Italy - Factors to watch on September 26
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 is negotiating with its domestic banks on the terms of a contribution from them to fund measures in the upcoming 2025 budget, the government told trade unions on Wednesday, according to people attending the meeting.
ECONOMY
Italian public finances are in a better state than they were when the government outlined the position in April, the Treasury said on Wednesday.
(*) In the medium-term structural budget plan to be presented to the Cabinet meeting on Friday, the Italian government is expected to set a growth target at 1.2% for both 2025 and 2026, Il Sole 24 Ore reported on Thursday.
The 2024 deficit target has been adjusted from 4,3% to 3,8%. For 2025, the deficit is expected to decrease to 3,2% to 2,7% in 2026, it added. The government will target a debt/GDP ratio at 137.1% in 2025 and 138.3% in 2026.
ISTAT releases September consumer and business confidence data (0800 GMT) and 2022/2024 research and development data in Italy (0900 GMT).
ECB releases August data on Italian banks domestic government bond holdings (0800 GMT).
DEBT
Treasury sells 7.0 billion euros 6-month BOT bills. Subscriptions close at 0900 GMT.
The Italian Treasury said on Wednesday it would offer new 3-year and 7-year Btp bonds in the fourth quarter of 2024.
COMPANIES
UNICREDIT CRDI.MI
Germany cranked up its opposition on Wednesday to UniCredit's raid on Commerzbank at the same time as a big investor in the German lender called for talks, which are being sought by the Italian bank's CEO Andrea Orcel.
National governments should refrain from intervening as UniCredit seeks a potential tie-up with Commerzbank if Europe is to move towards closer integration, Enrico Letta, the author of a recent report on the single European market, told Reuters on Wednesday.
(*) Frederick Werning, a member of Commerzbank's supervisory board, criticised the "aggressive attitude" of CEO Andrea Orcel and announced that the board members would "fight" UniCredit, he was quoted as saying by La Stampa on Thursday.
UniCredit has told Allianz and CNP Assurances that it will buy their stakes in the life insurance joint ventures it runs with them as it brings the business in house, it said on Wednesday.
(*) STELLANTIS STLAM.MI
The Franco-Italian automaker and French nuclear fuels firm Orano have dropped their planned joint venture to recycle electric car batteries, both companies said on Wednesday.
TELECOM ITALIA (TIM) TLIT.MI
Board meeting on H1 results (preliminary results released on July 31).
(*) The review of a bid for TIM's submarine cable unit Sparkle by the Italian Treasury and Spanish fund Asterion is not on the agenda of the meeting, Il Giornale reported on Thursday.
ITALGAS
Italy's gas distributor 2i Rete Gas said on Wednesday its adjusted core profit rose 24% in the first half of the year to 305 million euros. Italy's biggest gas distributor Italgas is in exclusive talks to buy 2i Rete Gas, which is majority owned by infrastructure fund F2i.
DANIELI DANI.MI
The company recorded net profit of 240.8 million euros in the year to the end of June.
(*) LAZIO LAZI.MI
Boulaye Dia scored a double and Fisayo Dele-Bashiru added another in the first half to hand Lazio a comprehensive 3-0 win against Dynamo Kyiv in Hamburg in the first match of Europa League.
DIARY
Industry Minister Adolfo Urso ends mission in Brussels.
Milan, 'Italian Energy Summit 2024' "Towards a secure, competitive and sustainable energy system" ends (0700 GMT); on Thursday expected attendees include Trans Adriatic Pipeline (TAP) Managing Director and Italy Country Manager Luca Schieppati, Ansaldo Energy unit CEO Fabrizio Fabbri, Ansaldo Nuclear unit CEO Daniela Gentile, Enel ENEI.MI Head of Nuclear Innovation unit Luca Mastrantonio.
Naples, Eni ENI.MI Chairman Paolo Scaroni attends second of two-day European Popular Part (EPP) Group study days and summer university.
Siracusa, G7 'Agriculture' ministerial meeting starts; ends on Sept. 28.
Turin, 'Tech Week' continues (0730 GMT); ends on Sept. 27. On Thursday expected attendees include European Investment Bank Vice President Gelsomina Vigliotti, Exor EXOR.AS CEO and Stellantis STLAM.MI and Ferrari RACE.MI Chairman John Elkann, coOpen AI -Founder and CEO Sam Altman, Stellantis Chief Technology Officer Ned Curic, Exor Managing Director Noam Ohana.
Vicenza, steel industry body Federacciai holds annual public meeting with President Antonio Gozzi, Environment and Energy Security Minister Gilberto Pichetto Fratin, University e Research Minister Anna Maria Bernini in videoconference, business lobby Confindustria President Emanuele Orsini (1230 GMT).
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/
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