— Breaking News

  1. Italy

    Euro zone benchmark 10-year sovereign bond yields

    (Il Sole 24 Ore Radiocor Plus) - London, 22 Feb - Euro zone benchmark 10-year sovereign bond yields Germany - yield 0.29%; down 0.04 percentage points from previous close. France - yield 1.04%; down 0.06 percentage points from previous close. Belgium - yield 0.85%; down 0.02 percentage points from previous close. Italy - yield 2.22%; down 0.00 percentage points from previous close. Spain - yield 1.72%; up 0.06 percentage points from previous close. A24-Zap (RADIOCOR) 22-02-17 18:23:14 (0608) 5 NNNN

  2. Italy

    Europe shares end mostly higher on earnings

    FTSE 100 up 0.38%, DAX up 0.26%, CAC 40 up 0.15% (Il Sole 24 Ore Radiocor Plus) - London, 22 Feb - European shares closed mostly higher, with Milan and Madrid bucking the trend, as investors digested a host of earnings reports from European companies, including UK lender Lloyds Banking Group, UK outsourcing company Serco, German utility RWE, French hotel chain AccorHotels and French aerospace and defense group Airbus. Increasing political uncertainty in the region however weighed on sentiment as investors fretted over the presidential elections in France, with the first round set for April 23, amid concerns over far-right candidate Marine Le Pen's pledge to take the country out of the eurozone. The Netherlands will hold its general election on March 15. Traders also digested the European Commission's annual analysis of the economic situation in member states. In the report, the EU's executive arm threatened to launch a procedure against Italy over its excessive debt if the country doesn't take measures to cut spending by 0.2% of GDP before the end of April. The Commission also found that 5 other countries are "experiencing excessive economic imbalances" because of large debts or a high level of NPLs. These countries are: France, Portugal, Bulgaria, Croatia and Cyprus. Finally, it said that Germany must do more to reduce its excessive surplus. The London FTSE 100 closed up 0.38% at 7,302.25 points, the Frankfurt rose 0.26% at 11,998.59 points, the Paris CAC 40 gained 0.15% at 4,895.88 points, in Milan the FTSE MIB dropped 0.83% at 18,884.90 points and in Madrid the IBEX 35 lost 0.89% at 9,476.00 points. A24-Zap (RADIOCOR) 22-02-17 18:11:43 (0600) 5 NNNN

  3. Italy

    EU warns Italy of excessive economic imbalances -3-

    Banks continue to be vulnerable to shocks (Il Sole 24 Ore Radiocor Plus) - Brussels, 22 Feb - The Commission went on to say that more needs to be done on banks. Despite the measures adopted by the government "confidence in the Italian banking sector as a whole declined," the Commission said. The EU's executive arm warned that "due to the to their asset quality problem, Italian banks continue to be vulnerable to shocks, and as the support they can give to Italy's gradual economic recovery appears limited." According to the EU's executive arm the two main reasons behind this development are "the persistent uncertainty related to the adequacy of loan loss provisions and capital buffers" and "the weak growth outlook which is depressing banks' profitability. A24-Zap (RADIOCOR) 22-02-17 17:46:29 (0580) 5 NNNN

  4. Italy

    EU warns Italy of excessive economic imbalances -2-

    Italy could pose negative risks for euro area (Il Sole 24 Ore Radiocor Plus) - Brussels, 22 Feb - In the report, the Commission highlighted how Italy's "high government debt and protracted weak productivity dynamics imply risks with cross-border relevance looking forward." The EU's executive arm noted that the country's public debt ratio is set to stabilise "but has not yet on a downward path due to the worsening of the structural primary balance and subdued nominal growth." It also said that in a context of weak competitiveness and subdued productivity dynamics, the stock of non-performing loans (NPLs) "has only started to stabilise and still weighs on banks' profits and lending policies." A24-Zap (RADIOCOR) 22-02-17 17:46:11 (0576) 5 NNNN

  5. Italy

    EU warns Italy of excessive economic imbalances

    Says it will decide on disciplinary steps in April (Il Sole 24 Ore Radiocor Plus) - Brussels, 22 Feb - The European Commission warned that it could open an excessive deficit procedure against Italy after spring 2017, unless the "additional structural measures, worth at least 0.2% of GDP, that the government committed to adopt at the latest in April 2017 are credibly enacted by that time." In its its annual analysis of the economic and social situation in the member states, the EU's executive arm said that a decision would be adopted only in spring. "A decision on whether to recommend opening an Excessive Deficit Procedure would only be taken on the basis of the Commission 2017 spring forecast," it said. A24-Zap (RADIOCOR) 22-02-17 17:46:00 (0575) 5 NNNN

