— Breaking News

  1. Italy

    Economic calendar for February 27

  2. Italy

    "Looking forward to working with Italy" at G7 - Mnuchin

  3. Italy

    Intesa Sanpaolo takes a step back on Generali

  4. Italy

    Europe shares end lower as global rally stalls -2-

    BASF, Vivendi lower; Leonardo higher in Milan (Il Sole 24 Ore Radiocor Plus) - London, 24 Feb - In Frankfurt, German chemical and industrial group BASF sank 2.55% at 87.49 euros after it said that its full year sales fell 18% to 57.6 billion euros from a year ago and that it is "cautiously optimistic for 2017." Shares of Italian defence and aerospace group Leonardo rose 0.89% at 8.45 euros in Milan trade after reporting 2016 preliminary results in line with and above analysts estimates and the board approved a 2017-2021 industrial plan with solid growth targets. Leonardo said it posted an EBITDA of 1.25 billion euros on revenue of 12 billion and debt of 2.8 billion as net profit doubled to 500 million last year. It also registered new orders of 20 billion euros, slightly above the company's latest guidance, and free operating cash flow of 700 million. French media and telecommunications conglomerate Vivendi slumped 3.94% at 16.32 euros in Paris dealings after it said that net income for 2016 fell 35% to 1.256 billion euros from 1.932 billion the year before. Revenues for the period however increased to 10.82 billion euros from 10.76 billion in 2015. EBIT for 2016 fell to 1.19 billion euros from 1.23 billion. A24-Zap (RADIOCOR) 24-02-17 18:41:48 (0503) 5 NNNN

  5. Italy

    Euro zone benchmark 10-year sovereign bond yields

    (Il Sole 24 Ore Radiocor Plus) - London, 24 Feb - Euro zone benchmark 10-year sovereign bond yields Germany - yield 0.21%; down 0.05 percentage points from previous close. France - yield 0.93%; down 0.05 percentage points from previous close. Belgium - yield 0.73%; down 0.03 percentage points from previous close. Italy - yield 2.19%; down 0.02 percentage points from previous close. Spain - yield 1.61%; down 0.07 percentage points from previous close. A24-Zap (RADIOCOR) 24-02-17 17:28:42 (0447) 5 NNNN

  6. Italy

    Vivendi chair, CEO probed for alleged market manipulation

  7. Italy

    Europe shares trade broadly lower at mid-session -3-

  8. Italy

    Saipem shares fall on weak 2016 results, 2018 prospects

    Stock down over 6% (Il Sole 24 Ore Radiocor Plus) - Milan , 24 Feb - Shares of Italian oil services firm Saipem were lower in Milan dealings, following worse-than-expected 2016 financial results and analyst concerns about the outlook for 2018. At 1220 GMT, Saipem shares were down 6.09% to 0.42 euros. Preliminary 2016 results released by the company showed a net loss of 2.087 billion euros, with Saipem's bottom line hit by 2.31 billion in provisions and coming in below guidance. Revenue fell 13% to 9.97 billion euros as adjusted EBITDA more than doubled, to 1.266 billion from 608 million, but came in below the target of 1.3 billion. Saipem also swung to an adjusted net profit of 226 million euros from a 508 million loss the year before, also undershooting the target of 250 million. EBIT and debt figures were instead in line with company targets. According to analysts at Mediobanca, which has a 'neutral' recommendation on the stock and a target price of 0.53 euros, Saipem's order backlog covers a sizeable share of 2017 forecast revenue but only some 37% of that anticipated for 2018, something that could lead to a reduction in the market consensus for that year. Mediobanca analysts also caution that the Saipem stock price could incorporate overly optimistic expectations for the recovery of international oil investments. Saipem's 2017 guidance is supported by a 74% order backlog coverage, note analysts at brokerage Equita, but see the real cause for concern in 2018, where the backlog represents only 40% of its revenue forecast and with low visibility on orders, particularly for the offshore business. With a price-2018 earnings multiple of 22 times and with scant visibility on the recovery of its offshore business, Equita confirms its 'hold' recommendation on Saipem stock and a target price of 0.46 euros. Analysts at Goldman Sachs and Banca Akros are instead more optimistic and have 'buy' recommendations and target prices of 0.57 euros and 0.54 euros, respectively. "The short-term scenario is decidedly challenging, but at current prices the share can provide an opportunity to bet on a rise in oil prices," Banca Akros analysts wrote. A24-Hob (RADIOCOR) 24-02-17 13:22:43 (0313) 5 NNNN

