Breaking news
SOURCE: MF - DJ NEWS
17:1531-03-2020
Ferrari Is Maintained at Overweight by Morgan Stanley
18:0531-03-2020
Milan Most Actives
15:5231-03-2020
Europe's Banks Urged to Cut Dividends to Shore Up Capital
13:0131-03-2020
Intesa Suspends Dividend Payment, Pushes Ahead With UBI Takeover Bid
12:2431-03-2020
Intesa Sanpaolo: Dividend Suspension Boosts Capital Position
12:2731-03-2020
Intesa Sanpaolo: Shareholders' Meeting Will Be for Distribution of Part of Reserves to Shareholders by End of 2020
11:2031-03-2020
Italy Sells EUR750M December 2023 CCTeu, Yield 0.66% vs 0.18% on Jan 30
14:4731-03-2020
Coronavirus Dashboard: Economic & Trading Data
11:1531-03-2020
Italy Sells EUR3.5B August 2030 BTP, Yield 1.48% vs 1.00% on Feb 27
18:0531-03-2020
Milan Closing Stock Prices
11:3031-03-2020
Russian Soldiers in Italy Contain the Coronavirus and Mark a Political Shift
13:3831-03-2020
Intesa Suspends Dividend Payment, Pushes Ahead With UBI Takeover Bid -- Update
11:1531-03-2020
Italy Sells EUR2.75B February 2025 BTP, Yield 0.80% vs 0.36% on Feb 27
12:2231-03-2020
Intesa Sanpaolo: Dividend Decision Follows ECB Recommendation on Dividend During Coronavirus
17:1531-03-2020
Ferrari Price Target Cut to $180.00/Share From $185.00 by Morgan Stanley
12:3031-03-2020
Intesa Sanpaolo: Capital Increase for UBI Banca Offer Will Be on Agenda of EGM on April 27
11:2831-03-2020
Italy Sells EUR8.5 Bln in Government Bonds, Upper End of Target Range
12:2631-03-2020
Intesa Sanpaolo Plans to Convene Shareholders' Meeting After Oct. 1
17:1531-03-2020
Ferrari Is Maintained at Overweight by Morgan Stanley
 

Ratings actions from Benzinga: https://www.benzinga.com/stock/RACE/ratings

 

(END) Dow Jones Newswires

March 31, 2020 11:15 ET (15:15 GMT)