  6. Italy

    EU appreciates Italy reform effort - Padoan

    More needs to be done (Il Sole 24 Ore Radiocor Plus) - Milan, 22 Feb - Italian Finance Minister Pier Carlo Padoan said that in its report the European Commission showed appreciation for the reforms adopted and implemented by the most recent Italian governments. The effects of Italy's reforms "are visible: growth is back, employment is rising, credit is working better. But more needs to be done," Padoan wrote on Twitter after the release of the commission report. The minister also noted that Italy's "debt-to-GDP has finally stabilized but it's in the national interest to reduce it with a limited adjustment of the consolidation process." A24-Zap (RADIOCOR) 22-02-17 17:35:49 (0563) 5 NNNN

  7. Italy

    EU warns Italy of excessive economic imbalances -3-

    Banks continue to be vulnerable to shocks (Il Sole 24 Ore Radiocor Plus) - Brussels, 22 Feb - The Commission went on to say that more needs to be done on banks. Despite the measures adopted by the government "confidence in the Italian banking sector as a whole declined," the Commission said. The EU's executive arm warned that "due to the to their asset quality problem, Italian banks continue to be vulnerable to shocks, and as the support they can give to Italy's gradual economic recovery appears limited." According to the EU's executive arm the two main reasons behind this development are "the persistent uncertainty related to the adequacy of loan loss provisions and capital buffers" and "the weak growth outlook which is depressing banks' profitability. A24-Zap (RADIOCOR) 22-02-17 17:26:00 (0562) 5 NNNN

  8. Italy

    EU warns Italy of excessive economic imbalances

    Says it will decide on disciplinary steps in April (Il Sole 24 Ore Radiocor Plus) - Brussels, 22 Feb - The European Commission warned that it could open an excessive deficit procedure against Italy after spring 2017, unless the "additional structural measures, worth at least 0.2% of GDP, that the government committed to adopt at the latest in April 2017 are credibly enacted by that time." In its its annual analysis of the economic and social situation in the member states, the EU's executive arm said that a decision would be adopted only in spring. "A decision on whether to recommend opening an Excessive Deficit Procedure would only be taken on the basis of the Commission 2017 spring forecast," it said. A24-Zap (RADIOCOR) 22-02-17 17:11:21 (0547) 5 NNNN

  9. Italy

    Italy, France have excessive economic imbalances - EU

    Italy risks non-compliance with debt criterion (Il Sole 24 Ore Radiocor Plus) - Brussels , 22 Feb - Italy, France, Portugal, Bulgaria, Cyprus and Croatia are experiencing excessive economic imbalances, the European Commission said in its annual analysis of the economic and social situation in European Union member states. Germany, Ireland, Spain, the Netherlands, Slovenia and Sweden are experiencing economic imbalances, the commission said. The commission noted that it has adopted a report on Italy in which it reviews the country's compliance with debt criterion of the Stability and Growth Pact and the benchmark pace of reduction towards it. That report concludes that unless additional strucutral measures, worth at least 0.2% of GP, that the Italian government committed to adopt by April 2017 are "credibly enacted" by that time the debt criterion as defined in the Treaty on the Functioning of the Euorpean Union and in commission regulation number 1467/1997 should be considered as currently not complied with. However, the commission said a decision on whether to recommend opening an excessive deficit procedure would only be taken on the basis of its 2017 spring forecast, taking into account outturn data for 2016 and the implementation of fiscal commitments made by Italian authorities in February 2017. A24-Hob (RADIOCOR) 22-02-17 14:23:27 (0423) 5 NNNN

  10. Italy

    Fincantieri to build 2 ships for China in 1.5 bln usd deal

    Option for 4 more ships (Il Sole 24 Ore Radiocor Plus) - Milan, 22 Feb - Italian shipyard Fincantieri said it, China State Shipbuilding Corporation and Carnival Corporation have signed a binding memorandum of agreement (MoA) for the construction of two cruise ships, the first units of the kind ever built for the Chinese market. Fincantieri noted that the agreement is worth approximately 1.5 billion dollars for the two ships. There is an option for an additional four ships. The agrement was signed on behalf of the joint venture between Fincantieri and CSSC Cruise Technology Development, the venture between Carnival and CSSC, and of the shipyard Shanghai Waigaoqiao Shipbuilding. Fincantieri said the new ships will be built at the SWS yard, a facility of CSSC Group. The design will be tailored for the specific tastes of the Chinese travelers and for the new Chinese cruise brand of the joint venture between Carnival Corporation, CSSC and CIC Capital, which will also operate the units. The first delivery is expected in 2023. A24-Hob (RADIOCOR) 22-02-17 13:21:04 (0365) 5 NNNN

