February 10, 2020 / 5:00 AM / 2 months ago

Italy - Factors to watch on Feb. 10

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 .

POLITICS

The leader of the right-wing League Matteo Salvini told La Stampa on Sunday his party intended to put forward professionals and entrepreneurs as candidate mayors for local elections next year in Turin, Milan, Bologna and Rome.

ECONOMY

The effect of new Chinese virus on the Italian economy is hard to assess and a significant impact cannot be ruled out, the Bank of Italy warned on Saturday.

"Health comes first", Health Minister Roberto Speranza told Corriere della Sera in an interview on Sunday, reiterating that Italy would keep a block on flights to and from China due to the coronavirus emergency. He added that the ban was not applied to cargo flights transporting goods.

The euro zone economy needs support from economic policies other than the European Central Bank's monetary policy if market yields are to rise from current extra-low levels, governing council member Ignazio Visco said on Saturday.

Italy should consider a reform of its VAT, lowering its value on basic goods while increasing it on luxury ones, Economy Undersecretary Pier Paolo Baretta told Corriere della Sera in an interview on Sunday. (*) Deputy Economy Minister Antonio Misiani told daily la Repubblica on Monday that there weren't ongoing talks on a possible VAT reform, but that the tax could be reviewed to make it more fair.

ISTAT releases December industrial output (0900 GMT).

OECD releases December composite leading indicator (1100 GMT).

DEBT

Italy will always oppose stripping government bonds of their zero risk-weight status as a bank asset, unless the euro zone moves to create a new common risk-free asset for lenders to invest in, Economy Minister Roberto Gualtieri said on Saturday.

Global rating agency Fitch affirmed Italy's sovereign credit rating at 'BBB' and outlook at negative on Friday, citing high level of general government debt, very low trend GDP growth and economic policy uncertainty.

Treasury announces sale of BTP bonds, with relative amounts to be auctioned on Feb. 13.

EXOR

The investment group is in exclusive talks to sell reinsurer PartnerRe to France's Covea in a deal one source familiar with the matter said was worth around $9 billion.

BANKS

The Bank of Italy on Saturday called for European rules to handle smaller banks' crises and urged them to consider mergers to cut excessively high costs. Visco defended the Bank of Italy's actions in relation to Popolare di Bari, the biggest lender in the country's underdeveloped south and the latest bank to be rescued by the state and other rivals, at the end of last year.

ATLANTIA

CDP Chairman Giovanni Gorno Tempini on Saturday declined to comment on a possible investment of the state lender in Autostrade per l'Italia, motorway unit of Atlantia.

Autostrade is checking conditions of 587 tunnels on its motorway network, the company said on Friday, adding it had earmarked 70 million euros for inspections and maintenance of the passages.

If Italy's government decided to strip Atlantia of its motorway concession it would simply be a vendetta and the decision would seriously damage the country, the head of the national motorway lobby group Fabrizio Palenzona told Il Messaggero in an interview on Sunday. He suggested that a review of the national mechanism used to calculate motorway tolls could be part of the solution to end the unresolved stand-off between Atlantia and Rome over the revocation of the group's concession.

ENEL

The Treasury, which is a key investor in the company, intends to confirm Francesco Starace as chief executive for a new term, Milano Finanza said on Saturday.

POSTE ITALIANE

The generous dividends paid to the Treasury is one of the reasons why Rome will likely confirm Matteo Del Fante at the helm of the company, Milano Finanza said on Saturday. The Economy Ministry own a share of just over 29% of Poste.

LEONARDO

Telecom Italia's executive Stefano Siragusa could succeed Alessandro Profumo at the helm of Leonardo, if Profumo steps down, Milano Finanza said on Saturday.

MEDIASET

The Italian broadcaster will submit revised plans to merge its Italian and Spanish broadcasting units under a Dutch entity to authorities in the Netherlands, securing a six-month extension to complete the project, two sources familiar with the matter said on Friday.

BPER BANCA

Italy's sixth-largest bank is considering taking advantage of favourable market conditions to issue a subordinated bond, its chief financial officer said on Saturday.

BUZZI UNICEM

The Italian cement maker said on Friday its 2019 core earnings would come in at approximately 700 million euros after posting consolidated net sales of 3.2 billion euros, up 12.1% compared with the previous year.

ASCOPIAVE

The Italian natural gas and power distributor said on Friday it bought a 3.67% stake in utility Acsm Agam.

ALITALIA

The administrator of the Italian airline met with executives of U.S. carrier Delta to discuss changes in their alliance for North America, Il Sole 24 Ore reported on Saturday, adding Delta is still interested in investing in Alitalia. (*) The ailing carrier might have to pay the national tax authority up to 40 million euros in arrears on pension contributions for its employees following wrong calculations of their wages, daily Il Messaggero said. (*) POPOLARE DI BARI (unlisted)

Former Creval Chief Executive Mauro Selvetti, former UniCredit Executive Alessandro Decio and former Veneto Banca Chief Executive Cristiano Carrus are the three candidates for the position of CEO of Popolare di Bari, the Italian lender that was put under special administration in December, Il Corriere della Sera - L'Economia said on Monday.

(*) UNIEURO

The Italian consumer electronics retailer has resources to keep financing its growth independently, its Chief Executive Gancarlo Nicosanti told La Repubblica-Affari & Finanza.

JUVENTUS

Hellas Verona produced a huge upset by coming from behind to beat Serie A leaders Juventus 2-1 on Saturday, inflicting a third defeat of the season on the Italian champions.

AS ROMA

The Rome-based club lost 3-2 at home to Bologna on Friday.

(*) SS LAZIO

Lazio moved one point behind Serie A leaders Juventus and Inter Milan with a 1-0 win at Parma on Sunday, setting a new club record of 18 consecutive unbeaten league games in the process.

BANCA GENERALI

Board meeting on preliminary FY results, followed by conference call (1300 GMT).

MONCLER

Board meeting on FY results, followed by conference call (1700 GMT).

UBI BANCA

Board meeting on FY results, followed by conference call (1430 GMT).

DIARY

Rome, Bank of Italy holds seminar on "Financial sector stability and consumer protection of banking and financial services" with representatives Alessio De Vincenzo, Roberto Cercone, Margherita Cartechini (0800 GMT).

Rome, Chamber of Deputies Budget Committee examines 'Milleproroghe' decree (1300 GMT).

Rome, Prime Minister Giuseppe Conte delivers speech at the National Memorial day of the Foibe ceremony in Senate (1500 GMT).

Rome, Prime Minister Giuseppe Conte takes part at meeting on 2023 Agenda on jobs and welfare policies at Palazzo Chigi (1630 GMT).

For Italian market data and news, click on codes in brackets:

20 biggest gainers (in percentage)............

20 biggest losers (in percentage).............

FTSE IT allshare index

FTSE Mib index........

FTSE Allstars index...

FTSE Mid Cap index....

Block trades..........

Stories on Italy...... IT-LEN

For pan-European market data and news, click on codes in brackets: European Equities speed guide................... FTSEurofirst 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurofirst 300 sectors................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Reuters survey of world bourse outlook......... Western European IPO diary.......................... European Asset Allocation........................ Reuters News at a Glance: Equities............... Main currency report:...............................

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