18:0531-03-2020
Milan Most Actives
 
                                     Volume        Close       Change     % Change 
 
  Intesa Sanpaolo               218,397,233        1.488       +0.018        +1.20 
  Telecom Italia                137,212,289        0.372       +0.012        +3.42 
  Tiscali                       120,947,069        0.009       +0.000        +3.45 
  Enel                           47,604,284        6.339       -0.047        -0.74 
  ENI                            41,193,788        9.220       +0.627        +7.30 
  UniCredit                      37,468,628        7.147       -0.127        -1.75 
  Banco BPM                      35,194,916        1.200       -0.013        -1.03 
  Telecom Italia RNC             26,172,087        0.361       +0.002        +0.47 
  A2A                            21,805,919        1.133       +0.002        +0.18 
  Credito Valtellinese           17,900,887        0.050       +0.001        +1.43 
  Snam                           15,629,370        4.204       +0.068        +1.64 
  MolMed                         15,119,231        0.497       +0.023        +4.74 
  Saras                          14,612,219        0.850       +0.120       +16.44 
  Fiat Chrysler Automobiles      12,961,206        6.572       +0.262        +4.15 
  Saipem                         12,079,117        2.240         unch         unch 
  TERNA                           9,668,632        5.770       -0.004        -0.07 
  Risanamento                     9,586,880        0.039         unch         unch 
  Assicurazioni Generali          9,416,863       12.410       +0.045        +0.36 
  D'Amico Intl Shipping           9,118,321        0.084       +0.008        +9.91 
  Unione di Banche Italiane       8,295,217        2.407       +0.022        +0.92 
  Poste Italiane                  7,429,079        7.720       -0.196        -2.48 
  Leonardo                        6,950,483        6.072       +0.108        +1.81 
  Mediobanca                      6,401,812        5.028       +0.053        +1.07 
  Pirelli                         6,322,881        3.265       -0.076        -2.27 
  CNH Industrial                  6,300,852        5.216       +0.082        +1.60 
  Iren SpA                        6,104,607        2.250       +0.100        +4.65 
  FinecoBank                      6,100,687        8.290       -0.132        -1.57 
  Tenaris                         5,671,372        5.580       +0.042        +0.76 
  Unipol Gruppo                   5,573,612        3.134       +0.110        +3.64 
  Hera                            5,127,534        3.268       -0.022        -0.67 
  UnipolSAI Assicurazioni         4,717,554        2.240       +0.089        +4.14 
  Juventus Football Club          4,339,360        0.781       +0.006        +0.72 
  STMicroelectronics              4,038,495       19.875       +0.470        +2.42 
  Italgas                         3,920,930        4.989       +0.130        +2.68 
  Atlantia                        3,555,656       11.430       +0.775        +7.27 
  Innovatec                       3,454,620        0.156       -0.002        -1.27 
  Prysmian                        3,231,626       14.600       -0.715        -4.67 
  Banca Mediolanum                3,166,665        4.650       -0.072        -1.52 
  BPER Banca                      3,135,087        2.800       +0.084        +3.09 
  Fincantieri                     2,799,794        0.560       +0.014        +2.47 
  Anima Holding                   2,789,448        2.448       +0.012        +0.49 
  Davide Campari-Milano           2,763,779        6.550       -0.100        -1.50 
  Nexi                            2,759,406       11.858       -0.022        -0.19 
  Monte dei Paschi di Siena       2,496,831        1.133       +0.031        +2.81 
  GEDI Gruppo Editoriale          2,490,184        0.455       +0.015        +3.41 
  Maire Tecnimont                 2,337,941        1.445       +0.028        +1.98 
  Mediaset                        2,263,277        1.940       +0.005        +0.28 
  Salini Impregilo                2,082,037        1.166       +0.046        +4.11 
  Brioschi Sviluppo Immobil       2,040,308        0.069         unch         unch 
  Azimut Holding                  1,798,002       13.180       +0.520        +4.11 
 
Prices in Euros 
Source: FactSet 
 

(END) Dow Jones Newswires

March 31, 2020 12:05 ET (16:05 GMT)

15:5231-03-2020
Europe's Banks Urged to Cut Dividends to Shore Up Capital
 

By Margot Patrick

 

European banks are shoring up capital by canceling or delaying dividend payments, amid concern about their ability to absorb a potential rush of bad loans as households and companies feel the pinch of the coronavirus epidemic.

Central banks and regulators started ordering curbs on dividends last week, sending some European bank shares diving as shareholders factored in the lost income and considered a worsening outlook for the sector. Dividends and share buybacks have been a main driver of banking stocks across the region in recent years.

Italy's UniCredit SpA and Dutch banks ING Groep and ABN AMRO Group NV are among those that have announced dividend suspensions.

Authorities have loosened bank capital rules to encourage lending and help banks respond to stresses that many have never experienced before. Analysts say it was inevitable policymakers would want banks to reduce or delay dividends, buybacks and employee bonuses in case further backstops are needed.

"It makes sense in a time like this to shut off your dividends and preserve your capital. In six months time we'll have a much better idea of what capital looks like," said John Cronin, an analyst at Goodbody Stockbrokers. He predicts dividends and other shareholder payouts will become "socially unacceptable" until the full extent of the crisis is known.

On Friday, the European Central Bank said 2020 dividends and those still due to be paid for 2019 shouldn't be paid until at least October, to help banks "support households, small businesses and corporate borrowers and/or to absorb losses on existing exposures to such borrowers." Share buybacks are also off the table. The aim is to "keep precious capital resources within the banking system in these difficult times," Andre Enria, chair of the supervisory board of the European Central Bank wrote in a blog post Friday.

Switzerland's financial regulator urged dividend curbs last week, and the Bank of England is expected to toughen guidance shortly.

"Acting to preserve strength is not a sign of weakness," the Swiss regulator said.

In the U.S., a group of the largest banks have said they would suspend share buybacks but are expected to pay previously-announced dividends. Some European banks, including the U.K.'s HSBC Holdings PLC and Switzerland's Credit Suisse Group AG and UBS Group AG have indicated they will pay out 2019 dividends as planned.