  11. Italy

    Generali hasn't asked to be on Intesa Sanpaolo board

    Intesa studying the situation (Il Sole 24 Ore Radiocor Plus) - Milan, 22 Feb - The Italian insurance group Generali has not asked to be on Intesa Sanpaolo's board after having built up a stake in the Italian bank, said Gian Maria Gros-Pietro, chairman of Intesa Sanpaolo. Generali has a 3.4% stake in Intesa Sanpaolo. However, the stake reaches nearly 4.5% with shares temporarily held through a loan. He added that there is nothing new in the relation between the two companies and that he acknowledges that Generali made a "significant investment" in the bank. Gros-Pietro said that the 3.4% directly owned by Generali represents an outlay of 1.1 billion euros and puts the insurance group among the top five shareholders in the bank. He added that Intesa Sanpaolo's management is studying the situation and that the board is waiting to be informed about the outcome of the evaluation. A24-Web (RADIOCOR) 22-02-17 11:11:04 (0265) 5 NNNN

  12. Italy

    Italy Jan CPI up 0.3% mth/mth, up 1.0% yr/yr

    Excluding food, energy CPI up 0.5% yr/yr vs up 0.6% in Dec (Il Sole 24 Ore Radiocor Plus) - Milan, 22 Feb - Italy's consumer price index in January rose 0.3% from December and increased an annual 1.0%, beating the preliminary reading of 0.9%, according to data released by statistical office Istat. In December CPI had risen an annual 0.5%. On an annual basis, there was a 9% increase in energy product prices, compared with a 2.4% increase in December while prices of non processed foods rose 5.3% from 1.8% the earlier month while regulated energy prices fell 2.8% after slumping 5.8% in the last month of 2016. Excluding energy and fresh food, CPI rose 0.5% year on year compared with the 0.6% increase in December. Excluding only energy, CPI rose 0.8% after increasing 0.7% in December. The harmonized index of consumer prices fell 1.7% from the earlier month and increased 1.0% year on year, beating the preliminary reading of up 0.7% and up from 0.5% in December. Istat attributed the monthly drop to winter sales in clothing and footwear that are not included in the national figures. A24-Sch (RADIOCOR) 22-02-17 10:32:53 (0235) 5 NNNN

  13. Italy

    Newspaper headline round-up

    (Il Sole 24 Ore Radiocor Plus) - Milan, 22 Feb - Newspaper headline round-up FINANCIAL TIMES Brexit casts doubt over rating agencies' London future. N Korean diplomat suspected in Kim Jong Nam killing. White House rivalry poses challenge to McMaster. Strong pharmaceuticals earnings boost Bayer profits. South Korea set to take Japan's life expectancy crown. THE WALL STREET JOURNAL 100 mln usd stolen in a'criminal scheme' at ABB. Airbus profit dives after turbulence for key military plane program. Lloyds reports jump in profit, pumps up dividend. Verizon hammers out new Yahoo deal after breaches. LES ECHOS BPCE to launch mobile phone bank in France in 2017. Airbus profits fall in restructuring. Peugeot family supports PSA-Opel alliance. IL SOLE 24 ORE Italy's eight years of foot dragging on deregulation. Government asks Alitalia not to cut pay as workers strike tomorrow. Italian food and farming exports continue to grow, totalling around 30 bln eur in 2016. CINCO DIAS Spaing working on possible Bankia, BMN merger. Iberdrola meets expectations, profits up 11.7%. Aena FY profit up 31.3%, revenue up 7%. HANDELSBLATT At RWE, new eur 5.7 bln loss looms. Thyssen-Krupp sells its Brazilian plant to Luxemburg steel group Ternium for eur 1.5 billion. Bayer increased operating profit by almost 14% in the past quarter. A24-Web (RADIOCOR) 22-02-17 10:30:45 (0231) 5 NNNN

  14. Italy

    Italy 10-yr govt bond spread vs Bund rises to 1.92 pct pts

    Yield at 2.23% (Il Sole 24 Ore Radiocor Plus) - Milan , 22 Feb - The differential between yields on 10-year Italian government bonds and their German counterparts rose to 1.92 percentage points in early trade from 1.91 points at the close Tuesday. The yield on the benchmark Italian bonds was steady at 2.23%. A24-Hob (RADIOCOR) 22-02-17 09:52:16 (0203) 5 NNNN

