— Breaking News

  1. Italy

    Italy Q2 housing permits up 7.8% qtr/qtr

    Non-residential permits up 28.1% yr/yr (Il Sole 24 Ore Radiocor Plus) - Milan, 17 Jan - Permits for homes in new residential buildings in Italy grew 7.8% in the second quarter compared with the first, accelerating from the 3.5% rise seen in the first quarter, according to data on building permits released by national statistical office Istat. On an annual basis, housing in new buildings rose 13.6% in the second quarter after growing 9.5% in the first. Permits for non-residential buildings, after the contraction seen in 2016, resumed growing with a 49.8% annual increase in the first quarter, which reflected the very low comparison with the same period of 2016, and a 28.1% year-on-year increase in the second quarter. In the first half, permits in the residential sector rose 11.7% from a year ago in terms of housing. A24-Sch (RADIOCOR) 17-01-18 14:22:02 (0401) 5 NNNN

  2. Italy

    Europe shares little changed at mid-session amid earnings -3-

    Altice, Fnac Darty, Recordati dip (Il Sole 24 Ore Radiocor Plus) - Milan, 17 Jan - Also in Amsterdam, shares in the Dutch-registered telecommunications group Altice slumped 5.86% after S&P Global placed the group's long-term 'B+' rating on CreditWatch negative. "We could lower the ratings by one notch if we forecast that operational challenges will continue or that Altice NV's adjusted debt to EBITDA will not decline below 6x in 2018," said S&P in a note released yesterday. Shares in the French retailer of cultural, leisure and technological products Fnac Darty dipped 6.62% in Paris after the French conglomerate Vivendi entered into a hedging deal to protect its 11% stake in the retailer that led to the placement of 2.94 million shares at 91 euros each. Yesterday, Vivendi said that it had entered into a hedging transaction with the French bank Societe Generale to protect the value of its stake in Fnac Darty. Vivendi added that it retains the option to elect a settlement in cash or shares at maturity, during the second half of 2019 at the latest. In connection with the hedge, Societe Generale launched a private placement of Fnac Darty shares with institutional investors. Shares of Italian pharmaceutical group Recordati slipped 0.95% in Milan dealings after Credit Suisse cut its recommendation to 'underperform' from 'neutral', explaining that the stock looks overvalued compared those of to peers. Credit Suisse, which kept its target price at 37 euros, said that Recordati has an "enviable growth record", with organic revenue growth averaging 5% a year over the last five years and acquisitions also rising at the same rate, more than compensating for an average 1% negative foreign exchange impact. Earnings per share have also grown at an annual average clip of 16%, Credit Suisse analysts noted. A24-Ver (RADIOCOR) 17-01-18 13:49:02 (0380) 5 NNNN

  3. Italy

    Telecom Italia confirms talks with Canal+ on contents JV

    Special committee of independent directors to issue opinion (Il Sole 24 Ore Radiocor Plus) - Milan , 17 Jan - Telecom Italia, which operates under the TIM brand, confirmed that talks for the creation of a contents venture with Canal+ were going forward, ahead of the expiry of a term sheet tomorrow. "Negotiations aimed at finalizing a collaboration agreement between TIM and Canal+ in the content sector, to support telco and media convergence programmes, will restart immediately, with the goal of reaching a rapid conclusion," the company said. "The joint venture has the objective to offer TIM customers video content through the acquisition and production of television content and to manage its related services." In light of indications from Italian stock market regulator Consob and in keeping with observations from its own board of statutory auditors, TIM said it would now apply regulations governing related-party transaction of greater importance. According to Consob, the project qualifies as a related-party transaction since French media conglomerate Vivendi indirectly controls Canal+ and is also the main shareholder of TIM and exercises de facto control. As a result, TIM said a special committee made up of all independent directors of its board will be involved in new negotiations. The committee will be led by the chair of its control and risk committee and will be required to express a binding opinion on the interest, convenience and appropriateness of the conditions of the agreement. A24-Hob (RADIOCOR) 17-01-18 12:30:20 (0265) 5 NNNN

