messaggero reported on Friday. Poste wants at least two seats on the board, including the chairmanship which could go to former Bank of Italy official Annamaria Tarantola, while the other seat could be filled by Del Fante, the report added. TIM CEO Pietro Labriola would stay on in his role, while Piergiorgio Peluso could replace Adrian Calaza as CFO, Il Messaggero said. MONTE DEI PASCHI DI SIENA BMPS.MI The Tuscan bank said on Thursday that credit rating agency Morningstar DBRS had upgraded its long-term issuer rating to BBB (low) from BB (high), while maintaining a positive trend. As a result of this rating action, BMPS's Long-Term Issuer Rating and Long-Term Senior Debt Rating return to the investment grade level, DBRS said in a separate statement. STELLANTIS STLAM.MI The maker of Ram trucks and Jeeps said on Thursday it was temporarily laying off 900 workers at five U.S. facilities after President Donald Trump's tariffs were announced, and temporarily pausing production at an assembly plant in Mexico and in Canada. Fitch downgraded the automaker's rating to 'BBB' on Thursday, with a stable outlook. (*) LEONARDO LDOF.MI Citigroup cut its rating on Friday to 'neutral' from 'buy' and raised its target price to 48.40 euros from 28.60 euros. FINCANTIERI FCT.MI The Italian shipmaker's unit Vard won an offshore contract with Dong Fang for underwater operations worth 113.5 million euros. (*) BRUNELLO CUCINELLI BCU.MI The executive director and founder of the Italian luxury group, Brunello Cucinelli, said on Thursday that he was "not worried about the U.S. tariffs," as quoted by ANSA news agency. (*) TECHNOGYM TGYM.MI Barclays initiated coverage with 'equal-weight' rating and a target price of 13 euros per share. (*) DE'LONGHI Barclays initiated coverage with 'underweight' rating and a target price of 23 euros per share. BEGHELLI BE.MI Gewiss Spa ends mandatory full takeover offer on Beghelli ordinary shares. DIARY Fitch rating agency's scheduled review of sovereign debt rating on Italy. Rome, Industry Minister and delegated authority for Space and Aerospace Policies Adolfo Urso attends signing of a strategic agreement between the Italian space companies D-Orbit and Planetek (0830 GMT); followed by Urso press point. Rome, Industry Minister Adolfo Urso attends Civil Protection 2025 general meeting (1230 GMT). Rome, Industry Minister Adolfo Urso attends presentation ceremony for new stamps dedicated to Italian companies (1330 GMT). Rome, Cabinet meeting (1600 GMT). Cernobbio, The European House Ambrosetti 36th edition annual workshop "The outlook for the economy and finance" starts (0645 GMT); ends on April 6. L'Aquila, Prime Minister Giorgia Meloni attends swearing in of 99th Fire Brigade Cadet Course (1000 GMT). Ortona (Chieti), Prime Minister Giorgia Meloni visits 'Amerigo Vespucci' Italian Navy training ship (0845 GMT). ((Milan newsroom, e-mail: reutersitaly@thomsonreuters.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/