  15. Italy

    Economic calendar for February 22

    (Il Sole 24 Ore Radiocor Plus) - New York, 21 Feb - Economic calendar for Wednesday, February 22 00:30 AUD Construction Work Done (QoQ) (Q4) 0.3% -4.9% 00:30 AUD Wage Price Index (QoQ) (Q4) 0.5% 0.4% 00:30 AUD Wage Price Index (YoY) (Q4) 1.9% 1.9% 01:30 CNY House Prices (YoY) (Jan) 12.4% 02:00 NZD Credit Card Spending (YoY) 8.5% 07:00 CHF Consumption Indicator (Jan) 1.50 08:30 HKD GDP (QoQ) (Q4) 0.6% 08:30 HKD GDP (YoY) (Q4) 1.9% 09:00 EUR Italian CPI (MoM) (Jan) 0.2% 0.2% 09:00 EUR Italian CPI (YoY) (Jan) 0.9% 0.9% 09:00 EUR Italian HICP (MoM) (Jan) -2.0% -2.0% 09:00 EUR Italian HICP (YoY) (Jan) 0.7% 0.7% 09:00 CHF ZEW Expectations (Feb) 18.5 09:00 EUR German Business Expectations (Feb) 103.0 103.2 09:00 EUR German Current Assessment (Feb) 116.7 116.9 09:00 EUR German Ifo Business Climate Index (Feb) 109.6 109.8 09:30 GBP Business Investment (QoQ) (Q4) 0.0% 0.4% 09:30 GBP Business Investment (YoY) (Q4) 0.2% -2.2% 09:30 GBP GDP (YoY) (Q4) 2.2% 2.2% 09:30 GBP GDP (QoQ) (Q4) 0.6% 0.6% 09:30 GBP Index of Services 0.8% 1.0% 10:00 BRL FGV Consumer confidence (Feb) 79.3 10:00 EUR Core CPI (MoM) (Jan) 0.4% 10:00 EUR Core CPI (YoY) (Jan) 0.9% 0.9% 10:00 EUR CPI (YoY) (Jan) 1.8% 1.8% 10:00 EUR CPI (MoM) (Jan) -0.8% 0.5% 10:00 EUR CPI ex Tobacco (MoM) (Jan) 0.6% 10:00 EUR CPI ex Tobacco (YoY) (Jan) 1.1% 10:35 EUR German 30-Year Bund Auction 1.200% 12:00 USD MBA 30-Year Mortgage Rate 4.32% 12:00 USD MBA Mortgage Applications (WoW) -8.0% 12:00 USD MBA Purchase Index 223.1 12:00 USD Mortgage Market Index 379.0 12:00 USD Mortgage Refinance Index 1,239.6 12:00 BRL Mid-Month CPI (MoM) (Feb) 0.50% 0.31% 12:00 BRL Mid-Month CPI (YoY) (Feb) 4.99% 5.94% 13:00 RUB Central Bank reserves (USD) 393.6B 13:00 RUB Retail Sales (YoY) -5.2% -5.9% 13:00 RUB Unemployment Rate (Jan) 5.4% 5.3% 13:30 CAD Core Retail Sales (MoM) (Dec) 0.6% 0.1% 13:30 CAD Retail Sales (MoM) (Dec) 0.1% 0.2% 13:55 USD Redbook (MoM) 0.4% 13:55 USD Redbook (YoY) 0.9% 15:00 USD Existing Home Sales (Jan) 5.54M 5.49M 15:00 USD Existing Home Sales (MoM) (Jan) 1.1% -2.8% 15:30 BRL Foreign Exchange Flows -2.45B 18:00 USD 5-Year Note Auction 1.988% 18:00 USD FOMC Member Powell Speaks 19:00 USD FOMC Meeting Minutes 21:00 BRL Interest Rate Decision 12.25% 13.00% 23:50 JPY Corporate Services Price Index (CSPI) (YoY) 0.4% 0.4% 23:50 JPY Foreign Bonds Buying -297.4B 23:50 JPY Foreign Investments in Japanese Stocks 175.6B A24-Zap (RADIOCOR) 21-02-17 22:35:29 (0916) 5 NNNN

