— Breaking News

  1. Italy

    Italy Sept non-EU trade surplus 3.540 bln eur -2-

    Exports to Russia up 21.8% yr/yr (Il Sole 24 Ore Radiocor Plus) - Milan , 24 Oct - Compared to the year earlier, Italian exports to Russia rose 21.8% in September while those to Turkey were 21.3% higher and exports to China advanced 18.7%. Exports to Mercosur countries were up 15.1% and those to the US up 8.3%. Exports to Opec countries fell 5.4%. Imports from India rose 16.2% year on year in September, Istat said, while those from Opec countries were 13.3% higher and those from Russia climbed 7.4%. Imports from Switzerland fell 9.7% while those from Asean countries were down 8.7% and those from Japan declined 8.1%. A24-Hob (RADIOCOR) 24-10-17 10:27:45 (0226) 5 NNNN

  2. Italy

    Italy Sept non-EU trade surplus 3.540 bln eur

    Exports up 2.0% mth/mth, up 8.1% yr/yr (Il Sole 24 Ore Radiocor Plus) - Milan , 24 Oct - Italy's trade surplus with non-European Union countries widened to 3.540 billion euros in September from 2.892 billion the year earlier, data from statistics bureau Istat showed. Excluding energy products, the surplus also widened, to 5.753 billion euros from 4.860 billion. Compared to the previous month, Italian exports to non-EU countries rose 2.0% while imports from these countries slipped 3.4%. Year on year, exports rose 8.1%, or 10.0% on a workday adjusted basis. Imports rose 4.7%, or 6.5% on a workday adjusted basis. A24-Hob (RADIOCOR) 24-10-17 10:16:43 (0213) 5 NNNN

  3. Italy

    Saipem shares soar on 9 mth results, debt guidance

    Stock up 9.10% (Il Sole 24 Ore Radiocor Plus) - Miln , 24 Oct - Shares of Italian oil services firm Saipem were sharply higher in Milan trade after financial results for the first nine months topped the consensus of analysts and the company improved its end-year debt guidance. At 0755 GMT, Saipem shares were up 9.10% to 3.55 euros. Saipem said its net loss in the first nine months if the year narrowed to 57 million euros from 1.925 billion the year earlier while adjusted net profit fell to 151 million from 200 million and adjusted EBITDA declined 20.3% to 795 million. Revenue in the nine month period fell 12.8% to 6,87 billion euros. Saipem confirmed its full year guidance for revenue, EBITDA and adjusted net profit. However, it improved its guidance for end year debt to 1.3 billion euros from a previous 1.4 billion. Analysts at brokerage Equita noted that Saipem's performance in the third quarter was slightly above expectations. For example, new orders in the quarter rose amounted to 2.63 billion euros, above the 2.55 billion expected. "The market context remains challenging, in particular in the offshore sectors, which contribute more than 75% of Saipem's EBITDA, as well as in onshore drilling in Latin America," said Equita. "Given the negative performance of the stock and the absence of significant extra-costs on the Kaombo project (Angola), we believe that results can have a positive impacct on the stock. We remain cautious given the scarse visibility on the offshore business, especially for 2018." A24-Hob (RADIOCOR) 24-10-17 10:00:32 (0197) 5 NNNN

  4. Italy

    Victoria buys Ceramiche Serra for 56.6 mln eur

    Deal 'immediately and significantly' earnings accretive (Il Sole 24 Ore Radiocor Plus) - London, 24 Oct - The UK flooring manufacturer and distributor Victoria said that it has agreed to acquire Italian ceramic flooring manufacturer Ceramiche Serra for up to 56.5 million euros (50.4 million pounds). It added that 36.5 million euros is to be paid on completion, with the balance of 20.0 million to be paid over the next four years, subject to the business meeting annual EBITDA targets. The acquisition will be immediately and significantly earnings accretive on completion, expected in December, said Victoria. In 2016, Serra generated revenue of 28.2 million euros, EBITDA of 10.5 million and EBIT of 10.0 million. Assuming the contingent consideration is paid in full, the acquisition would represent a multiple of 5.4 times 2016 EBITDA, it said. On completion Victoria's net debt to EBITDA ratio will remain less than 2.0 times, it added. A24-Web (RADIOCOR) 24-10-17 09:56:34 (0194) 5 NNNN