  4. Italy

    Astaldi JV wins 435 mln eur Romania suspension bridge deal

    Astaldi share of works about 60% (Il Sole 24 Ore Radiocor Plus) - Milan, 17 Jan - Italian construction company Astaldi said its joint venture with Japanese firm IHI has been awarded a contract worth 435 million euros to build a suspension bridge over the Danube River in the Braila area of Romania. Astaldi said its share of the works is about 60%. The contract was awarded by CNAIR, which is owned by Romania's ministry of transport and infrastructure. The project involves designing and constructing a 1,975 metre long suspension bridge with a main span of 1,120 metres and two side spans of 490 and 365 meters. Two, 110 metre long bridge access viaducts and 23 kilometres of connecting roads will also be built. Design of the project is expected to take one year and construction a further three, Astaldi said. Astaldi added that its Japanese partner is the world leader in the design and construction of suspension bridges and already worked with it previously to build Turkey's Osman Gazi bridge, the world's fourth largest suspension bridge. A24-Hob (RADIOCOR) 17-01-18 12:15:15 (0257) 5 NNNN

  5. Italy

    Recordati shares fall, Credit Suisse cuts to 'underperform'

    Stock down 1.53% (Il Sole 24 Ore Radiocor Plus) - Milan, 17 Jan - Shares of Italian pharmaceutical group Recordati were lower in Milan dealings, after Credit Suisse cut its recommendation to 'underperform' from 'neutral', explaining that the stock looks overvalued compared those of to peers. At 1040 GMT, Recordati shares were down 1.53% to 37.34 euros, underperforming the benchmark FTSE MIB index, which was 0.13% lower at 23,463.87 points. Credit Suisse, which kept its target price at 37 euros, said that Recordati has an "enviable growth record", with organic revenue growth averaging 5% a year over the last five years and acquisitions also rising at the same rate, more than compensating for an average 1% negative foreign exchange impact. Earnings per share have also grown at an annual average clip of 16%, Credit Suisse analysts noted. However, analysts at the bank said that growth in earnings and revenue has been accompanied by a share price gains. And while Recordati shares are now seen facing a 4% downside potential, its European competitors have an average 7% upside potential. Credit Suisse analysts are also cautious about an expected slow down in earnings per share. While the acquisition of Seloken in mid 2017 led to immediate growth in Recordati's EPS, expectations are now for a deceleration in EPS growth starting from the second half of 2018, barring another deal or higher investments in R&D. A24-Hob (RADIOCOR) 17-01-18 11:49:16 (0229) 5 NNNN

  6. Italy

    Newspaper headline round-up

    (Il Sole 24 Ore Radiocor Plus) - Milan, 17 Jan - Newspaper headline round-up FINANCIAL TIMES GE chief considers further break-up of conglomerate. Ferrero's deal with Nestle marks its coming of age. US lawmakers look for short-term fix to avoid shutdown. Swedes told how to prepare for war amid Russia fears. Informa in talks to buy UBM and create 9 bln pound group. US car groups issue warnings over 2018 outlook. THE WALL STREET JOURNAL Disputes threaten deal on a 'Dreamers' as shutdown looms. GE puts a breakup on the table. US Navy to file negligent homicide charges in two Asia ship collisions. Citigroup earnings wiped out by tax charge. North Korea behind cyberattack on cryptocurrency investors. LES ECHOS French govt has to decide on Notre-Dame-des-Landes airport. ECB monitoring strong euro. French govt favours urban tolls. European car sales at highest level since 2008. IL SOLE 24 ORE China downgrades US, debt seen unsustainable. EU accelerates on NPL package. Moscovici sees Italy as risk for Europe. CINCO DIAS Prisa agrees on debt refinancing and strengthens its management. Worldwide mobile phone payments seen reaching 26 bln usd in 2018. Repsol seeks investment opportunities in renewable energy. HANDELSBLATT Zalando continues to grow. Volkswagen posts record sales in 2017 despite diesel scandal. European car sales fell significantly in December. A24-Web (RADIOCOR) 17-01-18 10:22:06 (0185) 5 NNNN