The issue is less acute for U.S. banks since their relatively strong earnings means they have been accruing capital at a faster rate. In contrast, many European banks have been undergoing restructuring that consumed capital.

European banks would preserve EUR45 billion in capital by retaining 2019 dividends not paid yet, Goldman Sachs analysts calculated in a note Tuesday.

They recommend investing in large, well-capitalized banks that had previously been seen as likely to make bigger payouts to shareholders with their excess capital. Now the focus is on capital's primary purpose is as a loss-absorbing buffer, they said.

"The capital is still there. Its relevance to shareholders, however, has shifted," the analysts said.

 

Write to Margot Patrick at margot.patrick@wsj.com

 

(END) Dow Jones Newswires

March 31, 2020 09:52 ET (13:52 GMT)

13:0131-03-2020
Intesa Suspends Dividend Payment, Pushes Ahead With UBI Takeover Bid
 
   By Pietro Lombardi 
 

Intesa Sanpaolo SpA has decided to suspend its dividend payment for 2019 following a recommendation from the European Central Bank and will move forward on its bid for smaller rival Unione di Banche Italiane SpA.

The Italian bank said Tuesday that the payment of the cash dividend it proposed for 2019--19.2 euro cents (21.4 U.S. cents) a share--would be suspended and its entire 2019 net profit allocated to reserves. A proposal in this direction will be presented to the shareholders at a meeting scheduled for April 27.

The decision follows similar steps taken by other European banks, including Italian rival UniCredit SpA, after the ECB asked the region's lenders not to pay dividends or buy back shares during the coronavirus pandemic.

The ECB wants banks to boost their ability to absorb losses and support the economy as the eurozone braces for a sharp economic slowdown caused by the pandemic. For this reason, it asked banks not to pay dividends for 2019 and 2020 at least until Oct. 1, adding that lenders should also avoid buybacks.

Intesa also said it will press ahead with a takeover bid for UBI Banca it launched last month.

"The strategic rationale for the transaction takes on even stronger significance in the aftermath of the Covid-19 epidemic, specifically in respect of cost synergies, the increase of the NPL [nonperforming loans] coverage ratio and the reduction of unlikely-to-pay loans and bad loans," it said.

The capital increase related to the offer will also be part of the shareholders' meeting in April, it said.

The suspension of the dividend will further reinforce Intesa's capital and help the bank's common equity tier 1 capital, exceeding the requirement increase to around EUR19 billion.

However, it plans to convene a shareholders' meeting after Oct. 1 to distribute part of the reserves to shareholders by the end of the year. This will be subject to some conditions, namely "indications that will be given by the ECB in respect of this and the group's solid capital position being preserved in respect of the evolution of the context following the Covid-19 epidemic," it said.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

March 31, 2020 07:01 ET (11:01 GMT)

12:2431-03-2020
Intesa Sanpaolo: Dividend Suspension Boosts Capital Position
 

(MORE TO FOLLOW) Dow Jones Newswires

March 31, 2020 06:24 ET (10:24 GMT)

12:2731-03-2020
Intesa Sanpaolo: Shareholders' Meeting Will Be for Distribution of Part of Reserves to Shareholders by End of 2020
 

(MORE TO FOLLOW) Dow Jones Newswires

March 31, 2020 06:27 ET (10:27 GMT)

11:2031-03-2020
Italy Sells EUR750M December 2023 CCTeu, Yield 0.66% vs 0.18% on Jan 30
 

(MORE TO FOLLOW) Dow Jones Newswires

March 31, 2020 05:20 ET (09:20 GMT)

14:4731-03-2020
Coronavirus Dashboard: Economic & Trading Data
 
Major trading data and key economic statistics since Coronavirus outbreak. 
 
 
                                     Tuesday, Mar 31, 2020 
 
 
Market Value (Trillions of USD) 
                                                            Since         Since 
                                                          1Q 2020        Jan. 8 
                                            Current          Peak          2020 
 
U.S.                                          27.64         -8.89         -7.44 
World                                         67.20        -20.88        -18.80 
 
 
Global Benchmarks 
                                                            Since         Since 
                                                          1Q 2020        Jan. 8 
                                            Current          Peak          2020 
 
