Italy - Factors to watch on May 11



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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

The Italian government has not yet taken a decision on whether to leave the Belt and Road Initiative (BRI) deal with China and is reviewing its options, Prime Minister Giorgia Meloni said on Wednesday.

DEBT

Treasury sells following BTP bonds: 3.0-3.5 billion euros 3.80% due April 15, 2026; 3.25-3.75 billion euros 3.70% due June 15, 2030; 1.25-1.5 billion euros 4.45% due Sept. 1, 2043. Subscriptions close at 0900 GMT.


Italian bonds face a rockier road in the coming months after a period of unusual calm, starting with credit ratings decisions over the next two weeks, according to a Reuters analysis. Ratings agency Fitch will pronounce on Italy's creditworthiness on Friday. Moody's will follow suit on May 19, and there is a small risk it could downgrade the country to "junk" status.


COMPANIES

ENEL ENEI.MI

The Italian government scored a resounding victory over rebel investors on Wednesday in a vote on who should run the utility, which is the country's largest-listed company. Paolo Scaroni, the Treasury choice for chairman, was elected to the role as a challenge from hedge fund Covalis Capital failed to gain traction.


TELECOM ITALIA (TIM) TLIT.MI

The phone group said on Wednesday its core profit rose by 3.8% year-on-year in the first quarter, thanks to strong growth of its Brazilian unit and stable domestic revenues, but debt also rose.


(*) SNAM SRG.MI

The Italian gas grid operator on Thursday confirmed its targets for this year after reporting a 13% year-on-year rise in revenue in the first quarter.


(*) IVECO IVG.MI

The Italian truckmaker on Thursday raised its guidance for this year, after posting a 63.4% rise in adjusted operating profits in the first quarter.


(*) NEXII NEXII.MI

The Italian payments group on Thursday stuck to its 2023 guidance after posting a 13.6% rise in first-quarter core profit as the volume of transactions grew by double-digit percentages across all its markets, a trend that continued in April.


(*) DE NORA DNR.MI

The Italian electrode maker said on Thursday that its earnings before interest, taxes, depreciation and amortization (EBITDA) fell year-on-year by 15.5% to 46.7 million euros, and confirmed its guidance for 2023.


TOD'S TOD.MI

Sales at Italian fashion group Tod's TOD.MI rose by 23.2% in the first quarter beating analysts' forecasts, thanks to strong performance in China and despite moderate growth in the Americas.


BANCA MEDIOLANUM BMED.MI

The Milan-based bank expects to exceed its 2023 target on net interest income (NII) after more than doubling the figure in the first quarter and sees net profit "well above" last year's levels, its chief executive said on Wednesday.


JUVENTUS JUVE.MI

A false accounting case against the Serie A side could be shifted from its home city of Turin to either Milan or Rome at the request of defence lawyers, judicial and legal sources said on Wednesday.


(*) DANIELI DANI.MI

The steel plant producer has completed the sale of its assets in Russia, on which it will lose 50-60 million euros, chairman Gianpietro Benedetti told the Il Sole 24 Ore newspaper on Thursday.

Danieli is also strengthening its ties with Ukraine's biggest steelmaker Metinvest, which is expected to finalise a decision in September on investing about 2 billion euros in Italy, Benedetti said.

There is a "60-70%" chance the investment will happen and Danieli would take part in the equity with a "15-20%" stake, he added.


MEDIOBANCA MDBI.MI holds board meeting on Q3 results; followed by conference call (1300 GMT).


Autostrade per l'Italia, not-listed company, holds board meeting on Q1 results.


Prada 1913.F releases Q1 results (revenues), followed by conference call (1200 GMT).


Argo SpA starts full voluntary takeover bid on Finlogic FNL.MI ordinary shares; ends on June 9.