  9. Italy

    Italy Jan asset management net inflow 4.6 bln eur

  10. Italy

    Italy sells 6 bln eur in 6-mth bonds at lower yield

  11. Italy

    Leonardo shares up after results, industrial plan -2-

    Uncertainty on successor for CEO Moretti (Il Sole 24 Ore Radiocor Plus) - Milan, 24 Feb - Analysts point to uncertainty, however, on the successor of current Leonardo chief executive Mauro Moretti, whose mandate is set to come to an end in April. Among those rumored to be possible replacements for Moretti are Francesco Caio, currently CEO of Italian postal service Poste Italiane, and Leonardo electronics, defence and systems head Fabrizio Giulianini. According to analysts at Hammer Partners, Leonardo is currently trading at an attractive 2017 enterprise value/EBIT ratio of 6.4 times, supporting its 'buy' recommendation on the stock. "However, uncertainty surrounding the position of CEO and the lack of high-profile contracts could weigh on the stock in the medium term," it said. A24-Hob (RADIOCOR) 24-02-17 12:17:08 (0276) 5 NNNN

  12. Italy

    Leonardo shares up after results, industrial plan approval

    Stock up 4% (Il Sole 24 Ore Radiocor Plus) - Milan , 24 Feb - Shares of Italian defence and aerospace group Leonardo were higher in Milan trade, after reporting 2016 preliminary results in line with and above analysts estimates and the board approved a 2017-2021 industrial plan with solid growth targets. At 1045 GMT, Leonardo shares were up 3.98% at 12.27 euros, while the benchmark FTSE MIB index was down 0.94% at 18,642.20 points. Leonardo said it posted an EBITDA of 1.25 billion euros on revenue of 12 billion and debt of 2.8 billion as net profit doubled to 500 million last year. It also registered new orders of 20 billion euros, slightly above the company's latest guidance, and free operating cash flow of 700 million. One Milanese broker said Leonardo's orders, revenue, EBITDA and debt were in line with expectations while the free operating cash flow was well above company guidance of 500-600 million euros and this broker's own estimate of 497 million due to larger-than-expected advances on a Kuwait contract. The company said its 2017-2021 industrial plan, to be presented to investors in a meeting next month in London, will focus on development and growth opportunities and envisages a compound annual growth rate (CAGR) of 3-5% supported by new order intake and a strong order backlog. "Therefore, 2017 is expected to be a period of stabilization and consolidation with revenues broadly in line with 2016, reflecting also changes in perimeter aimed at the focusing on core business to ensure adequate profitability and cash flow generation," Leonardo said. According to analysts at Banca Akros, both 2016 results and forecasts for the next five years are not far off from market expectations. However, they note that Leonardo shares are trading at 11.5 times 2016/2017 net profit compared to an average for the sector in Europe of 19-20 times. Analysts at Italian brokerage Equita agree the 2016 figures are largely in line with expectations, although the net profit figure beats the consensus and a 2019 EBITDA forecast is also above consensus. A24-Hob (RADIOCOR) 24-02-17 11:54:52 (0266) 5 NNNN