S&P 500                                     2626.65       -22.43%       -19.26% 
DJIA                                       22327.48       -24.45%       -22.33% 
Nasdaq Composite                            7774.15       -20.81%       -14.84% 
Shanghai Composite                          2750.30       -11.72%       -10.32% 
Hang Seng                                  23603.48       -18.77%       -15.97% 
Korea Kospi                                 1754.64       -22.61%       -18.44% 
Nikkei 225                                 18917.01       -21.45%       -18.48% 
FTSE Straits Times                          2481.23       -24.38%       -23.56% 
S&P BSE Sensex                             29468.49       -29.76%       -27.80% 
FTSE MIB                                   16733.14       -34.32%       -29.79% 
FTSE 100                                    5549.60       -27.69%       -26.74% 
DAX                                         9737.91       -29.38%       -26.89% 
CAC 40                                      4314.83       -29.40%       -28.46% 
IBEX 35                                     6647.10       -34.08%       -30.70% 
S&P/TSX Composite                          13038.50       -27.34%       -24.05% 
 
 
S&P 500 Indexes 
                                                            Since         Since 
                                                          1Q 2020        Jan. 8 
                                            Current          Peak          2020 
 
Airlines                                     164.11       -52.31%       -50.90% 
Hotels, Resorts & Cruise Lines               260.38       -59.45%       -58.00% 
Casinos & Gaming                             489.60       -53.82%       -51.61% 
Restaurants                                 1500.24       -26.13%       -23.05% 
Specialty Retail                            1086.43       -25.03%       -20.33% 
Retail REITs                                  52.90       -49.01%       -47.37% 
Food & Staples Retailing                     453.09        -9.81%        -7.31% 
Packaged Food & Meats                        502.34       -12.90%        -9.94% 
Household Products                           711.82        -9.31%        -4.68% 
Energy                                       219.81       -52.46%       -51.52% 
Banks                                        232.36       -39.38%       -37.92% 
Pharma, Biotech & Life Sciences              889.81       -11.64%        -9.55% 
Managed Health                              2119.76       -18.51%       -16.56% 
Interactive Home Entertainment               404.97        -8.34%        -6.04% 
 
 
Commodities 
                                                            Since         Since 
                                                          1Q 2020        Jan. 8 
                                            Current          Peak          2020 
 
Nymex Crude                                   20.96       -66.87%       -64.84% 
RBOB Gasoline                                  0.63       -64.35%       -61.92% 
Gold                                        1618.70        -3.45%        +3.75% 
Copper                                         2.18       -24.10%       -22.44% 
Cotton                                        50.28       -29.71%       -28.13% 
Lean Hogs                                     59.75       -20.70%       -13.44% 
Wheat                                        565.25        -2.79%        +2.26% 
Soybeans                                     877.50        -8.24%        -7.36% 
 
 
Currencies 
                                                            Since         Since 
                                                          1Q 2020        Jan. 8 
                                            Current          Peak          2020 
 
WSJ Dollar Index                              94.05        -3.06%        +4.19% 
MarketWatch Petrocurrency Index              238.82        -2.09%       +18.39% 
USD/CNY                                      7.0946        -0.28%        +2.13% 
USD/KRW                                     1221.84        -4.02%        +5.11% 
USD/JPY                                      108.30        -3.39%        -0.76% 
USD/SGP                                      1.4258        -2.33%        +5.53% 
USD/INR                                     75.3800        -1.31%        +5.41% 
EUR/USD                                      1.0963        -4.17%        -1.29% 
GBP/USD                                      1.2387        -6.51%        -5.41% 
USD/CAD                                      1.4255        -1.78%        +9.31% 
 
 
10 Year Government Bond Yields 
                                                            Since         Since 
                                                          1Q 2020        Jan. 8 
                                            Current          Peak          2020 
                                              Yield      (Pct Pts)     (Pct Pts) 
 
U.S.                                         0.694%        -1.183        -1.180 
China                                        2.685%        -0.504        -0.485 
Hong Kong                                    0.666%        -1.191        -0.923 
South Korea                                  1.570%        -0.225        -0.060 
Japan                                        0.018%        -0.073        +0.025 
Singapore                                    1.290%        -0.485        -0.455 
India                                        6.125%        -0.719        -0.428 
Italy                                        1.502%        -0.875        +0.099 
U.K                                          0.327%        -0.500        -0.496 
Germany                                     -0.495%        -0.336        -0.254 
France                                      -0.045%        -0.383        -0.085 
Spain                                        0.607%        -0.584        +0.189 
Canada                                       0.703%        -0.928        -0.928 
 
