January 6, 2020 / 5:01 AM / 19 days ago

Italy - Factors to watch on Jan. 6

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 .

ECONOMY

HIS Markit releases December service PMI data (0845 GMT).

(*) The Italian government has no intention of raising taxes and the time has come to review “the jungle” of various value-added tax rates and tax expenditures, Economy Undersecretary Pier Paolo Baretta told Monday’s Corriere della Sera in an interview. He added that an early national vote would damage the country’s economy.

(*) “A market solution is preferable but ... public intervention is necessary to oversee in a more efficient way strategic sectors that are in clear difficulty,” Prime Minister Giuseppe Conte said in an interview with la Repubblica when asked about the relaunch of carrier Alitalia and the banking crisis. He gave no further details.

ATLANTIA

The Italian infrastructure group on Friday suffered its second debt downgrade in a month, slipping further into junk territory, as the government considers revoking the group’s motorway concession following a deadly bridge collapse.

Atlantia’s Autostrade per l’Italia unit risks going bankrupt if Italy’s government revokes its motorway licence with limited compensation, CEO Roberto Tomasi told an Italian daily on Saturday, adding an alternative compromise could be found.

Atlantia’s board confirmed at a meeting on Friday plans to take legal action against new measures curbing compensation for an early termination of the contract if the government does not move to amend the new rule by the end of the month, Il Messaggero reported on Saturday.

(*) The interview by Tomasi has “opened a different phase” in negotiations between Atlantia and the government, Economy Undersecretary Pier Paolo Baretta told Monday’s Corriere della Sera, adding the government would take that into consideration when deciding whether to revoke the company’s motorway concession.

An investigation by Italy’s transport ministry into the deadly collapse of a bridge operated by Atlantia has shown “serious and unforgivable acts of negligence”, the country’s PM said in a newspaper interview on Monday.

FIAT CHRYSLER AUTOMOBILES

Exor and the Peugeot family are informally discussing creating a shareholder pact that would bring together 22.5% of the merged company’s capital, Il Sole 24 Ore reported on Saturday.

BANCA MONTE DEI PASCHI DI SIENA

Italy’s Treasury has reached a compromise with the EU Commission over a controversial plan to rid the Tuscan bank of 9.5-10.0 billion euros in bad loans without forcing it to raise fresh capital, Il Messaggero reported on Saturday. However, Brussels has asked the bank to provide with 1 billion euros in capital a vehicle where the bad loans would be spun off, higher than the 600 million euros envisaged by the Treasury’s plan but manageable, the paper said.

UBI BANCA

The ECB has until mid-January to okay the by-laws of a shareholder pact recently formed among the bank’s leading investors, la Repubblica reported on Saturday.

AZIMUT

Chairman Pietro Giuliani told Milano Finanza on Saturday the group would close the year with a net profit well above 300 million euros, adding Azimut would remain independent.

POPOLARE DI SONDRIO

The Italian cooperative bank said on Friday it expected gross soured loans to fall to around 9% of total lending by the end of the first quarter from 12.5% in 2019, adding full-year results would be higher than in the previous year.

TENARIS

The steel tubes supplier said on Saturday it had the acquisition of U.S. seamless pipes producer IPSCO Tubulars from PAO TMK, for $1.07 billion on a cash-free, debt-free basis, including $220 million of working capital.

(*) TERNIENERGIA

The company said on Monday it had signed a preliminary contract with Buttol for the sale of the biodigestion and biomethane production plan in the southern Italian city of Calimera, in a deal worth 2.9 million euros. The closing is expected by March 2020, the statement said.

(*) COVIVIO

The French-Italian real estate group said on Monday it had bought eight hotels from Varde Partners for 573 million euros including capex as well as a Hilton hotel in Dublin for 45.5 million euros.

(*) AS ROMA

Torino captain Andrea Belotti scored at the end of each half to give his midtable side a 2-0 win away to fourth-placed AS Roma as the hosts lost ground on the leading Serie A pack on Sunday.

(*) SS LAZIO

Two goals from Serie A’s leading scorer Ciro Immobile, the second in stoppage time, gave third-placed Lazio a dramatic 2-1 win at 10-man Brescia on Sunday as they chalked up their ninth successive league victory.

Bourse After Hours market closed.

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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