  5. Italy

    Europe shares open slightly higher in cautious trade

    FTSE 100 up 0.05%, DAX up 0.06%, CAC 40 up 0.23% (Il Sole 24 Ore Radiocor Plus) - Milan, 24 Oct - European share prices opened marginally higher after yesterday's slight gains. As the third quarter earnings season got in full swing, investors digested a fresh string of earnings reports from European companies, including UK multinational hotel, coffee shop and restaurant company Whitbread, UK outsourcing company Bunzl, London-based mining company Anglo American, German chemicals and industrial group BASF, German sportswear company Puma, Swiss drug company Novartis, French ophthalmic group Essilor, French IT services company Atos, French car component group Plastic Omnium, Italian oil services firm Saipem, Italian bank UniCredit and Spanish lender Caixabank. Investors continued to keep a wary eye on the standoff over Catalonia's independence and the rift with Spain's central government. The markets also awaited the European Central Bank's upcoming monetary policy review on Thursday for clues on the anticipated end to the ECB's ultra-loose monetary policy. Investors also watched China's 19th Communist Party congress, with president Xi Jinping expected to release the composition of the Standing Committee, consisting of the Party's top leadership. The gains were capped as the dollar weakened slightly amid speculation on who will be appointed next head of the Federal Reserve. At 0737 GMT the London FTSE 100 was up 0.05% at 7,528 points, the Frankfurt DAX was up 0.06% at 13,011 points, the Paris CAC 40 was up 0.23% at 5,399 points, in Milan the FTSE MIB was up 0.16% at 22,415 points and in Madrid the IBEX 35 was up 0.12% at 10,174 points. A24-Ver (RADIOCOR) 24-10-17 09:44:56 (0190) 5 NNNN

  6. Italy

    Italy 10-yr govt bond spread vs Bund dips to 1.56 pct pts

    Yield falls to 2.01% (Il Sole 24 Ore Radiocor Plus) - Milan, 24 Oct - The differential between yields on 10-year Italian government bonds and their German counterparts dipped to 1.56 percentage points in late morning European trade from 1.57 at the close on Monday. The yield on the benchmark Italian bonds was unchanged at 2.01%. Meanwhile, the differential between yields on benchmark Spanish Bonos and German Bunds fell to 1.18 percentage points from 1.19 points at the opening, with a yield on the Spanish paper of 1.63%. A24-Sch (RADIOCOR) 24-10-17 09:37:07 (0182) 5 NNNN

  7. Italy

    UniCredit Q3 net 2.820 bln eur vs 447 mln

    Q3 adj net 838 mln eur (Il Sole 24 Ore Radiocor Plus) - Milan, 24 Oct - The Italian bank UniCredit said that preliminary attributable third quarter net profit rose to 2.820 billion euros from 447 million a year earlier, lifted by improved operating profits and profits from non-current assets held for sale. Adjusted net profit stood at 838 million euros. Operating income slipped to 4.646 billion euros from 4.835 billion and net operating profit rose to 1.235 billion from 919 million. The bank said that the fully loaded common equity tier one ratio at the end of September is expected to be above 13.5%. Final third quarter results will be released on November 9. A24-Web (RADIOCOR) 24-10-17 09:22:45 (0176) 5 NNNN