 
Unemployment 
                                                                           Next 
                                                             2019       Release 
                                            Current       Average          Date 
 
U.S. Unemployment Rate                  3.5% (Feb.)          3.7%      April 03 
 -U.S. Participation Rate              63.4% (Feb.)         63.1%      April 03 
 -Total Nonfarm Payrolls            +273,000 (Feb.)      +178,000      April 03 
 -Leisure and Hospitality Payrolls   +51,000 (Feb.)       +30,750      April 03 
China                                   3.6% (Q4)            3.6%      April 17 
Hong Kong                               3.7% (Feb.)          2.9%      April 20 
South Korea                             3.3% (Feb.)          3.7%      April 16 
Japan                                   2.4% (Feb.)          2.4%      April 27 
Singapore                               2.3% (Q4)            2.3%      April 30 
Italy                                   9.8% (Jan.)          9.9%      April 01 
U.K.                                    3.9% (Jan.)          3.8%      April 21 
Germany                                 5.0% (Mar.)          5.0%      April 30 
France                                  8.1% (Q4)            8.4%        May 14 
Spain                                  13.7% (Jan.)         14.1%      April 02 
Canada                                  5.6% (Feb.)          5.7%      April 09 
 
 
GDP (Q/Q Annualized) 
                                                                           Next 
                                                             2019       Release 
                                            Current       Average          Date 
 
U.S.                                    2.1% (Q4)            2.3%      April 29 
China                                   6.0% (Q4)            6.2%      April 17 
Hong Kong                              16.3% (Q4)           -1.5%        May 04 
South Korea                             5.1% (Q4)            2.4%      April 22 
Japan                                  -7.1% (Q4)           -0.6%        May 17 
Singapore                               3.1% (Q4)            1.2%      April 14 
India                                   6.6% (Q4)            5.6%        May 29 
Italy                                  -1.2% (Q4)            0.1%      April 30 
U.K.                                    0.5% (Q4)            1.1%        May 12 
Germany                                0.03% (Q4)            0.1%        May 15 
France                                 -0.2% (Q4)            0.9%      April 30 
Spain                                   1.8% (Q4)            1.8%      April 30 
Canada                                  0.3% (Q4)            1.5%        May 29 
 
 
Markit Services PMI 
                                                                           Next 
                                                             2019       Release 
                                            Current       Average          Date 
 
U.S.                                   49.38 (Feb.)         52.55      April 03 
China                                  26.51 (Feb.)         52.53      April 03 
Japan                                  46.75 (Feb.)         51.54      April 03 

(MORE TO FOLLOW) Dow Jones Newswires

March 31, 2020 08:47 ET (12:47 GMT)

11:1531-03-2020
Italy Sells EUR3.5B August 2030 BTP, Yield 1.48% vs 1.00% on Feb 27
 

(MORE TO FOLLOW) Dow Jones Newswires

March 31, 2020 05:15 ET (09:15 GMT)