  16. Italy

    Europe shares end mostly higher as activity picks up -2-

    Terna higher on earnings, Telefonica lower on KKR deal (Il Sole 24 Ore Radiocor Plus) - London, 21 Feb - Shares of Italian power grid operator Terna rose 1.09% at 4.46 eurso in Milan trade, following the group's presentation of its 2016 results and its industrial plan to 2021. Terna posted revenue of 2.1 billion euros in 2016 up from 2 billion the year earlier as EBITDA stood at 1.54 billion, in line with the year earlier and above group forecasts. Debt was steady at 8 billion euros. For 2017, Terna anticipates revenue of 2.25 billion euros, EBITDA of 1.58 billion and earnings per share of 0.34 euros. According to Terna's industrial plan, in 2021 revenue should amount to 2.3 billion euros and EBITDA to 1.7 billion. Net profit is seen rising 3% each year to 2021. Spanish telecommunications group Telefonica shed 0.19% at 9.38 euros after it said that it has reached an agreement for the sale of up to 40% of its infrastructure unit Telxius Telecom to a unit of the US investment fund KKR for 1.275 billion euros, or 12.75 euros per share. The deal includes a purchase agreement for 62 million shares, representing 24.8% of the total capital stock, of Telxius Telecom, for 790.5 million euros, as well as stock options for over 38 million shares, representing 15.2% of the total share capital, for a price of at least 484.5 million. A24-Zap (RADIOCOR) 21-02-17 18:28:24 (0539) 5 NNNN

  17. Italy

    Euro zone benchmark 10-year sovereign bond yields

    (Il Sole 24 Ore Radiocor Plus) - London, 21 Feb - Euro zone benchmark 10-year sovereign bond yields Germany - yield 0.32%; down 0.00 percentage points from previous close. France - yield 1.09%; up 0.02 percentage points from previous close. Belgium - yield 0.87%; down 0.00 percentage points from previous close. Italy - yield 2.23%; up 0.04 percentage points from previous close. Spain - yield 1.68%; up 0.05 percentage points from previous close. A24-Zap (RADIOCOR) 21-02-17 18:12:35 (0528) 5 NNNN

  18. Italy

    Europe shares end mostly higher as activity picks up

    FTSE 100 down 0.34%, DAX up 1.14%, CAC 40 up 0.49% (Il Sole 24 Ore Radiocor Plus) - London, 21 Feb - After a downbeat open, European stock prices inched up in the morning and closed mostly higher, with only London bucking the trend, as a better-than-expected preliminary reading on manufacturing activity in the eurozone helped recoup the losses. Euro zone business activity rose in February at its fastest pace since April 2011. Germany's PMI climbed to a three-year-high on the back of strong manufacturing activity, while France's composite PMI climbed to a 69-month high. Increasing political uncertainty in the region had however weighed on sentiment in early trade after a new poll showed that far-right presidential candidate Marine Le Pen gained ground on her main election rivals for the French election. The first round is slated for April 23. Investors also digested a host of earnings reports from European companies, including London-based mining group Anglo American, Anglo-Australian mining group BHP Billiton, UK lender HSBC Holdings and Italy's Terna. Investors are however cautious as markets brace for a busy week for the US Federal Reserve, with minutes of the central bank's most recent meeting due on Wednesday and speeches by Fed officials on tap this week. The London FTSE 100 closed down 0.34% at 7,274.83 points, the Frankfurt closed up 1.14% at 11,962.38 points, the Paris CAC 40 gained 0.49% at 4,888.76 points, in Milan the FTSE MIB rose 0.24% at 19,043.58 points and in Madrid the IBEX 35 gained 0.31% at 9,556.20 points. A24-Zap (RADIOCOR) 21-02-17 17:58:25 (0522) 5 NNNN

  19. Italy

    Brexit negotiations long, UK to pay hefty price- Juncker -2-

    Euro does not mean austerity (Il Sole 24 Ore Radiocor Plus) - Brussels, 21 Feb - The Commission President went on to say that Italy can spend an additional 19 billion euros without being sanctioned by the EU. "The euro does not mean austerity, I've never loved blind austerity, that is why Italy can spend an additional 19 billion euros without being sanctioned," Juncker said. He also noted that the EU needs to strengthen the institutional resilience of the euro as the economic, monetary and financial crisis has not yet ended. A24-Zap (RADIOCOR) 21-02-17 17:04:22 (0474) 5 NNNN

  20. Italy

    Prysmian wins 300 mln eur French power cable contract

    (Il Sole 24 Ore Radiocor Plus) - Milan, 21 Feb - The Italian cable manufacturer Prysmian said that has won a contract worth more than 300 million euros from the French grid operator Reseau de Transport d'Electricite (RTE) for the laying of undersea cables connecting three offshore wind farms. The three wind farms are Fecamp, Calvados and Saint Nazaire and will be connected to the grid between 2018 and 2020. A24-Web (RADIOCOR) 21-02-17 15:13:07 (0391) 5 NNNN