Italy - Factors to watch on July 23

Subsea 7

23/07/2026 05:00

The following factors could affect Italian markets on Thursday.

        Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).
       
POLITICS
Italy is "cautiously optimistic" about a downward revision of its 2025 deficit, Economy Minister Giancarlo Giorgetti said on Wednesday, reviving hopes that the country might later this year exit a European Union infringement procedure for its excessive budget deficit.

ECONOMY
Italy's planned levy on small parcels will be applied in addition to a similar EU-wide measure, Economy Minister Giancarlo Giorgetti told parliament on Wednesday.
(*) Cyclone Harry, which wreaked more than €1 billion in damages along Sicily's coast in January, has also exposed a flaw in Italy's push to expand mandatory insurance against natural disasters.

DEBT
Italy's Treasury announces details for the next BTP Short and BTP€I auction.

COMPANIES      
UNICREDIT CRDI.MI
(*) Italy's second-biggest bank on Thursday posted better than expected first-half earnings and slightly improved its 2026 outlook, adding it expected its investment in Commerzbank CBKG.DE would return 15%. That exceeds the return expected form on a planned €4.75 billion share buyback, which UniCredit had put on hold pending the outcome of its Commerzbank buyout offer and has now cancelled, the lender said.

(*) INTESA SANPAOLO ISP.MI, MONTE DEI PASCHI DI SIENA (MPS) BMPS.MI, BANCO BPM BAMI.MI 
A roadshow held by Intesa Sanpaolo to present its takeover offer for MPS was met favourably by large institutional investors, although no commitments were made, daily Il Sole 24 Ore reported on Thursday, citing market sources. 
MPS is considering an internal reorganisation that would reduce the responsibilities of Chief Financial Officer Andrea Maffezzoni as preparatory work continues on a potential merger with Banco BPM, daily Il Giornale reported on Thursday.

BFF BANK BFF.MI, BANCO BPM BAMI.MI 
(*) Banco BPM is having second thoughts about the plan to take over BFF Bank in partnership with state-owned bad loans manager AMCO, MF daily reported on Thursday, adding that Banco  had asked for clarifications on the scope and value of the deal.
BFF said on Wednesday that the Bank of Italy has eased its MREL capital requirements, with the TREA MREL now equal to 19.67% from a previous 20%, and the LRE MREL equal to 5.33% from a previous 5.40%.  

(*) BANKS 
Unions at the Italian arm of BNP Paribas BNPP.PA have entered discussions with the bank's management to ensure changes in Italy under a new strategic plan due in the coming months respect worker protections, a union leader said on Wednesday.

(*) STELLANTIS STLAM.MI 
New car sales across the European Union, Britain and the European Free Trade Association rose in June by 13.1% year-on-year, data from the European Automobile Manufacturers' Association (ACEA) showed on Thursday. Stellantis underperformed the market, with group sales rising by 5.3%. 

STMICROELECTRONICS STMMI.MI
(*) The Franco-Italian chipmaker forecast a third-quarter revenue with a midpoint slightly below market expectations on Thursday, but said chip demand from automotive, AI-related, data-centre optical and consumer electronics markets was recovering.

SAIPEM SPMI.MI
The Italian energy contractor merger with Norwegian peer Subsea 7 SUBC.OL may lead to price hikes and less innovation, EU antitrust regulators warned on Wednesday, as they opened a full-scale investigation.

LEONARDO LDOF.MI 
Chief Executive Lorenzo Mariani said if another country is going to join the British, Italian and Japanese GCAP fighter jet programme it needs to happen by the end of 2026, with 12 months from now being the final deadline.

MONCLER MONC.MI
Revenues at the Italian luxury outerwear group rose 5% at constant exchange rates in the second quarter, with growth at its key eponymous brand driven by Asia, partly offset by weaker sales in Europe amid a slowdown in tourist spending.

(*) MFE-MEDIAFOREUROPE MFEB.MI 
The broadcaster controlled by the Berlusconi family said on Wednesday it would merge its Italian unit Mediaset into RTI to create Mediaset Italia, as part of a business reorganisation designed to accelerate planned synergies. 

(*) TELECOM ITALIA (TIM) TLIT.MI
The phone group said on Thursday it had completed the first tranche of the buyback programme approved in April, for a maximum of 70 million shares and a maximum consideration of 400
million euros. As part of the first tranche, launched on May 27, the company purchased a total of 14 million ordinary shares, equal to approximately 0.66% of the share capital, for just under €109 million.
       
LUXURY
Profit at Giorgio Armani SpA, the parent company of the Giorgio Armani group, more than doubled to about €67 million ($76 million) in 2025, with roughly half of that amount distributed in dividends, according to a company filing, marking the first annual results published since the company founder died last September.
   
(*) TECHNOPROBE TPRO.MI 
Goldman SAchs on Thursday initiated coverage of the tech firm with a 'buy' rating.  
 
ACEA ACE.MI
The utility publishes its first-half results.


DIARY
Rome, cabinet meeting expected. 

   

        
  
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
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/