18:0531-03-2020
Milan Closing Stock Prices
 
                                 Close     Change   % Change 
  FTSE MIB Index             17,050.94    +178.53      +1.06 
  Index Components 
  ENI                             9.22      +0.63      +7.30 
  FinecoBank                      8.29      -0.13      -1.57 
  Poste Italiane                  7.72      -0.20      -2.48 
  Ferrari                       141.55      +2.40      +1.72 
  Italgas                         4.99      +0.13      +2.68 
  Pirelli                         3.27      -0.08      -2.27 
  Nexi                           11.86      -0.02      -0.19 
  STMicroelectronics             19.88      +0.47      +2.42 
  A2A                             1.13      +0.00      +0.18 
  UniCredit                       7.15      -0.13      -1.75 
  Intesa Sanpaolo                 1.49      +0.02      +1.20 
  Enel                            6.34      -0.05      -0.74 
  Amplifon                       18.72      -0.25      -1.32 
  Davide Campari-Milano           6.55      -0.10      -1.50 
  Snam                            4.20      +0.07      +1.64 
  Juventus Football Club          0.78      +0.01      +0.72 
  Banco BPM                       1.20      -0.01      -1.03 
  Tenaris                         5.58      +0.04      +0.76 
  Hera                            3.27      -0.02      -0.67 
  Unione di Banche Italiane       2.41      +0.02      +0.92 
  Atlantia                       11.43      +0.78      +7.27 
  TERNA                           5.77       0.00      -0.07 
  Azimut Holding                 13.18      +0.52      +4.11 
  Salvatore Ferragamo            12.10      -0.45      -3.59 
  Banca Generali                 19.12      +0.45      +2.41 
  Prysmian                       14.60      -0.72      -4.67 
  DiaSorin                      120.70      +4.20      +3.61 
  Fiat Chrysler Automobiles       6.57      +0.26      +4.15 
  Assicurazioni Generali         12.41      +0.04      +0.36 
  EXOR                           47.00      +0.27      +0.58 
  Mediobanca                      5.03      +0.05      +1.07 
  Telecom Italia                  0.37      +0.01      +3.42 
  Recordati                      38.54      -0.59      -1.51 
  Saipem                          2.24       unch       unch 
  Buzzi Unicem                   16.67      +0.70      +4.35 
  Unipol Gruppo                   3.13      +0.11      +3.64 
  BPER Banca                      2.80      +0.08      +3.09 
  Leonardo                        6.07      +0.11      +1.81 
  CNH Industrial                  5.22      +0.08      +1.60 
  Moncler                        33.29      -0.71      -2.09 
 
Prices in Euro 
Source: FactSet 
 

(END) Dow Jones Newswires

March 31, 2020 12:05 ET (16:05 GMT)

11:3031-03-2020
Russian Soldiers in Italy Contain the Coronavirus and Mark a Political Shift
By Yaroslav Trofimov 

The images released by the Russian Defense Ministry were unprecedented.

Russian and Italian generals gathered around a map of the Italian peninsula, plotting the route of a Russian convoy. Military vehicles, flying Russian flags and emblazoned with "From Russia with Love" in Italian, Russian and English, were shown driving across Italy to the northern city of Bergamo, one of the hardest hit by the coronavirus pandemic that has killed more than 11,000 Italians.

Russia may face a similar level of infections soon, and on Monday Moscow was placed on a strict lockdown. Yet President Vladimir Putin took the time to score points in his quest to weaken Western alliances.

At a time when aid from Italy's allies in the North Atlantic Treaty Organization and European Union was nowhere to be seen, Mr. Putin dispatched nine Iluyshin-76 aircraft laden with medical supplies and military personnel--planes that landed at the Pratica di Mare military airfield near Rome within 24 hours of his March 21 conversation with Italian Prime Minister Giuseppe Conte.

"The Russians have taken advantage of the situation in a very agile way, " said retired Gen. Vincenzo Camporini, the former chief of staff of Italian armed forces. "Yet, it's very unpleasant that our tragedy is being exploited for propaganda purposes."

The swift arrival of more than 100 Russian troops--at a time when Moscow remains under EU sanctions for its 2014 invasion of Ukraine--caught many Italian officials by surprise, and caused recrimination within Mr. Conte's government, people familiar with the situation said. Turin's La Stampa newspaper even compared the convoy to the Soviet Union's invasion of Afghanistan in 1979--provoking an angry response from Russian Ambassador Sergey Razov.

"If you are reasoning (without grounds) that sending the Russian troops aimed to create some kind of damage to relations between Italy and its NATO partners, we offer to readers an opportunity to judge for themselves who and how comes to help the Italian people in difficult moments," the ambassador wrote to the newspaper.

Russia--just as did China in previous weeks--acted at a moment of initial disarray within the EU and NATO. At the beginning of March, several EU member states, including Germany and France, blocked the export of surgical masks and other vital equipment to other members of what is supposed to be a single market. The U.S., too, showed little solidarity with its European NATO allies.

"We, the West, allowed this perception of a lack of help in looking out for each other," said retired Lt. Gen. Ben Hodges, the former commander of the U.S. Army Europe. "This created an opportunity for the Kremlin, and for the Chinese Communist Party, to step in, to fill that vacuum."

Many of these initial wrinkles have been ironed out by now, with EU agreements on joint procurement and cross-border hospital admissions. France, Germany and Austria have delivered 3.6 million masks to Italy. Germany's air force on Saturday started flying critically ill Italian patients to German hospitals, and Poland sent medics to Brescia.

