Italy - Factors to watch on May 26
The following factors could affect Italian markets on Friday.
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
Italian Foreign Minister Antonio Tajani saw his French counterpart in Rome on Thursday, looking to patch up ties weeks after he cancelled a meeting following blunt criticism from Paris over Rome's migration policy.
ECONOMY
The European Central Bank (ECB) needs at least two more 25-basis-point interest rate hikes and market pricing of early 2024 rate cuts are overly optimistic, Dutch Central Bank chief Klaas Knot said in an interview published on Thursday.
ISTAT releases May consumer and business confidence data (0800 GMT).
DEBT
Italy's Treasury said on Thursday it would sell up to 11 billion euros in bonds at a May 30 auction.
Treasury sells 6.0 billion euros 6-month BOT bills. Subscriptions close at 0900 GMT.
COMPANIES
M&A - ITA AIRWAYS
Lufthansa LHAG.DE will take a 41% stake in ITA Airways by way of a 325 million euro ($358 million) capital increase that will flow directly to the Italian carrier, the German group said on Thursday.
M&A - Investment firm Permira has acquired the majority of Gruppo Florence, in a deal which a source close to the matter said valued the hub of Italian luxury clothing and leather goods manufacturers at more than 1 billion euros ($1.1 billion).
TREVI TFI.MI
The Italian engineering group said on Thursday it had received orders and contracts worth 216.2 million euros in January-April, bringing its total order backlog to 591 million euros.
(*) MFE-MEDIAFOREUROPE MFEB.MI
German media group ProSiebenSat.1 PSMGn.DE, in which MFE has a 25.7% stake, reported on Friday a significant drop in first-quarter operating profit, citing a challenging macroeconomic environment and restraint in the advertising market, but nonetheless confirmed its 2023 outlook.
(*) EUROVITA (not listed)
The 15 banks that sold the bulk of the products of ailing insurer Eurovita have given a conditional green light to its rescue plan, asking for some "small" changes to it, the Il Sole 24 Ore newspaper reported on Friday.
Under the plan, banks including Intesa Sanpaolo ISP.MI, Fineco FBK.MI, Fideuram and Credito Emiliano EMBI.MI would step in when insurance policies are redeemed early, so that the insurers that take on pieces of Eurovita are not hit by a raft of redemptions.
(*) LOTTOMATICA LTMC.MI
The Italian betting group said on Thursday it had not exercised a greenshoe option for 10 million euros of ordinary shares granted by the shareholder Gamma Topco.
AUTOGRILL AGL.MI
Dufry DUFN.S re-opens full mandatory takover bid on Autogrill ordinary shares; ends on June 1.
(*) The catering group said on Thursday its board had approved the signing of a new 700-million-euro intercompany facility agreement with Dufry Financial Services BV.
PASQUARELLI AUTO PSQ.MI
Mobility supplier company debuts on Euronext Growth Milan.
DIARY
Rome, Industry Ministry holds signing of "Development Contract" between Solitek Industry and Invitalia for the investment that will lead to the construction of a new plant in Benevento for the production of photovoltaic panels and the production, treatment and recycling of batteries (0930 GMT); expected attendees include Industry Minister Adolfo Urso, Benevento Mayor Clemente Mastella, Lithuanian Ambassador Dalia Kreiviene, Bod Group [Lithuanian group of which Solitek is part] President Vidmantas Janulevičius, Invitalia CEO Bernardo Mattarella.
Rome, business lobby Confindustria ends closed-door bilateral meeting "5th Franco-Italian Economic Forum MEDEF-Confindustria" (0650); on Friday Confindustria President Carlo Bonomi and MEDEF President Geoffroy Roux de Bezieu deliver opening addresses (0650 GMT); Industry Minister Adolfo Urso and French Energy Minister Agnas Pannier-Runacher (expected) give speeches (0730 GMT); panel 1 "How to preserve European competitiveness taking into account the energy challenges?" with Eni ENI.MI representative Giuseppe Ricci (0800 GMT); Foreign Minister Antonio Tajani and French Trade Minister Olivier Becht give speeches (1015 GMT); closing news conference with Bonomi and de Bezieu (1050 GMT).
Rome, ISTAT holds news conference to present final data "Causes of death in Italy in 2020" (0900 GMT).
Gaeta, Industry Minister Adolfo Urso delivers closing address at "Blue Forum, 2nd national summit on the sea economica" (1500 GMT).
Trento, 18th edition 'Economy Festival' continues; ends on May 28. On Friday expected attendees include ECB Supervisory Board President Andrea Enria (0715 GMT); U.N. Food and Agriculture Organization (FAO) Deputy Director General Maria Helena Semedo, U.N. World Food Security Committee (CSA) Senior Food Security Officer Francoise Trine (0715 GMT); banking association ABI President Antonio Patuelli (0730 GMT); state railways Ferrovie dello Stato (FS) CEO Luigi Ferraris (0800 GMT); European Affairs, South, PNRR Minister Raffaele Fitto (0930 GMT); Economy Deputy Minister Maurizio Leo (1000 GMT); Prime Minister Giorgia Meloni (1000 GMT); anti-corruption authority (ANAC) President Giuseppe Busia (1000 GMT); Renault Group RENA.PA CEO and European Automobiles Manufacturers' Association (ACEA) President Luca De Meo (1015 GMT); European Space Agency (ESA) astronaut Samantha Cristoforetti (1200 GMT); Public Administration Minister Paolo Zangrillo (1200 GMT); EU Commission representative Roberto Viola (1200 GMT); market regulator CONSOB President Paolo Savona (1200 GMT); EU Sahel Special representative Emanuela Del Re (1230 GMT); Il Sole 24 Ore S24.MI group CEO Mirja Cartia d'Asero (1230 GMT); Intesa Sanpaolo ISP.MI Chairman Gian Maria Gros-Pietro (1245 GMT); Institutional Reforms Minister Maria Elisabetta Alberti Casellati (1300 GMT); Italo Chairman, Telethon foundation President Luca Cordero di Montezemolo (1300 GMT); Compagnia di San Paolo President Francesco Profumo, EU Commission representative Roberto Viola (1315 GMT); Techint Group President Gianfelice Rocca (1345 GMT); Economy Minister Giancarlo Giorgetti speaks on "Only economic growth is a remedy for public debt" (1415 GMT); Cabinet Undersecretary Alberto Barachini, Mirja Cartia d'Asero (1430 GMT); Justice Minister Carlo Nordio (1515 GMT); ESA representative Marco Ferrazzani, Cabinet representative Elena Grifoni Winters (1530 GMT); ABI Director General Giovanni Sabatini (1600 GMT); Interior Minister Matteo Piantedosi (1615 GMT); Environment Minister Gilberto Pichetto Fratin (1715 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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