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(Il Sole 24 Ore Radiocor Plus) - New York, 16 Jul - Economic calendar for Tuesday, July 17 00:30 SGD Non-Oil Exports (YoY) (Jun) 7.60% 15.50% 00:30 SGD Non-Oil Exports (MoM) (Jun) -8.00% 10.30% 01:30 AUD RBA Meeting Minutes 01:30 CNY House Prices (YoY) (Jun) 4.7% 03:00 NZD RBNZ Offshore Holdings (Jun) 56.70% 08:00 GBP BoE Gov Carney Speaks 08:00 EUR Italian Industrial New Orders (YoY) (May) 6.4% 08:00 EUR Italian Industrial New Orders (MoM) (May) -1.3% 08:00 EUR Italian Industrial Sales (MoM) (May) 0.30% 08:00 EUR Italian Industrial Sales (YoY) (May) 4.00% 08:30 GBP Average Earnings ex Bonus (May) 2.7% 2.8% 08:30 GBP Average Earnings Index +Bonus (May) 2.5% 2.5% 08:30 GBP Claimant Count Change (Jun) 2.3K -7.7K 08:30 GBP Employment Change 3M/3M (MoM) 150.0K 146.0K 08:30 GBP Unemployment Rate (May) 4.2% 4.2% 08:40 EUR Spanish 3-Month Letras Auction -0.510% 09:00 EUR Italian CPI (YoY) (Jun) 1.4% 1.4% 09:00 EUR Italian CPI (MoM) (Jun) 0.3% 0.3% 09:00 EUR Italian HICP (MoM) (Jun) 0.3% 0.3% 09:00 EUR Italian HICP (YoY) (Jun) 1.5% 1.5% 09:40 EUR German 2-Year Schatz Auction -0.630% 12:30 CAD Manufacturing Sales (MoM) (May) 0.5% -1.3% 12:55 USD Redbook (MoM) -0.2% 12:55 USD Redbook (YoY) 5.2% 13:15 USD Capacity Utilization Rate (Jun) 78.4% 77.9% 13:15 USD Industrial Production (YoY) 3.5% 13:15 USD Industrial Production (MoM) (Jun) 0.5% -0.1% 13:15 USD Manufacturing Production (MoM) (Jun) 0.7% -0.7% 14:00 USD Fed Chair Powell Testifies 14:00 USD NAHB Housing Market Index (Jul) 69 68 Tentative NZD GlobalDairyTrade Price Index -5.0% 15:30 USD 4-Week Bill Auction 1.850% 15:30 USD 52-Week Bill Auction 2.275% 20:00 USD US Foreign Buying, T-bonds (May) -4.80B 20:00 USD Overall Net Capital Flow (May) 52.30B 138.70B 20:00 USD TIC Net Long-Term Transactions (May) 34.3B 93.9B 20:00 USD TIC Net Long-Term Transactions including Swaps (May) 80.20B 20:30 USD API Weekly Crude Oil Stock -6.796M A24-Zap (RADIOCOR) 16-07-18 22:21:31 (0834) 5 NNNN

Succeeds Andrew Deroda (Il Sole 24 Ore Radiocor Plus) - London, 16 Jul - UK airway disease treatment firm Vectura said Paul Fry as been appointed chief financial officer and executive director with effect from October 29, 2018. Fry succeeds Andrew Derodra who, as previously announced, leaves the group on July 31. Vectura said interim arrangements from within the group are in place ahead of Fry's arrival. Fry joins Vectura from Immunocore, the privately held leading T Cell Receptor biotechnology company, where he has been CFO since January 2017. Before joining Immunocore he served as director of global finance operations at UK telecoms group Vodafone, where he was responsible for key financial controller activities and core processes as well as large transformation programmes.Prior to his role at Vodafone, Fry spent more than 25 years at GlaxoSmithKline (GSK), where he held a number of senior roles including head of global finance services and as CFO for GSK's Italian pharmaceutical business. A24-Hob (RADIOCOR) 16-07-18 19:35:08 (0540) 5 NNNN