Board meetings on Q1 results: A2A A2.MI followed by conference call (1530 GMT), Banca Generali BGN.MI, ERG ERG.MI (press release on May 12), Iveco Group IVG.MI, Pirelli & C PIRC.MI followed by conference call (1600 GMT), Prysmian PRY.MI followed by conference call (1400 GMT), Recordati RECI.MI followed by conference call (1400 GMT), Unipol Group UNPI.MI (press release on May 12), Banca Ifis IF.MI followed by conference call (1400 GMT), doValue DOVA.MI, ENAV ENAV.MI followed by conference call (1400 GMT), Geox GEO.MI followed by conference call (1545 GMT), illimity Bank ILTY.MI (press release on May 12), Iren IREE.MI followed by conference call (1300 GMT), Rai Way RWAY.MI followed by conference call, Seco IOT.MI, Technogym TGYM.MI (revenues), UnipolSai US.MI (press release on May 12).

Conference call on Q1 results: Nexi NEXII.MI, Telecom Italia (TIM) TLIT.MI (0900 GMT).


DIARY

Rome, representatives from business lobby Confindustria due to speak before Chamber of Deputies Finance and Social Affairs committees tax reform law decree (0800 GMT).

Rome, Cabinet meeting (0900 GMT).

Rome, conference on birth rate crisis starts (0630 GMT); ends on May 12. On Thursday welcome addresses by Family, Natality and Equal opportunities Minister Eugenia Roccella, Education Minister Giuseppe Valditara, Rome Mayor Roberto Gualtieri; ISTAT President Giancarlo Blangiardo is interviewed; Economy Minister Giancarlo Giorgetti attending via videoconference; expected attendees include at panel "A child as common good" Italian Bishops' Conference (CEI) President Cardinal Matteo Maria Zuppi; at panel "From analysis to synthesis" Agriculture Minister Francesco Lollobrigida, Infrastructure and Transport Minister Matteo Salvini, Foreign Minister Antonio Tajani (1330 GMT).

Rome, forum fuels mobility "Transport: between environment and energy security" ends (0730 GMT); on Thursday Transport Minister Matteo Salvini expected to deliver welcome address (0745 GMT); Infrastructure and Transport Deputy Minister Edoardo Rixi expected to deliver closing address (1500 GMT).

Rome, Industry Minister Adolfo Urso attends presentation of first report "The economic and social value of the agri-food industry" (0900 GMT).

Rome, Industry Minister Adolfo Urso delivers opening remarks at 1st edition "Cyber Security Summit 360 Summit" (1230 GMT).

Milan, sport event "Il Foglio a San Siro" (0730 GMT); expected attendees include Lombardy region Governor Attilio Fontana (0800 GMT), Sport and Youth Minister Andrea Abodi (0815 GMT), Milan football club President Paolo Scaroni (0945 GMT), soccer Serie A league President Lorenzo Casini (1000 GMT), female volley League President Mauro Fabris (1045 GMT), Italian football federation (FIGC) President Gabriele Gravina via videoconference (1200 GMT), Italian Olympic Committee (CONI) President Giovanni Malago (1240 GMT), international federation governing football sports FIFA board member Evelina Christillin (1315 GMT), Pirelli & C PIRC.MI Vice Chairman and CEO Marco Tronchetti Provera (1330 GMT), basket League President Umberto Gandini (1430 GMT).

Milan, "Made in Steel" ends (0800 GMT); on Thursday expected attendees include at conference "Steel: the new futures" Acciaierie d'Italia Chairman Franco Bernabe (1230 GMT).

Turin, conference on "50-year Piedmont's businesses into the future" (0730 GMT); Lavazza Vice President Marco Lavazza, Piedmont region Governor Alberto Cirio, Turin Mayor Stefano Lo Russo delivering welcome remarks (0800 GMT); Environment Minister Gilberto Pichetto Fratin (0835 GMT); Tourism Minister Daniela Santanche (expected), Industry Minister Adolfo Urso via videoconference, Public Administration Minister Paolo Zangrillo (1015 GMT); business lobby Confindustria President Carlo Bonomi delivers closing address (1100 GMT).

Venice, "International Festival of European Geopolitics" starts (1500 GMT); ends on 13 May. On Thursday expected attendees include Deputy Foreign Minister Edmondo Cirielli via videoconference (1500 GMT); Venice mayor Luigi Brugnaro is interviewed (1630 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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