The U.S. Army, too, last week delivered a shipment of medical gear to the emergency hospital being erected at the Milan fairgrounds. Yet all that did little to alter many Italians' perceptions that their country had been abandoned.

It isn't clear to what extent Russia's aid mission will help. A significant part of the Russian contingent is made up of specialists in biological warfare decontamination--something of limited use in the current pandemic. Still, while providing the Russian soldiers with military escorts, to make sure they don't move on their own, the Italian government effusively thanked Mr. Putin.

"At the moment the government is overwhelmed and all its attention is focused inwards, and so any show of solidarity is accepted and appreciated even if it's completely useless," said Nathalie Tocci, director of the Institute of International Affairs in Rome and a former European Commission foreign-policy adviser.

If the Russian aid wasn't of much use by itself, an Italian official added, its high-profile arrival at least helped spur Italy's traditional allies into action.

Even though coronavirus cases now are surging in Russia, Mr. Putin won't face much criticism at home for diverting these resources to Italy, said Ruslan Pukhov, director of the Moscow-based Center for Analysis of Strategies and Technologies, a think tank that advises the Russian military. "It's unlikely to be negatively received, or exploited by anyone. It's more likely to cause a sense of pride in Russia," he said.

Russian decontamination specialists are deployed to clean up homes for the elderly in the Bergamo province--homes where some 600 residents have died of the virus, local officials say. Russia's Defense Ministry said Monday that these troops had sanitized eight building complexes totaling 226,000 square feet.

The 28 Russian military doctors and four nurses are shadowing Italian doctors at the Papa Giovanni XXIII Hospital in Bergamo and will be deployed at the new field hospital that Italian authorities are planning to unveil in coming days, local officials said.

"It's true that, for the Kremlin, any occasion is useful for propaganda, " said Lia Quartapelle, a lawmaker from Italy's governing coalition. "But we are now in a situation when we really need everything."

Write to Yaroslav Trofimov at yaroslav.trofimov@wsj.com

 

(END) Dow Jones Newswires

March 31, 2020 05:30 ET (09:30 GMT)

13:3831-03-2020
Intesa Suspends Dividend Payment, Pushes Ahead With UBI Takeover Bid -- Update
 

--Intesa Sanpaolo has decided to suspend its dividend payment for 2019 following a recommendation from the ECB

--The bank is planning a shareholders' meeting after Oct. 1 to consider the distribution of the originally planned dividend

--Intesa is pressing ahead with a takeover bid for UBI Banca

 
  By Pietro Lombardi 
 

Intesa Sanpaolo SpA has decided to suspend its dividend payment for 2019 following a recommendation from the European Central Bank, and will move forward on its bid for smaller rival Unione di Banche Italiane SpA.

The Italian bank said Tuesday that the payment of its proposed cash dividend for 2019--19.2 euro cents (21.4 U.S. cents) a share--would be suspended and its entire 2019 net profit allocated to reserves. A proposal in this direction will be presented to the shareholders at a meeting scheduled for April 27.

"As Italy and the whole world face an unprecedented emergency, we have decided to adopt the guidance of Supervisory Authorities," Chief Executive Carlo Messina said.

The decision follows similar steps taken by other European banks, including Italian rival UniCredit SpA, after the ECB asked the region's lenders not to pay dividends or buy back shares during the coronavirus pandemic.

The eurozone's central bank wants banks to boost their ability to absorb losses and support the economy as the eurozone braces for a sharp economic slowdown caused by the pandemic. For this reason, it asked banks not to pay dividends for 2019 and 2020 at least until Oct. 1, adding that lenders should also avoid buybacks.

Intesa also said it will press ahead with a takeover bid for UBI Banca it launched last month.

"We are convinced that the combination, in this extraordinary moment, assumes even greater strategic value and represents for UBI Banca an even more compelling prospect: strong capital, robust coverage of impaired loans, scale, diversification and investment capacity are now even more valuable," Mr. Messina said.

The capital increase related to the offer will also be part of the shareholders' meeting in April, it said.

The suspension of the dividend will further reinforce Intesa's capital, taking its core tier 1 capital ratio to 15.2% as of Dec. 31, up from 14.1%. Including some recent regulatory changes, the bank's excess capital would stand at around EUR19 billion.

