Italy - Factors to watch on June 22

Ferretti SpA

22/06/2023 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 (*).
    
    For a complete list of diary events in Italy please click on
 IT/DIA .
    
    POLITICS
    Italy will face a hard time hitting the defence target of at
least 2% within a decade and set in 2014 by NATO leaders if the
bloc refuses to grant some budget flexibility, Italy's defence
minister said on Wednesday.
   Italy does not plan to extend most of the measures it has
adopted to soften the impact of energy costs on households and
firms beyond this month, two government sources familiar with
the matter told Reuters.
    
   ECONOMY         
   Economy Minister Giancarlo Giorgetti warned on Wednesday of a
"concrete risk of a credit crunch" following the ECB's rate hike
in June. Speaking to reporters, he urged Italian banks to
support the economy and mitigate the impact of rising mortgage
rates.
   Fitch Ratings revised upwards its estimates for Italian
growth in 2023 in its global economic outlook report, whilst it
cut the 2024 forecast to +1% from a previous guidance of +1.3%.
    
    DEBT
    Euro zone government bond yields rose on Wednesday as
investors focused on central banks' battle against inflation.
    
    Treasury announces sale of BTP Short and BTPei bonds, with
relative amounts to be auctioned on June 27.
    
    COMPANIES 
    PIRELLI  PIRC.MI , BREMBO  BRBI.MI  
    The tyremaker's investor Brembo is worried about strains
between the group's Italian and Chinese shareholders and is
likely to steer clear of any plan to build an Italian majority
in the company, two sources told Reuters.
    
    DE NORA  DNR.MI  
    Thyssenkrupp Nucera, a JV between German Thyssenkrupp
 TKAG.DE  and the electrode maker De Nora, is expected to be
valued at more than 3 billion euros ($3.3 billion) in its
initial public offering, four people familiar with the matter
said on Wednesday.
    
    BANKS 
    The Italian arm of France's Credit Agricole  CRAP.PA  has
started offering fixed-term savings accounts to win new
customers in its biggest foreign market, at a time when
competition for cash among the country's lenders grows.
    
    BANCO BPM  BAMI.MI  
    Italy's No.3 bank is seeking a new commercial deal for its
payments business but has no plans to sell part of it, Chief
Executive Giuseppe Castagna said on Wednesday.
    
    TELECOM ITALIA (TIM)  TLIT.MI 
    Board meeting to decide on offers received for its grid
(1200 GMT).
    Telecom Italia's board could decide to start negotiating
with KKR  KKR.N  over a binding offer for its fixed-line
network, two sources with knowledge of the matter said, adding
the talks would last until end-August or the beginning of
September.
    
    FERRETTI  9638.HK 
    Italy's Chinese-owned luxury yachts maker, ends IPO in
Italy.
    
    IPO - LIMACORPORATE
    The Italian medical devices group has picked Morgan Stanley,
Goldman Sachs, Mediobanca and BNP Paribas as global coordinators
for an initial public offering in Milan, sources close to the
matter said on Wednesday.
    
    DIARY
    Rome, press preview of the exhibition "The Gods Return - The
Bronzes of San Casciano" (0930 GMT); exhibition inauguration
ceremony with President Sergio Mattarella and Culture Minister
Gennaro Sangiuliano (1530 GMT).
    Rome, joint stock companies association Assonime holds
biennial meeting (0900 GMT); Deputy Economy Minister Maurizio
Leo, European Affairs, South and PNRR Minister Raffaele Fitto,
EU Economy Commissioner Paolo Gentiloni give speeches; President
Sergio Mattarella attending.
    Rome, Industry Minister Adolfo Urso attends meeting of
'Unione Italiana Food' (0930 GMT).
    Rome, Cabinet meeting.
    Rome, Bank of Italy holds conference on "Women, work and
economic growth" (0730 GMT); Equal Opportunities Minister Maria
Roccella gives speech via videoconference (0745 GMT).
        Rome, Italian Farmers' Association (AIC) "10th National
Congress" starts (1300 GMT); ends 23 June. On Thursday opening
messagge by Pope Francis; expected attendees include Labour
Minister Marina Elvira Carlderone, EU Agriculture and Rural
Development Commissioner Janusz Wojciechowski.
  
    Mantua, Symbola continues 21st summer seminar "Cohesion is
competition; the strength of territories in the green
transition" (0730 GMT); ends on June 24. On Thursday expected
attendees include Industry Minister Adolfo Urso (0800 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/