  7. Italy

    Italy 10-yr govt bond spread vs Bund widens to 1.43 pct pts

    Yield at 1.99% (Il Sole 24 Ore Radiocor Plus) - Milan , 17 Jan - The differential between yields on 10-year Italian government bonds and their German counterparts stood at 1.43 percentage points in early European trade, up 0.02 point from the close Tuesday. The yield on the benchmark Italian bonds inched up to about 1.99% from 1.98% Tuesday. A24-Hob (RADIOCOR) 17-01-18 10:17:32 (0183) 5 NNNN

  8. Italy

    EU Dec new car registrations 1,088,498 units, down 4.9% yr/yr

    2017 new car registrations 15,137,732 units, up 3.4% (Il Sole 24 Ore Radiocor Plus) - Brussels, 17 Jan - New car registrations in the European Union in December fell by 4.9% to 1,088,498 units mainly the result of the fact that December had one working day less in 2017 than in the preceding year, according to data released by manufacturers association ACEA. Nearly all major EU markets contracted, except for Spain which rose 6.2%. The UK's car market posted its ninth straight month of decline, with registrations falling by 14.4% in December. Overall in 2017, European demand for cars grew 3.4% reaching 15,137,732 new passenger cars, the first time it exceeded the 15 million mark since 2007. Among the five big markets, Italy (+7.9%) and Spain (+7.7%) recorded the strongest gains, followed by France (+4.7%) and Germany (+2.7%). By contrast, last year demand for cars in the UK declined (-5.7%) for the first time in six years. In the new EU member states, where registrations went up by 12.8% during the year. Including the EFTA countries of Iceland, Norway and Switzerland EU car registrations in December fell 4.8% to 1,136,52 and in the full year they rose 3.3% to 15,631,687. A24-Sch (RADIOCOR) 17-01-18 08:31:49 (0135) 5 NNNN

  9. Italy

    Europe shares end higher on global rebound -2-

    FCA drops in Milan, PSA rises in Paris (Il Sole 24 Ore Radiocor Plus) - London, 16 Jan - In Frankfurt stock market dealings, shares in German fashion group Hugo Boss rallied 3.73% to 75.68 euros and were among the biggest advancers in the region after the company posted stronger-than-anticipated corporate earnings, swinging back to profit in the final three months of 2017 thanks to a surge in online sales and a recovery in the US. In Paris dealings, French car maker PSA climbed 1.76% to 18.17 euros after it said that global group sales rose 15.4% to 3.632 million vehicles in 2017, underpinned by the takeover of Opel/Vauxhall and its Peugeot brand. Sales in Europe came in at 2,378,600 units, up 23.2%. In the Middle East and Africa region sales grew 61.4% year on year to 618,800 units. Italian American car maker Fiat Chrysler Automobiles (FCA) tumbled 4.15% to 18.7 euros in Milan dealings after the recent rally. A24-Cia (RADIOCOR) 16-01-18 18:48:05 (0568) 5 NNNN

  10. Italy

    Nestle to sell US confectionery business to Ferrero

    Deal to close around end of Q1 2018 (Il Sole 24 Ore Radiocor Plus) - New York, 16 Jan - Swiss food giant Nestle said that it has agreed to sell its US confectionery business to Italian confectionery group Ferrero for 2.8 billion Swiss francs. The deal is expected to close around the end of the first quarter of 2018. Nestle's US confectionery business - which represents approximately 3% of Nestle's US sales - included brands such as Butterfinger, Crunch, BabyRuth, SweeTarts, LaffyTaffy, and Nerds. The deal does not include Toll House baking products, which Nestle intends to continue to develop. A24-Zap (RADIOCOR) 16-01-18 18:36:04 (0558) 5 NNNN

  11. Italy

    Euro zone benchmark 10-year sovereign bond yields

    (Il Sole 24 Ore Radiocor Plus) - London, 16 Jan - Euro zone benchmark 10-year sovereign bond yields Germany - yield 0.56%; down 0.02 percentage points from previous close. France - yield 0.83%; down 0.02 percentage points from previous close. Belgium - yield 0.70%; down 0.02 percentage points from previous close. Italy - yield 1.97%; down 0.03 percentage points from previous close. Spain - yield 1.50%; down 0.02 percentage points from previous close. A24-Zap (RADIOCOR) 16-01-18 17:33:01 (0513) 5 NNNN

