August 21, 2019 / 4:00 AM / a month ago

Italy - Factors to watch on Aug. 21

The following factors could affect Italian markets on Wednesday.

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 .

POLITICS (*) Italian President Sergio Mattarella begins two days of talks with parties on Wednesday to seek a way out of a political crisis that will lead to the formation of the country’s 67th government since World War Two or early elections.

Prime Minister Giuseppe Conte announced his resignation on Tuesday. He accused interior minister Matteo Salvini of sinking the ruling coalition and endangering the economy for personal and political gain.

Former prime minister and centre-left leader Matteo Renzi said he could be prepared to work with the 5-Star Movement if he felt it could lead to having a constructive attitude towards Europe.

DEBT

Investors in Italian debt expect the ongoing political crisis to be short-lived as Italy’s bond yields tumbled 11 bps to 1.32% on Tuesday, narrowing the gap over benchmark German Bund yields.

COMPANIES (*) FIAT CHRYSLER, RENAULT

Talks between Renault CEO Jean-Dominique Senard and Nissan boss Hiroko Saikawa have gained traction in recent weeks, Il Sole 24 Ore reported, facilitating the possible resurrection of previously-aborted negotiations between Fiat Chrysler and Renault. The French group may ultimately decide to cut its stake in Nissan after the Japanese firm saw its profits drop in the last quarter, Il Sole said. FCA has no real alternative to a deal with Renault, the paper reported, and its president John Elkann keeps monitoring the ongoing dialogue between Paris and Tokyo while keeping an open mind to other merger partners.

(*)UNICREDIT UniCredit has sent out confidential information packages to sell a portfolio of unlikely-to-pay loans valued at nearly 1 billion euros, Milano Finanza reported on Wednesday. The sale, dubbed Project Dawn, is expected to gain momentum after the summer. UniCredit is also looking to complete the sale of a second portfolio of secured bad loans - known as Project Matera - in September for about 750 million euros.

MEDIASET, VIVENDI

Mediaset hostile shareholder Vivendi is looking to vote against the Italian broadcaster’s proposal to merge with its Spanish affiliate during an extraordinary shareholder meeting scheduled on Sept. 4, Bloomberg reported on Tuesday. Glass Lewis recommended the planned corporate overhaul while ISS said investors should vote against it, adding the deal would limit minority shareholders’ rights.

TOD’S

Chairman and founder of Italian luxury goods group Tod’s, Diego Della Valle, has raised his potential share of voting rights after widening an accord with Credit Agricole to buy shares on his behalf. Italian market regulator Consob said on Tuesday that Della Valle’s voting rights would rise to 81.19% thanks to the expanded contract with Credit Agricole.

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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