Italy - Factors to watch on Oct. 23
23/10/2023 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 .
POLITICS
Weak economic growth and high interest on the country's huge
debt are the main problems facing Italian Prime Minister Giorgia
Meloni after her first year in power, an anniversary marked by
an abrupt announcement she was leaving her long-time partner.
Italian Prime Minister Giorgia Meloni said on Saturday that
the international community must avoid an escalation in the war
between Israel and Hamas and set a roadmap towards the two
states solution.
DEBT
S&P Global on Friday confirmed its 'BBB/A-2' sovereign
credit rating on Italy with outlook stable. S&P sees Italy's
real GDP growth to recover to above 1% by 2025, helped by
accelerated deployment of the Next Generation EU funds, which
the rating agency believes will likely extend beyond 2026.
The Italian Treasury said on Friday it would offer up to 4
billion euros ($4.24 billion) in BTP Short and inflation-linked
BTP at auction on Oct. 25.
The Treasury on Monday will announce the sale of 6-month BOT
bills, with relative amounts to be auctioned on Oct. 26.
COMPANIES
TELECOM ITALIA (TIM) TLIT.MI
TIM's directors will meet on Nov.3 and Nov.5 to reviewa
binding bid tabled by U.S. fund KKR KKR.N for the former phone
monopoly's fixed-line network assets.
Italy's audit court expressed some non-binding critical
remarks over the Treasury's plan to join KKR's apporach for
TIM's grid, saying that additional information would be needed
to justify the sustainability of the investment, a document
showed on Saturday.
The Treasury said in a statement the court's opinion did not
prevent the government from going ahead with the bid.
ENERGY COMPANIES
The Italian government will discuss on Monday a decree to
allow the extension of concessions for hydroelectric and
geothermal power in exchange for investments by energy groups,
according to a draft senn by Reuters.
The decree will also give the greenlight to two new onshore
liquefied natural gas (LNG) terminals and will set a framework
for the development of carbon capture projects (CCS), while also
boosting offshore drills in the Adriatic sea.
Separate measures are expected to extend from a minimum of
six to a maximum of 12 months a special regime helping some
households purchase electricity from their incumbent supplier.
The scheme is currently scheduled to expire next April.
MEDIOBANCA MDBI.MI
The Del Vecchio family's investment company Delfin has a
long-term commitment as an investor in Mediobanca, chairman
Francesco Milleri said in an interview with Italian newspaper
Sole 24 Ore on Saturday.
(*) DANIELI DANI.MI
The group aims to reach a core profit of 500 million euros
($529.30 million) in the next three-to-four years despite
uncertainties surrounding current geopolitical tensions, its
executives said on Friday.
ENI ENI.MI
The Italian energy group celebrated on Sunday the sail away
of the Tango Floating Liquefied Natural Gas (FLNG) and Excalibur
Floating Storage Unit (FSU) vessels from Dubai to Congo's
offshore. The milestone aligns with the timeline of the Congo
LNG project, whose first phase will startup in December 2023.
According to the agreements recently signed, all LNG produced
will be marketed by Eni.
MFE-MEDIAFOREUROPE MFEA.MI MFEB.MI
Reverse stock split effective as of Monday.
ENAV ENAV.MI
Trades ex-dividend of 0.1967 euro per share.
DIARY
22nd edition "Milano Fashion Global Summit 2023" online
starts; ends on Oct. 25. On Monday expected attendees include
Italian Fashion Chamber President Carlo Capasa (0810 GMT), Tod's
TOD.MI Chairman Diego Della Valle (0830 GMT), Industry
Minister Adolfo Urso (0900 GMT), Prada 1913.F CEO Andrea
Guerra (0915 GMT), OTB Group founder and Chairman Renzo Rosso
(0935 GMT), Tamburi Investment Partners TIP.MI CEO Alessandra
Gritti and Quadrivio Group CEO Alessandro Binello (1045 GMT).
Stellantis STLAM.MI holds online presentation of
commercial vehicles strategy and new global van range (1300
GMT).
Rome, Bank of Italy Governor Ignazio Visco attending 2nd
edition 'Bancor Award' (1500 GMT).
Genoa, Bank of Italy Deputy Governor Luigi Federico
Signorini gives speech at a book presentation "History of the
Bank of Italy. Tome I. Formation and evolution of a central
bank, 1893-1943" (1330 GMT).
Ravenna, "OMC-Med Energy" starts (0730 GMT); ends on Oct.
26. On Monday expected attendees include Emilia Romagna Governor
Stefano Bonaccini, Snam SRG.MI CEO Stefano Venier (1430 GMT),
Eni ENI.MI Chief Operating Officer Natural Resources.
((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/
($1 = 0.9444 euros)