  12. Italy

    Italy election is a political risk for EU - Moscovici

    Calls M5S proposal to exceed deficit limit "total nonsense" (Il Sole 24 Ore Radiocor Plus) - Paris, 16 Jan - The upcoming general election in Italy represents a political risk for Europe, EU Economic Affairs commissioner Pierre Moscovici said. Speaking to reporters in Paris, the French commissioner said that political uncertainty in Italy is a concern for the EU. "Let's not ignore that the governance of several European countries today is complicated. Italy is preparing for elections with an uncertain outcome: which majority, what European program will emerge as the economic situation in the country is not the strongest in the eurozone?" Moscovici said. The commissioner called a "total nonsense" the proposal by the anti-establishment Five Star Movement to increase public deficit beyond the EU level of 3% of GDP. He explained that reducing deficit means cutting debt and favor economic growth to the benefit of Italy and Europe. A24-Cia (RADIOCOR) 16-01-18 16:02:53 (0438) 5 NNNN

  13. Italy

    FCA CEO plays it cool on Renzi, full employment in Italy

    Says FCA committed to workforce in Italy as much as in the US (Il Sole 24 Ore Radiocor Plus) - Detroit, 16 Jan - Fiat Chrysler Automobiles chief executive Sergio Marchionne said the possibility of reaching full employment in Italy this year is uncertain and expressed disappointment for the political stance taken by former prime minister and Democratic Party leader Matteo Renzi. Speaking to reporters on the sidelines of a news conference in Detroit, the Italian-Canadian executive said "I don't know" when asked about whether he expects full employment in Italy by the end of 2018. However, Marchionne added that more clarity will emerge from the new strategic plan to 2022 that will be presented on June 1. The CEO, who will leave FCA next year, said the Italian American automaker remains committed to the workforce in Italy as much as in the United States. "The commitment we have taken here (in the USA), we have also taken in Italy. We're increasing the staff to 60,000 in the US. We are now adding 2,500 people (at the Warren plant in Michigan, editor's note). If we manage it well, this future will also arrive in Italy. Give us time to do it." Asked about Renzi, Marchionne said: "I have always liked him as a person, I don't understand what happened to him. I have no longer seen the Renzi I liked for a while." A24-Cia (RADIOCOR) 16-01-18 15:52:29 (0429) 5 NNNN

  14. Italy

    OECD Nov unemployment 5.6%, steady vs Oct

    Youth Nov unemployment 11.9%, up 0.1 pct pt vs Oct (Il Sole 24 Ore Radiocor Plus) - Paris , 16 Jan - The unemployment rate in the Organisation for Economic Co-operation and Development (OECD) area was 5.6% in November, stable from the month earlier, the OECD said. Across the OECD area, 35.1 million people were unemployed in November, 2.5 million more than in April 2018. The OECD jobless rate for youth, or those between the ages of 15 to 24, increased by 0.1 percentage point in November to 11.9%. By contrast, it fell by 0.2 percentage point by 18.2% in the eurozone, with the largest declines seen in Italy (down 1.3 percentage point), Portugal (down 0.9 point) and the Slovak Republic (down 0.6 points). The jobless rate for women in the OECD was unchanged at 5.8% in November, while that for men fell by 0.1 percentage point to 5.4%. A24-Hob (RADIOCOR) 16-01-18 15:25:45 (0386) 5 NNNN

  15. Italy

    Lavaredo files Prelios takeover offer with Italian regulator

    Offering 0.116 eur/shr (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Jan - The investment vehicle Lavaredo said that it has filed its bid for Prelios, Italian manager of real estate funds, with the market regulator Consob. Lavaredo is offering 0.116 euro per each Prelios share. It is bidding for 752.176 million shares, presenting a total outlay of 87.25 million euros. Lavaredo is a unit of Irish investment firm Burlington managed by Davidson Kempner Capital Management. Lavaredo previously bought a 44.86% in Prelios from a group of investors comprising Pirelli, Intesa Sanpaolo, UniCredit and Fenice. A24-Web (RADIOCOR) 16-01-18 15:12:20 (0368) 5 NNNN