  8. Italy

    Saipem 9 mth net loss 57 mln eur vs 1.925 bln loss

    9 mth revenue 6.873 bln eur vs 7.885 bln (Il Sole 24 Ore Radiocor Plus) - Milan, 24 Oct - Italian oil services firm Saipem said its net loss narrowed to 57 million euros in the first nine months of 2017 from 1.925 billion the year earlier, while adjusted net profit fell to 151 million from 200 million the year earlier. Revenue in the nine months fell to 6.873 billion euros from 7.885 billion the year earlier, while new contracts also declined, to 4.717 billion from 6.627 billion. The order backlog stood at 12.063 billion euros at the end of September, down from 14.219 billion at the end of 2016. "Despite the persistence of a challenging market context, Saipem's performance in the first nine months of 2017 was solid from both an operational and management point of view, enabling the company to confirm the guidance for 2017," said Saipem chief executive Stefano Cao. "The third quarter saw a downward trend in net debt, a good performance in terms of contract awards in line with the expectations announced with the half-year results, and the full achievement of objectives set by the new Fit for the Future Programme." A24-Hob (RADIOCOR) 24-10-17 09:06:14 (0162) 5 NNNN

  9. Italy

    BMPS shares to resume trade tomorrow in Milan

    Suspended since Dec (Il Sole 24 Ore Radiocor Plus) - Milan, 24 Oct - Trading in the shares of the Italian lender Banca Monte dei Paschi di Siena (BMPS) will resume tomorrow, the bank said. The shares have been suspended since December as the bank undergoes a recapitalisation. BMPS said that the market regulator Consob has approved the prospectus regarding the issuance of new shares to finance a debt-for-equity swap. A24-Web (RADIOCOR) 24-10-17 09:03:23 (0157) 5 NNNN

  10. Italy

    Atos Q3 revenue 3.002 bln eur, up 10.9% same forex

    Confirms FY objectives (Il Sole 24 Ore Radiocor Plus) - Paris, 24 Oct - French IT services company Atos said that in the third quarter its revenue reached 3.002 billion euros, up 10.9% at constant exchange rates and 2.5% higher organically, with the company receiving 2.892 billion euros of orders representing a book to bill ratio of 96%. Organic growth was boosted by big data & cybersecurity, up 13.8%, while business & platform solutions grew 2.2% and infrastructure & data management was up 0.9%. Electronics payment unit Worldline saw a 6.4% organic rise in revenue. By geography, organic revenue growth was led by France, up 4.9% and other business units, up 5.6% which include infrastructure & data management where the group saw services contracts in hybrid cloud orchestration and digital workplace for customers in the energy and telecom sectors in Italy and in Central Europe. Organic revenue was up 1.6% in Germany, flat in North America, down 0.7% in the UK and Ireland and down 0.4% in the Benelux and Nordics countries. The group confirmed its full year objectives of over 10% revenue growth at constant exchange rates and over 2% growth organically, an operating margin of some 10% of revenue and an operating margin conversion rate to free cash flow between 55-58%. A24-Sch (RADIOCOR) 24-10-17 08:57:02 (0154) 5 NNNN

  11. Italy

    Economic calendar for October 24

    (Il Sole 24 Ore Radiocor Plus) - New York, 23 Oct - Economic calendar for Tuesday, October 24 00:30 JPY Manufacturing PMI (Oct) 53.1 52.9 06:45 EUR French Business Survey (Oct) 110 110 07:00 EUR French Manufacturing PMI (Oct) 56.0 56.1 07:00 EUR French Markit Composite PMI (Oct) 57.0 57.1 07:00 EUR French Services PMI (Oct) 56.9 57.0 07:30 EUR German Composite PMI (Oct) 57.5 57.7 07:30 EUR German Manufacturing PMI (Oct) 60.2 60.6 07:30 EUR German Services PMI (Oct) 55.6 55.6 08:00 EUR Italian Trade Balance Non-EU (Sep) 2.53B 08:00 EUR Manufacturing PMI (Oct) 57.8 58.1 08:00 EUR Markit Composite PMI (Oct) 56.5 56.7 09:00 EUR Services PMI (Oct) 55.6 55.8 12:55 USD Redbook (MoM) -1.4% 12:55 USD Redbook (YoY) 3.6% 13:45 USD Manufacturing PMI (Oct) 53.5 53.1 13:45 USD Markit Composite PMI (Oct) 54.8 13:45 USD Services PMI (Oct) 55.6 55.3 14:00 USD Richmond Manufacturing Index (Oct) 17 19 14:00 USD Richmond Manufacturing Shipments (Oct) 22 14:00 USD Richmond Services Index (Oct) 22 15:30 USD 4-Week Bill Auction 0.995% 17:00 USD 2-Year Note Auction 1.462% 20:30 USD API Weekly Crude Oil Stock -7.130M 21:00 KRW Consumer Confidence (Oct) 110 108 A24-Zap (RADIOCOR) 23-10-17 22:32:42 (0848) 5 NNNN