However, it plans to convene a shareholders' meeting after Oct. 1 to distribute part of the reserves to shareholders by the end of the year. This will be subject to some conditions, namely "indications that will be given by the ECB in respect of this and the group's solid capital position being preserved in respect of the evolution of the context following the Covid-19 epidemic," it said.

"We do believe that the distribution of cash dividends by banks with high levels of capital--able to fulfill their role in supporting families and businesses even in complex circumstances--is important for retail shareholders and remains a crucial support to the charitable initiatives undertaken by the Italian banking foundations that make up a part of our shareholding," Mr. Messina said.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

March 31, 2020 07:38 ET (11:38 GMT)

11:1531-03-2020
Italy Sells EUR2.75B February 2025 BTP, Yield 0.80% vs 0.36% on Feb 27
 

(MORE TO FOLLOW) Dow Jones Newswires

March 31, 2020 05:15 ET (09:15 GMT)

12:2231-03-2020
Intesa Sanpaolo: Dividend Decision Follows ECB Recommendation on Dividend During Coronavirus
 

(MORE TO FOLLOW) Dow Jones Newswires

March 31, 2020 06:22 ET (10:22 GMT)

17:1531-03-2020
Ferrari Price Target Cut to $180.00/Share From $185.00 by Morgan Stanley
 

Ratings actions from Benzinga: https://www.benzinga.com/stock/RACE/ratings

 

(END) Dow Jones Newswires

March 31, 2020 11:15 ET (15:15 GMT)

12:3031-03-2020
Intesa Sanpaolo: Capital Increase for UBI Banca Offer Will Be on Agenda of EGM on April 27
 

(MORE TO FOLLOW) Dow Jones Newswires

March 31, 2020 06:30 ET (10:30 GMT)

11:2831-03-2020
Italy Sells EUR8.5 Bln in Government Bonds, Upper End of Target Range
 

By Emese Bartha

 

The Italian Treasury sold a total of 8.5 billion euros ($9.40 billion) in nominal bonds, or BTPs, and a floating rate note, or CCTeu, at an auction on Tuesday, the Bank of Italy said.

The allotment was on the upper end of the Treasury's overall target range.

All bonds on offer are existing ones that were reopened.

The following are details of the auction, with amounts in euros. Figures in brackets are data from the previous auction held on Feb. 27 for the February 2025 and August 2030 BTPs, March 12 for the April 2030 BTP and Jan. 30 for the December 2023 CCTeu.

Issue                   0.35% Feb. 1, 2025 BTP 
Amount on offer         2.25 bln-2.75 bln 
Bids received           3.923 bln 
Bids accepted           2.75 bln 
Bid-to-cover ratio      1.43         (1.36) 
Uniform yield           0.80%        (0.36%) 
Uniform price           97.88        (99.93) 
Settlement date         April 2, 2020 
 
Issue                   1.35% April 1, 2030 BTP 
Amount on offer         1 bln-1.5 bln 
Bids received           2.289 bln 
Bids accepted           1.5 bln 
Bid-to-cover ratio      1.53         (1.46) 
Uniform yield           1.44%        (1.29%) 
Uniform price           99.19        (100.63) 
Settlement date         April 2, 2020 
 
Issue                   0.95% Aug. 1, 2030 BTP 
Amount on offer         3 bln-3.5 bln 
Bids received           4.641 bln 
Bids accepted           3.5 bln 
Bid-to-cover ratio      1.33         (1.26) 
Uniform yield           1.48%        (1.00%) 
Uniform price           94.99        (99.50) 
Settlement date         April 2, 2020 
 
Issue                   Dec. 15, 2023 CCTeu 
Amount on offer         500 mln-750 mln 
Bids received           1.527 bln 
Bids accepted           750 mln 
Bid-to-cover ratio      2.04         (1.32) 
Yield                   0.66%        (0.18%) 
Assignment price        98.34        (100.12) 
Settlement date         April 2, 2020 

Write to Emese Bartha at emese.bartha@wsj.com

 

(END) Dow Jones Newswires

March 31, 2020 05:28 ET (09:28 GMT)

12:2631-03-2020
Intesa Sanpaolo Plans to Convene Shareholders' Meeting After Oct. 1
 

(MORE TO FOLLOW) Dow Jones Newswires

March 31, 2020 06:26 ET (10:26 GMT)

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