Italy - Factors to watch on September 23
23/09/2024 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
Companies such as banks, insurers and energy groups that
made extra profits over the past 12-24 months could be subject
to a levy of 1% to 2% to help strained public finances, Corriere
della Sera reported on Sunday.
Forza Italia leader and deputy prime minister Antonio Tajani
said on X that his party was opposed to a tax on extra profits
which would damage local banks and create uncertainty on
markets. He said that talks should be held with banks to agree
alternative ways of helping public finances.
A cabinet meeting on Saturday approved 20 million euros in
emergency funds for the areas in the northern region of
Emilia-Romagna hit by devastating floods last week.
ECONOMY
Italy will probably balance its primary budget this year,
excluding interest payments on government debt, the economy
minister said on Friday, as Rome prepares a medium-term fiscal
plan for approval by the European Commission.
Rising uncertainty, "symptoms of weakness" in the services
sector and an 0.6% year-on-year increase in gross domestic
product(GDP) in the third quarter of the year make it harder for
GDP to rise by 1% in 2024, a report by Italy's retail
association Confcommercio said on Friday.
Italian state lender CDP will present on Sept. 30, behind
closed doors, a so-called umbrella fund, financed by the state
and private groups aimed at investing in small and medium
enterprises listed on the Bourse, Milano Finanza reported on
Saturday, adding it will start operating by the end of the year.
DEBT
Treasury announces sale of 6-month BOT bills, with relative
amounts to be auctioned on Sept. 26.
COMPANIES
FTSE share indexes revision effective as of Monday.
TELECOM ITALIA TLIT.MI
A consortium led by Italy's Treasury is finalising a bid for
Telecom Italia's submarine cable unit Sparkle, La Repubblica
reported on Sunday. However, the bid, which is expected to be
slightly higher than a previous 750 million euros offer, will be
not submitted by Sept. 26 when Telecom Italia is due to hold a
board meeting, the paper added.
UNICREDIT CRDI.MI
Germany will not sell any more shares in Commerzbank for the
time being and the bank's strategy is "geared towards
independence," the country's Finance Agency said on Friday, in
the clearest sign yet that the government doesn't currently
favour a takeover from the Italian lender.
STELLANTIS STLAM.MI , FERRARI RACE.MI
An Italian judge has seized money and assets worth almost 75
million euros ($84 million) from five people, including
Stellantis and Ferrari Chair John Elkann, as part of an
investigation into alleged tax fraud, prosecutors said on
Friday.
The investigation, opened earlier this year, alleges Elkann
and his siblings Lapo and Ginevra did not pay taxes in Italy on
assets they inherited after the death in 2019 of their
grandmother Marella Caracciolo, the wife of late Fiat boss
Gianni Agnelli.
BANCA MEDIOLANUM BMED.MI
Fininvest, the Berlusconi family holding company, is
expected to restore ties with the Doris family in a shareholding
pact which would fully control the asset manager's governance,
after a decision by a EU court last week which allows Fininvest
its full 30% shareholding in the bank, Corriere della Sera
reported on Saturday, citing financial sources.
DOVALUE DOVA.MI
Reverse stock split on ordinary shares.
SS LAZIO LAZI.MI
The club posted a full year net profit of 38.5 million euros
on Friday. The team lost 2-1 to Fiorentina in Serie A on Sunday.
JUVENTUS FC JUVE.MI
Napoli showed unexpected courage and defended well,
Juventus coach Thiago Motta said after the visitors held his
side to another goalless draw in Serie A on Saturday.
DIARY
New York, Prime Minister Giorgia Meloni and Foreign
Minister Antonio Tajani attend the U.N.'s 79th General Meeting
(until Sept. 24).
New York, Prime Minister Giorgia Meloni attends Atlantic
Council 'Global Citizen Awards' ceremony in New York.
New York, G7 energy enlarged meeting.
Milan, Edison EDNn.MI holds news conference to present
"Risolve" with Edison energy unit CEO Massimo Quaglini (0930
GMT).
Milan, women's 2025 Spring/Summer fashion shows end.
Ravenna, tax revenue agency Director Ernesto Maria
Ruffini presents book "Uguali per Costituzione. Storia di
un'utopia incompiuta dal 1948 ad oggi" with President Sergio
Mattarella, banking association ABI President Antonio Patuelli
(1630 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/