  12. Italy

    Gavio unit Itinera wins 227 mln eur Danish bridge deal

    In partnership with Condotte d'Acqua, Grandi Lavori Fincosit (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Oct - The Italian civil engineering group Itinera has own a deal from the Danish road directorate to build a 277 million euro bridge, according to a statement. Itinera is a unit of the Italian conglomerate Gavio. Itinera will build the Storstrom Bridge in partnership with Condotte d'Acqua and Grandi Lavori Fincosit. It will hold a 51% stake in the venture. The 6.5 kilometre bridge will connect the islands of Zealand and Falster in the Baltic Sea. Works are scheduled to be completed in the second of half of 2022. A24-Web (RADIOCOR) 23-10-17 21:40:45 (0734) 5 NNNN

  13. Italy

    UniCredit opens Abu Dhabi global market branch

    Upgrades representative office (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Oct - The Italian bank UniCredit said that it is opening of a corporate and investment banking branch in Abu Dhabi. "The branch will support further enhancement of cross-border business generation and expand the bank's international offering for its corporate clients and financial institutions. UniCredit has chosen the Abu Dhabi Global Market, the region's leading financial free zone, as a base for its new operation," it said. The new branch, which upgrades the local representative office first established in 2001, will act as a hub for the Gulf Cooperation Council as well as the wider Middle East and Africa region, it said. The branch will initially focus on transaction banking and financing, predominantly in euro and US dollar. A24-Web (RADIOCOR) 23-10-17 21:27:13 (0703) 5 NNNN

  14. Italy

    Enel JV preferred bidder for 100MW Ethiopia solar project

    Plans to invest 120 mln usd in Metehara solar PV plant (Il Sole 24 Ore Radiocor Plus) - Milan , 23 Oct - A consortium led by the Enel Green Power business of Italian utility Enel has been selected as the preferred bidder for a 100MW solar photovoltaic (PV) project in Metehara, Ethiopia following a tender launched by local utility Ethiopian Electric Power (EEP). Enel said that the consortium, which also includes Ethiopian infrastructure company Orchid Business Group, plans to invest about 120 million dollars in the project. The facility will be located in Metehara, in the Oromia region, almost 200 kilometers east of Addis Ababa, an area that enjoys high levels of solar radiation. The Metehara plant is expected to enter into operation in 2019 and to generate approximately 280 GWh of power per year, while avoiding the emission of around 296,000 tonnes of carbon dioxide into the atmosphere. The solar park will be supported by a 20-year power purchase agreement (PPA) with EEP for all of the energy generated by the plant. A24-Hob (RADIOCOR) 23-10-17 20:56:53 (0696) 5 NNNN

  15. Italy

    Luxottica Q3 sales 2.15 bln eur vs 2.23 bln

    Affirms FY 2017 guidance, possible acceleration in 2018 (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Oct - Italian eyewear giant Luxottica said that net sales for the third quarter of 2017 declined to 2.15 billion euros from 2.23 billion in the same period of last year. Sales were up 0.8% at constant exchange rates but down 3.5% at current exchange rates. Luxottica executive chairman Leonardo Del Vecchio and CEO Massimo Vian said that the results reflect the "unexpected events of September" which impacted results in North America, Mexico and China. The company affirmed its full-year 2017 guidance and said that there could be a possible "acceleration of growth in 2018." A24-Zap (RADIOCOR) 23-10-17 18:32:56 (0505) 5 NNNN