  16. Italy

    Italy Nov trade surplus 4.8 bln eur

    Jan-Nov trade surplus 42.2 bln eur; 72.4 bln net of energy (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Jan - Italy in November posted a trade surplus of 4.8 billion euros, up from 4.0 billion a year ago, bringing the total surplus for the first 11 months of the year to 42.2 billion euros, or 72.4 billion net of energy products, with a 7.9% increase in exports and a 9.5% rise in imports, data from national statistics institute Istat showed. In November alone exports rose a monthly 2.1% while imports were 1.4% higher. Exports to non-EU countries rose 6.7% while those to EU countries fell 1.4%. Exports of capital goods rose 5.1% driven by maritime navigation tools. On an annual basis exports grew 9.7% with a 12.8% rise for non-EU countries and a 7.3% to EU countries. Imports in the period were up 8.4% with an 11.6% growth from non-EU countries and a 6.5% increase from EU ones. In particular exports towards Spain rose 13.4% and those to the UK were up 10%. Import prices for industrial products in November were up 0.9% compared with October and rose 3.1% year on year with the annual increase driven by energy products. Net of energy, import prices were up a monthly 0.1% and an annual 1.1%. A24-Sch (RADIOCOR) 16-01-18 11:12:17 (0188) 5 NNNN

  17. Italy

    Italy Dec CPI confirmed up 0.4% mth/mth, up 0.9% yr/yr

    2017 CPI up avg 1.2% (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Jan - Italy's consumer price index in December rose a monthly 0.4% and an annual 0.9%, the same annual rate of change compared with November, national statistics institute Istat said confirming its preliminary reading. In 2017, average CPI rose 1.2% after falling 0.1% in 2016. Excluding energy and unprocessed food, core inflation was up 0.7% compared with the 0.5% increase seen the previous year. In December there was an acceleration, on an annual basis, in the CPI for Services related to transport that increased 2.8%, from 2.2% in the previous month, offset by the slowdown of the annual growth of prices of both Unprocessed food, to 2.4% from 3.2%, and Non-regulated energy products to 4.4% from 5.0% in November. Excluding energy and unprocessed food, core inflation in December was up 0.4% and inflation excluding energy was 0.6%, both unchanged from November 2017. The increase on monthly basis was mainly due to prices of services related to transport (+2.5%) and to a lesser extent to prices of non-regulated energy products (+0.6%), Services related to recreation, including repair and personal care (+0.4%) and unprocessed food (+0.3%). The harmonized index of consumer prices (HICP) was confirmed to have increased by 0.3% compared with the previous month and by 1.0% with respect to December 2016, slowing from the 1.1% annual rise seen in November. The average annual HICP was up 1.3% from down 0.1 in 2016. Excluding energy and unprocessed food, core inflation was up 0.8%, compared with 0.5% higher in 2016. At constant tax rates December HICP rose a monthly 0.3% and an annual 0.9%. A24-Sch (RADIOCOR) 16-01-18 10:24:10 (0165) 5 NNNN

  18. Italy

    Italy 10-yr govt bond spread vs Bund dips to 1.39 pct pts

    Yield at 1.96% (Il Sole 24 Ore Radiocor Plus) - Milan, 16 Jan - The differential between yields on 10-year Italian government bonds and their German counterparts dipped to 1.39 percentage points in early European trade from 1.41 points at the close Monday. The yield on the benchmark Italian bonds fell to 1.96% from 2.00% yesterday. The yield on the Spanish Bonos stood at 1.51%. A24-Sch (RADIOCOR) 16-01-18 09:52:08 (0151) 5 NNNN

