Italy - Factors to watch on May 9
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.
DEBT
Treasury sells 7.5 billion euros 12-month BOT bills. Subscriptions close at 0900 GMT.
Treasury continues offer of new six-year 'Btp Valore', BTP bond for retail investors only; ends on May 10. The orders for the new bond reached 8.7 billion euros at the end of the first three days of the offer, lower than the figure in a similar issuance in February, Milan bourse data showed on Wednesday.
COMPANIES
(*) NEXI NEXII.MI
The Italian payments group on Thursday posted a larger than forecast rise in first-quarter core profit and confirmed its guidance for the year. Nexi said it had repaid 220 million euros ($236 million) in debt in April and would use its existing cash to reimburse 1.3 billion euros in debt coming due between this year and the next.
Conference call on Q1 results (0600 GMT).
(*) UNICREDIT CRDI.MI
The lender announced on Thursday the launch of the second tranche of its 2023 buyback programme for a maximum amount of 1.6 billion euros for a number of UniCredit shares not exceeding 200 million.
(*) LEONARDO LDOF.MI, FINCANTIERI FCT.MI
The Italian defence group agreed with shipbuilder Fincantieri a cash payment slightly above 400 million euros to sell its submarine unit Whitehead Alenia Sistemi Subacquei (WASS), Il Sole 24 Ore daily reported on Thursday citing senior sources.
According to MF newspaper, the deal could be announced later in the day, with the board of Fincantieri scheduled to meet on Thursday to discuss the WASS deal and the capital increase necessary to finance the operation.
The Il Sole 24 Ore and Corriere della Sera dailies said that Finantieri's capital increase would be between 400 and 500 million euros.
(*) DIASORIN
Barclays said on Thursday it started the coverage of the company with equal weight rating and a price target of 95 euros.
(*) PRYSMIAN
The world's largest cable maker said on Thursday its full-year results would be at the upper end of its forecasts, after posting falling but above-expectations core profit in the first quarter, thanks to its power grid and transmission businesses. Prysmian said its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to 412 million euros ($443 million) in the January-March period.
Conference call on Q1 results (0800 GMT).
(*) FINCANTIERI FCT.MI
Vard, the Norwegian subsidiary of the group, said on Wednesday it had signed a deal with Norwegian shipping group Island Offshore for the design and construction of a state-of-the-art hybrid-powered Ocean Energy Construction Vessel (OECV). The parties have also agreed on an option for two more vessels.
BPER EMII.MI
Italy's fourth-largest bank on Wednesday stuck to a full-year forecast for a net profit in line with 2023, despite declining interest rates, after reporting a 57% jump in first quarter net income. CEO Gianni Franco Papa told analysts that the bank is well ahead of its business plan and may update or revise it.
TERNA TRN.MI
The Italian power grid operator reported on Wednesday a 26% annual rise in its core earnings for the first quarter, as it boosted investments to increase domestic network capacity for renewable energy.
TELECOM ITALIA (TIM) TLIT.MI
European Union antitrust regulators will meet rivals of the Italian phone group next week to discuss the proposed acquisition of TIM's domestic fixed-line network by U.S. fund KKR KKR.N, two sources said on Wednesday.
(*) CEO Pietro Labriola told Thursday's Il Messaggero newspaper he sees potential additional benefits of almost 5 billion euros ($5.37 billion) from TIM's new business plan, adding they could in part be used for dividends and actions to accelerate growth.
Labriola also said the company is no longer considering selling a stake of its TIM Enteprise unit to a financial partner, and said he is hopeful ongoing negotiations for the sale of the Sparkle unit could be concluded shortly.
The CEO added he believes there is no reason to believe that Telecom Italia's plan to sell its fixed network grid to U.S. fund KKR KKR.N - the centrepiece of his business strategy - will not be closed in the scheduled timeframe.
TOD'S TOD.MI
LVMH-backed private equity firm L Catterton said on Wednesday that it owns a 96.92% of the luxury shoe maker, along with the Della Valle family and LVMH, after its bid for the Italian company. It has exceeded the threshold for exercising the right to buy the remaining shares.
(*) 2I RETE GAS, IPO
Italy's second-largest gas distributor 2i Rete Gas, which is controlled by Italian infrastructure fund F2i, began talks with potential institutional investors ahead of a Milan bourse listing, Il Sole 24 Ore newspaper said on Thursday.
BREMBO BRBI.MI
Board meeting on Q1 results (0730 GMT), followed by conference call (1230 GMT).
RECORDATI RECI.MI
Board meeting on Q1 results, followed by conference call (1400 GMT).
BANCA MEDIOLANUM BMED.MI
Board meeting on Q1 results, followed by conference call (1430 GMT).
ENEL ENEI.MI
Board meeting on Q1 results, followed by conference call (1600 GMT).
SALVATORE FERRAGAMO SFER.MI
Board meeting on Q1 results (revenues), followed by conference call (1600 GMT).
PIRELLI PIRC.MI
Board meeting on Q1 results, followed by conference call (1630 GMT).
AZIMUT HOLDING AZMT.MI
Board meeting on Q1 results.
BANCA GENERALI BGN.MI
Board meeting on Q1 results.
DIARY
Rome, Economy Minister Giancarlo Giorgetti meets Saudi Italian Business Council President Kamel Al Munajjed (1500 GMT).
Rome, Fincantieri FCT.MI Cyber Security Vice President Daniele Francesco Ali speaks before Chamber of Deputies Defence Committee on cyber defence, new profiles and critical issues (0630 GMT).
Rome, market regulator CONSOB holds seminar "The tokenisation of financial instruments - prospects for the Italian market" (1215 GMT); expected attendees include ECB board member Piero Cipollone, Milan Stock Exchange CEO Fabrizio Testa, state-lender Cassa Depositi e Prestiti (CDP) Deputy CFO Fabio Massoli (1315 GMT), Economy ministry representative Stefano Cappiello, Bank of Italy Deputy Governor Alessandra Perrazzelli (1415 GMT), CONSOB President Paolo Savona (1515 GMT).
Rome, self-employed welfare association AdEPP holds meeting (0745 GMT); expected attendees include Economy Undersecretary Federico Freni, Economy Deputy Minister Maurizio Leo, Foreign Minister Antonio Tajani, Telecom Italia (TIM) TLIT.MI CEO Pietro Labriola, Acea ACE.MI CEO Fabrizio Palermo, Banco BPM BAMI.MI Chairman Massimo Tononi, F2i CEO Renato Ravanelli.
Milan, 24th annual meeting "Utilities in the age of Generative AI: optimisation, competitiveness and asset management" (0730 GMT); expected attendees include Edison EDNn.MI CEO Nicola Monti, Italgas IG.MI unit Reti CEO Pier Lorenzo Dell'Orco, Snam SRG.MI CEO Stefano Venier (0830 GMT); Engie ENGIE.PA Italian CEO Monica Jacono, Hera HRA.MI CEO Orazio Iacono, Iren IREE.MI Chairman Luca Dal Fabbro (0930 GMT).
Chieti, Industry Minister Adolfo Urso attends event "Innovation Automotive Forum" (1000 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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