  16. Italy

    Euro zone benchmark 10-year sovereign bond yields

    (Il Sole 24 Ore Radiocor Plus) - London, 23 Oct - Euro zone benchmark 10-year sovereign bond yields Germany - yield 0.44%; down 0.01 percentage points from previous close. France - yield 0.85%; down 0.02 percentage points from previous close. Belgium - yield 0.69%; down 0.02 percentage points from previous close. Italy - yield 2.01%; down 0.04 percentage points from previous close. Spain - yield 1.63%; down 0.03 percentage points from previous close. A24-Zap (RADIOCOR) 23-10-17 17:32:54 (0455) 5 NNNN

  17. Italy

    IBL Banca open to possible acquisitions - CEO

    No timeframe for IPO (Il Sole 24 Ore Radiocor Plus) - Rome, 23 Oct - IBL Banca, the Italian banking group specializing in granting salary-backed and pension backed loans, does not rule out an initial public offering in the future market conditions allowing but said the priority now is to pursue its growth targets. Speaking with Il Sole 24 Ore Radiocor, IBL Banca's chief executive Mario Giordano said there's no timeframe for a future IPO. The banking group withdrew a global offering in November 2015, citing adverse financial market conditions. Giordano said IBL Banca is now focused on its development and "will certainly look at opportunities available in the market." A24-Cia (RADIOCOR) 23-10-17 16:25:37 (0427) 5 NNNN

  18. Italy

    Italgas 9 mth net profit 213 mln eur, up 27.8%

    Revenue 835.0 mln eur, up 7.2% (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Oct - Italian gas distributor Italgas reported nine month net profit of 213.3 million euros, up 27.8% from the same period of 2016, as it continues implementing its investment plan and replacing traditional meters with "smart" meters. Revenues in the period increased 7.2% to 835 million euros from a year before, while earnings before interest taxation and depreciation (EBITDA) grew 20% to 577.9 million. Italgas confirmed the objective of a total of more than 500 million euros in investments by the end of 2017. The group maintained net financial debt as of September 30 of around 3.7 billion euros, after generating cash flow from operating activities of 375.1 million euros, which allowed the funding of the investment plan and the payment of a dividend for 2016. A24-Cia (RADIOCOR) 23-10-17 15:00:30 (0351) 5 NNNN

  19. Italy

    Italy plans to spend 4.5 bln eur in water network

    Leaks total 35.4% in main towns (Il Sole 24 Ore Radiocor Plus) - Milan, 23 Oct - The Italian government has earmarked 4.5 billion euros to invest in the country's waterworks and reduce leaks, said prime minister Paolo Gentiloni. According to the environment agency Ispra, water lost by the network due to leaks totals 35.4% in the country's 116 main towns. A24-Web (RADIOCOR) 23-10-17 13:16:04 (0277) 5 NNNN

  20. Italy

    Italy 10-yr govt bond spread vs Bund falls to 1.57 pct pts

    Yield falls to 2.00% (Il Sole 24 Ore Radiocor Plus) - Milan , 23 Oct - The differential between yields on 10-year Italian government bonds and their German counterparts fell to 1.57 percentage points in late morning European trade, their lowest level since mid-August, from 1.60 points at the opening and 1.59 points at yesterday's close. The yield on the benchmark Italian bonds fell to 2.00% from 2.04% in opening dealings. Meanwhile, the differential between yields on benchmark Spanish Bonos and German Bunds fell to 1.19 percentage points from 1.25 points at the opening, with a yield on the Spanish paper of 1.63%. A24-Hob (RADIOCOR) 23-10-17 11:48:07 (0214) 5 NNNN