  19. Italy

    Economic calendar for January 16

    (Il Sole 24 Ore Radiocor Plus) - New York, 15 Jan - Economic calendar for Tuesday, January 16 00:30 AUD New Motor Vehicle Sales (MoM) (Dec) 0.1% 02:00 NZD RBNZ Offshore Holdings (Dec) 57.70% 03:00 CNY FDI 9.80% 04:30 JPY Tertiary Industry Activity Index (MoM) 0.4% 0.3% 06:00 JPY Machine Tool Orders (YoY) 46.8% 07:00 EUR German CPI (YoY) (Dec) 1.7% 1.7% 07:00 EUR German CPI (MoM) (Dec) 0.6% 0.6% 07:00 EUR German HICP (MoM) (Dec) 0.8% 0.8% 07:00 EUR German HICP (YoY) (Dec) 1.6% 1.6% 07:00 EUR German WPI (YoY) (Dec) 3.3% 07:00 EUR German WPI (MoM) (Dec) 0.5% 07:45 EUR French Government Budget Balance (Nov) -77.2B 09:00 EUR Italian HICP (YoY) (Dec) 1.0% 1.0% 09:30 GBP Core CPI (YoY) (Dec) 2.6% 2.7% 09:30 GBP Core PPI Output (YoY) (Dec) 2.3% 2.2% 09:30 GBP Core PPI Output (MoM) (Dec) 0.2% 0.2% 09:30 GBP Core RPI (YoY) (Dec) 4.0% 09:30 GBP Core RPI (MoM) (Dec) 0.1% 09:30 GBP CPI (YoY) (Dec) 3.0% 3.1% 09:30 GBP CPI (MoM) (Dec) 0.4% 0.3% 09:30 GBP House Price Index (YoY) 4.5% 09:30 GBP PPI Input (MoM) (Dec) 0.4% 1.8% 09:30 GBP PPI Input (YoY) (Dec) 5.4% 7.3% 09:30 GBP PPI Output (MoM) (Dec) 0.3% 0.3% 09:30 GBP PPI Output (YoY) (Dec) 2.9% 3.0% 09:30 GBP RPI (MoM) (Dec) 0.6% 0.2% 09:30 GBP RPI (YoY) (Dec) 3.9% 3.9% 09:30 ZAR Gold Production (YoY) (Nov) -0.9% 09:30 ZAR Mining Production (Nov) 4.9% 5.2% 09:40 EUR Spanish 12-Month Letras Auction -0.375% 09:40 EUR Spanish 6-Month Letras Auction -0.407% 10:00 EUR Italian CPI (YoY) (Dec) 0.9% 0.9% 10:00 EUR Italian CPI (MoM) (Dec) 0.4% 0.4% 10:00 EUR Italian HICP (MoM) (Dec) 0.3% 0.3% 10:00 EUR Italian Trade Balance (Nov) 5.220B 4.953B 10:00 EUR Italian Trade Balance EU (Nov) 0.67B 10:30 BRL IBC-Br Economic Activity 0.50% 0.29% 13:30 USD NY Empire State Manufacturing Index (Jan) 18.00 18.00 Tentative NZD GlobalDairyTrade Price Index 2.2% 16:30 USD 3-Month Bill Auction 1.430% 16:30 USD 4-Week Bill Auction 1.280% 16:30 USD 6-Month Bill Auction 1.575% 17:00 CHF SNB Chairman Thomas Jordan speaks 21:30 USD API Weekly Crude Oil Stock -11.190M 23:30 AUD Westpac Consumer Sentiment (Jan) 3.6% 23:50 JPY Core Machinery Orders (MoM) (Nov) -1.4% 5.0% 23:50 JPY Core Machinery Orders (YoY) (Nov) -0.7% 2.3% A24-Zap (RADIOCOR) 15-01-18 20:04:38 (0583) 5 NNNN

  20. Italy

    Astaldi wins 108 mln usd Florida motorway contract

    To build 8 kilometres of new motorway (Il Sole 24 Ore Radiocor Plus) - Milan , 15 Jan - Italian construction company Astaldi said it has been awarded a 108 million dollar contract from the Florida Department of Transportation to build a section of the Wekiva Parkway in the state. The new contract involves the construction of an 8-kilometre stretch of a new motorway along the State Road 429, including 12 bridges and all related works. Work in the project is started to last five years, following start-up in the first quarter of 2018. Astaldi said the US is one focus for planned growth in coming years. A24-Hob (RADIOCOR) 15-01-18 19:12:48 (0551) 5 NNNN