For 12 Leonardo trains (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Jul - Hitachi Rail Italy said it has signed a contract worth 87 million euros to supply 12 Leonardo trains to Milan public transport company Azienda Trasporti Milanesi (ATM) for Line 2 of Milan's metro system. Delivery is slated to begin in the autumn. The trains will be produced in Hitachi Rail Italy's plants in Reggio Calabria and Naples and are in addition to 60 trains previously ordered by ATM. A24-Hob (RADIOCOR) 16-07-18 19:26:22 (0534) 5 NNNN

Deutsche Bank soars (Il Sole 24 Ore Radiocor Plus) - London, 16 Jul - In the region's stock market dealings, mining and energy shares dropped on concerns about slowing growth in China. Car makers were also broadly lower. Industrials helped cap the losses in morning trade. Deutsche Bank rallied 7.34% at 10.35 euros in Frankfurt after posting second quarter results above consensus. The German lender said it expects to report a pretax profit of 700 million euros in the second quarter for a total of 1.15 billion euros in the first half while net income is seen coming in at 400 million euros. The results, DB said, are above the average consensus estimate, as compiled by Deutsche Bank that showed a pretax profit of 321 million euros and a bottom line of 159 million. In the second quarter, group revenue is expected to be approximately 6.6 billion euros, compared to an average consensus estimate of 6.4 billion euros. Group revenue include approximately 3.5 billion euros of revenue in the corporate & investment bank (CIB). Shares of Italian gas distributor Italgas rose 1.73% at 4.81 euros after a report from Morgan Stanley pointed to improved earnings prospects for the group and other major Italian utilities with high exposure to the regulated market. A24-Zap (RADIOCOR) 16-07-18 18:40:44 (0495) 5 NNNN

(Il Sole 24 Ore Radiocor Plus) - London, 16 Jul - Euro zone benchmark 10-year sovereign bond yields Germany - yield 0.37%; up 0.09 percentage points from previous close. France - yield 0.66%; up 0.03 percentage points from previous close. Belgium - yield 0.67%; up 0.04 percentage points from previous close. Italy - yield 2.58%; up 0.03 percentage points from previous close. Spain - yield 1.29%; up 0.02 percentage points from previous close. A24-Zap (RADIOCOR) 16-07-18 17:28:29 (0443) 5 NNNN

No financial details (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Jul - The Italian producer of canned food D'Amico said that it has bought a 100% stake in HDS from the private equity NEM. No financial details were released. In 2017, HDS had sales of over 30 million euros, of which 5 million achieved abroad. D'Amico has annual sales of 42 million euros. A24-Web (RADIOCOR) 16-07-18 16:48:03 (0425) 5 NNNN

Company valued 100 mln eur (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Jul - The Italian e-payment firm Satispay said that its shareholders approved an up to 15 million euro capital increase, of which 10 million have already been underwritten by new investors. The new found of financing values Satispay 100 million euros, it added. Satispay said that it plans to hold a third round of financing to raise 50 million euros. The next round is not expected before 2019. A24-Web (RADIOCOR) 16-07-18 16:32:12 (0418) 5 NNNN

Italy 2018 GDP now seen up 1.2%; up 1.0% in 2019 (Il Sole 24 Ore Radiocor Plus) - New York, 16 Jul - The IMF said that 'growth in the euro area economy is projected to slow gradually from 2.4 percent in 2017 to 2.2 percent in 2018 and to 1.9 percent in 2019 (a downward revision of 0.2 percentage point for 2018 and 0.1 percentage point for 2019 compared with the April WEO).' The fund cuts its growth forecast for Italy to 1.2% this year and 1.0% the following, as 'wider sovereign spreads and tighter financial conditions in the wake of recent political uncertainty are expected to weigh on domestic demand.' The IMF revised down its forecast for Germany and France 'after activity softened more than expected in the first quarter.' A24-Zap (RADIOCOR) 16-07-18 16:10:04 (0410) 5 NNNN