  13. Italy

    Italy Feb consumer confidence 106.6 vs 108.6 in Jan -2-

  14. Italy

    Italy Feb consumer confidence 106.6 vs 108.6 in Jan

    Business confidence 104.0 vs 103.3 in Jan (Il Sole 24 Ore Radiocor Plus) - Milan, 24 Feb - Italian consumer confidence in February fell to 106.6 from 108.6 in January while business confidence reached its highest level since January 2016 at 104.0, up from 103.3 in January, according to data released by national statistics office Istat. For consumers, the economic climate fell to 121.2 from 124.6 and the personal climate to 102.1 from 103.8. The current and future climate components of the indicator also fell, to 104.7 from 107.6 and to 109.6 from 111.5, respectively. The balance concerning expectations on unemployment decreased to 30 from 32 while on inflation expectations for the next 12 months fell to -17 from -10, Istat said. A24-Hob (RADIOCOR) 24-02-17 11:27:44 (0257) 5 NNNN

  15. Italy

    Italy Dec industrial orders up adj 2.8% mth/mth

    Down gross 0.9% yr/yr (Il Sole 24 Ore Radiocor Plus) - Milan, 24 Feb - Italian industrial orders in December rose a seasonally adjusted 2.8% from November with a 6.8% rise on the domestic market and a 2.6% drop in foreign ones, according to data released by national statistical office Istat. On an unadjusted basis, orders fell 0.9% compared with the same year earlier period. In the three months to December orders rose 1.7% with a 2.0% rise on the domestic market and a 1.3% increase on foreign ones. Turnover rose a seasonally adjusted 2.6% from November with a 1.1% increase on the domestic market and a 5.4% rise on foreign ones. In the three months to December turnover rose 1.7%, with a 1.2% on the domestic market and a 2.7% rise on foreign ones. On an unadjusted basis volume turnover for the manufacturing sector increased 1.8% compared with a year earlier. On a calendar adjusted basis, with 20 working days in December 2016 and 21 in December 2015, turnover rose an annual 9.4% with an 8.2% rise on the internal market and an 11.8% increase in the foreign one. On average in 2016 turnover, on a calendar adjusted basis, was up 0.2% in value terms while in volume terms, only for the manufacturing sector, it increased 1.2%. A24-Sch (RADIOCOR) 24-02-17 10:26:33 (0226) 5 NNNN

  16. Italy

    Newspaper headline round-up

  17. Italy

    Italy 10-yr govt bond spread vs Bund rises to 1.99 pct pts

    Yield at 2.22% (Il Sole 24 Ore Radiocor Plus) - Milan, 24 Feb - The differential between yields on 10-year Italian government bonds and their German counterparts inched up to 1.99 percentage points in early trade from 1.97 at the close on Thursday. The yield on the benchmark Italian bonds as unchanged at 2.22%. A24-Sch (RADIOCOR) 24-02-17 09:56:08 (0197) 5 NNNN

  18. Italy

    Economic calendar for February 24

  19. Italy

    UniCredit says that rights issue 99.8% subscribed

    (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Feb - Italian lender UniCredit said that its record 13 billion euro share issue had been 99.8% subscribed. Unexercised rights will be offered on the Italian stock exchange from February 27, it said. A24-Zap (RADIOCOR) 23-02-17 22:01:05 (0938) 5 NNNN

  20. Italy

    Leonardo 2016 revenues 12 bln eur, down 8%

    Sees 2016 net income at 500 mln eur vs 250 mln (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Feb - Italian conglomerate Leonardo-Finmeccanica said that preliminary results show that revenues in 2016 fell 8% to 12 billion euros from 13 billion euros. EBITA is expected to have risen to 1.25 billion euros from 1.21 billion in 2015. Net income is expected to have increased to 500 million euros from 250 million last year. Net debt is estimated to have shrunk to 2.8 billion euros from 3.3 billion at the end of 2015. New orders rose to 20 billion euros from 12 billion and order backlog rose to 35 billion euro from 29 billion at the end of 2015. A24-Zap (RADIOCOR) 23-02-17 21:26:46 (0806) 5 NNNN