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Italy - Factors to watch on Sept. 22
Italy - Factors to watch on Sept. 22
About this update from Snam S.p.a.
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 .POLITICSThousands of Italians join a nation-wide strike to stand in solidarity with Gaza and protest against arm shipments sent to Israel.A European Union proposal to use frozen Russian assets to help Ukraine needs to be assessed carefully, Economy Minister Giancarlo Giorgetti said on Friday at an informal Ecofin meeting in Copenhagen.ECONOMYItaly's budget deficit could fall below the European Union's ceiling of 3% of gross domestic product (GDP) this year, ahead of time, Economy Minister Giancarlo Giorgetti said on Saturday.The euro's current strength is a burden on the bloc's exports, Giorgetti also said.DEBTItaly won a clear rating boost on Friday when Fitch upgraded the creditworthiness of the euro zone's third-largest economy reflecting the country's political stability and improving public finances under the government of Giorgia Meloni.The Treasury said on Friday it would sell up to 5 billion euros in short-term BTP and inflation-linked BTP bond at auction on September 24.It also said it would offer a new BTP Valore bond for retail investors only. The issue, with a 7-year maturity, will be sold between October 20 and 24.On Monday the Treasury will give details of the sale of 6-month BOT bills to be auctioned on September 25.COMPANIESGENERALI MIL:GThe Italian insurer and French bank BPCE have agreed to scrap the 50 million euro ($58.77 million) break-up fee that would be triggered if a proposed deal to merge their asset management businesses fails to go ahead, two sources told Reuters.(*) In order to protect Generali's governance in the wake of MPS' takeover bid for Mediobanca, the Italian government is considering a so-called "institutional anchor", la Repubblica's financial weekly Affari&Finanza reported on Monday, citing government sources. Under the proposed plan, control of the Trieste-based insurer would be split among key domestic players including UniCredit MIL:UCG, Intesa Sanpaolo MIL:ISP , Poste Italiane (PSt.MI), state lender CDP and the Bank of Italy's pension fund, the report added. BANCA MONTE PASCHI DI SIENA MIL:BMPS, MEDIOBANCA MIL:MBThe state-backed Tuscan bank has secured more than two thirds of Me...