Interested in 2 plants in Luxembourg, Belgium (Il Sole 24 Ore Radiocor Plus) - Berlin, 16 Jul - German steelmaker Salzgitter said that its executive board has decided to submit an offer to acquire production facilities in Dudelange, Luxembourg, and Liege, Belgium, put up for sale by its Luxembourg peer ArcelorMittal. The facilities in question are essentially two cold rolling lines, as well as facilities for tinning, hot-dip galvanizing and the electrolytic galvanization of steel strip, it said. "Whether this will ultimately result in Salzgitter AG acquiring the production facilities is uncertain as the divestment procedure is a competitive process in which several bidders may bid. Any execution of a binding purchase agreement is subject to several conditions. Such conditions include the outcome of due diligence investigations, agreement with ArcelorMittal on the purchase agreement and the other transaction documents, as well as approval by the supervisory board of Salzgitter AG. In addition, the transaction is also contingent upon ArcelorMittal's acquisition of (the Italian steelmaker) Ilva," it said. A24-Web (RADIOCOR) 16-07-18 15:52:38 (0389) 5 NNNN

BAE, Rolls-Royce, Leonardo, MBDA involved (Il Sole 24 Ore Radiocor Plus) - London, 16 Jul - UK prime minister Theresa May announced the launch of a new fighter jet programme involving the UK firms BAE Systems and Rolls-Royce, the Italian company Leonardo and the European missile manufacturer MBDA. May added that the participants in the programme, called Tempest, will invest 2 billion pounds by 2025. The announcement was made at the Farnborough airshow and comes after France and Germany unveiled plans of a joint fighter jet project. A24-Web (RADIOCOR) 16-07-18 14:01:03 (0331) 5 NNNN

Miners, energy auto stocks dip; Deutsche Bank, Indivior rally (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Jul - In the region's stock market dealings, mining and energy shares dropped on concerns about slowing growth in China. Car makers were also broadly lower. Industrials helped cap the losses in morning trade. Deutsche Bank rallied 6.90% in Frankfurt after posting second quarter results above concensus. The German lender said it expects to report a pretax profit of 700 million euros in the second quarter for a total of 1.15 billion euros in the first half while net income is seen coming in at 400 million euros. The results, DB said, are above the average consensus estimate, as compiled by Deutsche Bank that showed a pretax profit of 321 million euros and a bottom line of 159 million. In the second quarter, group revenue is expected to be approximately 6.6 billion euros, compared to an average consensus estimate of 6.4 billion euros. Group revenue include approximately 3.5 billion euros of revenue in the corporate & investment bank (CIB). UK addiction treatment specialist Indivior jumped 21.4% in London dealings after it said that the US District Court for the District of New Jersey has granted a preliminary injunction against Indian generics producer Dr. Reddy's Laboratories (DRL) that is therefore unable to sell, offer to sell, or import its generic buprenorphine/naloxone sublingual film product, pending the outcome of recently filed litigation against DRL in a patent case. Shares of Italian gas distributor Italgas were up 0.78% in Milan trade after a report from Morgan Stanley pointed to improved earnings prospects for the group and other major Italian utilities with high exposure to the regulated market. A24-Ver (RADIOCOR) 16-07-18 14:00:22 (0327) 5 NNNN

To finance renewable energy projects (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Jul - Italian power transmission system operator Terna said it was placing a five-year green bond coming due July 23, 2023 expected to total 500 million euros. Funds from the bond placement will be used to finance renewable energy projects. Initial pricing indications are for a spread of 105-110 basis points above the midswap rate and final pricing indications are set to be announced later today. A24-Hob (RADIOCOR) 16-07-18 12:31:59 (0265) 5 NNNN

Stock up 2.52% (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Jul - Shares of Italian gas distributor Italgas were higher in Milan trade, after a report from Morgan Stanley pointed to improved earnings prospects for the group and other major Italian utilities with high exposure to the regulated market. At 0920 GMT, Italgas shares were up 2.52% to 4.85 euros, outperforming the benchmark FTSE MIB index, which was 0.78% higher at 22,062.88 points. In its report, Morgan Stanley points out that the expected performance of Italian government bonds this year should benefit groups like Italgas, since allowed returns for the regulated market will be established at the end of 2018 for the 2019-2021. The formula for establishing allowed returns includes a premium based on the differential on yields between 10-year Italian governemnt bonds and that of their German counterparts, and while previously that spread was expected to narrow, that is no longer the case. Morgan Stanley sees this change in expectations leading to a 5-8% increase in analysts' expected 2019-2021 earnings for the main Italian utilities. Morgan Stanley sees Italgas in particular benefiting from this revaluation. In addition, Morgan Stanley sees Italian utilities rebounding after discounting since the beginning of May a perception on the part of investors that the riskiness of Italian assets had increased due to uncertainty on the political front. Morgan Stanley has 'equal weight' recommendations on both Italgas and gas grid group Snam, for which it has target prices of 5.20 euros and 4.05 euros, respectively. It has an 'underweight' recommendation on shares of transmission system operator Terna, on which the broker has nonetheless raised its target price to 4.85 euros. A24-Hob (RADIOCOR) 16-07-18 11:27:08 (0213) 5 NNNN

Jan-May trade surplus 13.895 bln eur (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Jul - Italy's trade surplus in May 2018 narrowed to 3.378 billion euros from 4.434 billion the year earlier, data from statistics agency Istat showed. Exports in May fell 1.6% compared to the previous month, reflecting a 3.1% decline to non-European Union markets and a 0.5% fall in exports to the EU. Exports were down 0.8% on the year, reflecting a 2.8% decline in exports to non-EU markets and 0.7% growth on EU markets. Imports in May rose 0.8% on the month earlier. In the first five months of the year, the trade surplus amounted to 13.895 billion euros, or 29.644 billion excluding energy products. A24-Hob (RADIOCOR) 16-07-18 10:35:12 (0184) 5 NNNN

May import prices up 0.6% mth/mth, up 2.3% yr/yr (Il Sole 24 Ore Radiocor Plus) - Milan , 16 Jul - Import prices in May rose 0.6% on the month earlier and were up 2.3% on the year earlier. Excluding energy prices, producer prices fell 0.1% month on month and were down 0.4% on the year. A24-Hob (RADIOCOR) 16-07-18 10:35:06 (0183) 5 NNNN

(Il Sole 24 Ore Radiocor Plus) - Milan, 16 Jul - Newspaper headline roundup FINANCIAL TIMES Trump arrives in Helsinki for Putin summit. China GDP slips to 6.7% in the second quarter. US rejects Europe's hopes of Iran sanctions relief. Adidas vows to use only recycled plastics by 2024. Austria ramps up push for EU-wide tax on Big Tech. THE WALL STREET JOURNAL Trump looks to temper expectations on Putin summit. Israel says raid found evidence of Iran's secret testing facility. US investors defy trade fears. Cryptocurrency exchanges are getting hacked because it's easy. LES ECHOS After France's victory, a never-ending night of jubilation. Trump describes Russia, EU, China as enemies. Adidas accelerates move to use recycled materials. IL SOLE 24 ORE Italy government criticises state-pension fund's estimates. China Q2 GDP up 6.7%. France world champion, beats Croatia 4-2. CINCO DIAS Property developers prepare for boom of new projects in Costa del Sol. Trump indicates that the EU is now a foe. Seat aims to become leader in Spain this year. China cuts investments in US by 92% and deflects them to Europe. HANDELSBLATT Trump and Putin want to split Europe - and the EU has to stand idly by. Chinese prime minister fuels speculation on BMW expansion plans. German companies are doing better than before the big crisis of 2008. Krupp Foundation chairwoman said to have spoken with competitors about merger of elevator division. A24-Web (RADIOCOR) 16-07-18 10:25:42 (0181) 5 NNNN

German reading lowest since Oct 2014 (Il Sole 24 Ore Radiocor Plus) - 16 Jul - In Germany, the net balance of companies expecting output to rise in the next year is at +28, down sharply from +43% in February and the lowest since October 2014. Manufacturers, more so than their service sector counterparts, are now less optimistic about the year ahead outlook, citing growing protectionist measures, supply bottlenecks, rising prices, and political risks, particularly in regards to Brexit, but also the newly-formed governments in Italy and Spain, as some of the key threats to future performance. Sentiment among goods producers the least positive for over three-and-a-half years, having weakened considerably since the previous survey in February. In Spain the net balance is down to +35% in June, lower than the reading of +43% in February and pointing to the weakest confidence in five years. Confidence is weaker across both the manufacturing and service sectors. Manufacturing sentiment is the lowest since the February 2013 outlook survey, while services companies are the least confident for two years. In Italy, the net balance slipped to +36%, from +41% in the previous survey period. The downturn was led by manufacturers, where optimism for activity sank to the lowest since October 2012. At +27%, the net balance for activity was down by 17 percentage points, the biggest fall recorded since the height of the Eurozone debt crisis in 2011. Political instability, rising costs and the increasing global trend to trade protectionism were all reported by manufacturers as reasons for lower sentiment. Service sector companies were a little more sanguine about such issues and as such the respective net balance for activity was little changed at 39%. In the UK the net balance of companies expecting a rise in business activity over the next 12 months stood at +39% from +41% in February, and lower than the +46% average since this index began in 2009. The below trend degree of confidence recorded across the UK private sector largely reflects subdued service sector optimism in June (+35%), which remains well below that seen among manufacturers (+57%). A24-Sch (RADIOCOR) 16-07-18 09:30:59 (0149) 5 NNNN

Yield at 2.74% (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Jul - The differential between yields on 10-year Italian government bonds and their German counterparts settled at 2.39 percentage points in early trade after spiking to 2.46 points at the open, up sharply from the close Friday of 2.28 points. The yield on the benchmark Italian bonds climbed to 2.74% from 2.56%. A24-Hob (RADIOCOR) 16-07-18 09:21:29 (0132) 5 NNNN

(Il Sole 24 Ore Radiocor Plus) - New York, 13 Jul - Economic calendar for Monday, July 16 All Day Holiday Japan - Marine Day 02:00 CNY Fixed Asset Investment (YoY) (Jun) 6.0% 6.1% 02:00 CNY GDP (YoY) (Q2) 6.7% 6.8% 02:00 CNY GDP (QoQ) (Q2) 1.6% 1.4% 02:00 CNY Industrial Production (YoY) (Jun) 6.5% 6.8% 02:00 CNY Retail Sales (YoY) (Jun) 9.0% 8.5% 02:00 CNY NBS Press Conference 06:30 INR WPI Food (YoY) (Jun) 1.60% 06:30 INR WPI Fuel (YoY) (Jun) 11.22% 06:30 INR WPI Inflation (YoY) (Jun) 4.93% 4.43% 06:30 INR WPI Manufacturing Inflation (YoY) (Jun) 3.73% 08:00 EUR Italian Trade Balance (May) 2.938B 08:00 EUR Italian Trade Balance EU (May) 1.08B 09:00 EUR Trade Balance (May) 16.7B 11:30 BRL BCB Focus Market Readout 12:30 USD Core Retail Sales (MoM) (Jun) 0.4% 0.9% 12:30 USD NY Empire State Manufacturing Index (Jul) 22.00 25.00 12:30 USD Retail Control (MoM) (Jun) 0.4% 0.5% 12:30 USD Retail Sales (MoM) (Jun) 0.5% 0.8% 12:30 USD Retail Sales Ex Gas/Autos (MoM) (Jun) 0.4% 0.8% 12:30 CAD Foreign Securities Purchases (May) 9.13B 12:30 CAD Foreign Securities Purchases by Canadians (May) -0.65B 13:00 EUR French 12-Month BTF Auction -0.558% 13:00 EUR French 3-Month BTF Auction -0.576% 13:00 EUR French 6-Month BTF Auction -0.564% 13:00 RUB Industrial Production (YoY) 3.0% 3.7% 14:00 USD Business Inventories (MoM) (May) 0.4% 0.3% 15:30 USD 3-Month Bill Auction 1.945% 15:30 USD 6-Month Bill Auction 2.100% 22:45 NZD CPI (QoQ) (Q2) 0.5% 0.5% 22:45 NZD CPI (YoY) (Q2) 1.6% 1.1% A24-Zap (RADIOCOR) 13-07-18 22:17:12 (0828) 5 NNNN

Plans to quote shares on Aim segment in Milan, London (Il Sole 24 Ore Radiocor Plus) - Milan, 13 Jul - Haeres Equita, the investment group that is the new owner of iconic Italian hatmaker Borsalino, plans to list the company's shares in four or five years, said Haeres Equita executive chairman Philippe Camperio. Camperio said the objective is a stock market quotation on the Aim segment of the Milan and London exchanges within that time frame. But "we are a team of private investors, we're not under pressure," he added. A24-Hob (RADIOCOR) 13-07-18 21:26:34 (0711) 5 NNNN