Breaking news
SOURCE: MF - DJ NEWS
18:0520-06-2019
Milan Closing Stock Prices
13:4520-06-2019
Ferrari Price Target Raised to $185.00/Share From $158.00 by Credit Suisse
13:2820-06-2019
European Press Roundup: US Hedge Fund Manager Paulson Shuts Down London Operations
07:5519-06-2019
G7 Political, Economic Calendar - Week Ahead -3-
06:1820-06-2019
Italy Calendar of Corporate Events - Month Ahead
16:4720-06-2019
Italy to Conduct Bond Exchange Operation on Friday
18:4420-06-2019
Enel Russia Signs Sale-Purchase Agreement With Kuzbassenergo
13:4520-06-2019
Ferrari Is Maintained at Outperform by Credit Suisse
07:5520-06-2019
G7 Political, Economic Calendar - Week Ahead
16:3320-06-2019
Italy to Conduct Bond Exchange Transaction on Friday
17:2720-06-2019
Europe Needs to Buy, Buy, Buy -- Barrons.com
09:0120-06-2019
Italy's FTSE MIB Rises 0.6% in Opening Trade
07:5520-06-2019
G7 Political, Economic Calendar - Week Ahead -3-
20:2620-06-2019
Italy to Auction Up to EUR3.25 Bln in 2021 CTZ, 2028, 2041 BTPei on June 25
11:3020-06-2019
Fiat Chrysler's Elkann Keeps Family Support in Wake of Busted Merger Talks
16:3620-06-2019
Italy to Cap Nominal Amount of Feb 2028 BTP Issue at EUR2.5B in Exchange Operation
16:3520-06-2019
Italy to Issue February 2028 BTP In Exchange of Five Bonds Subject to Buyback
10:0520-06-2019
Currency Rates Of Pulp and Paper Producing Countries
18:0520-06-2019
Milan Closing Stock Prices
 
                                 Close     Change   % Change 
  FTSE MIB Index             21,361.44    +140.06      +0.66 
  Index Components 
  ENI                            14.36      +0.14      +0.96 
  FinecoBank                      9.55      +0.11      +1.14 
  Mediaset                        3.03      +0.06      +2.09 
  Poste Italiane                  9.52      +0.14      +1.54 
  Ferrari                       143.00      +3.20      +2.29 
  Italgas                         6.05       0.00      -0.03 
  Pirelli                         5.48      +0.12      +2.16 
  STMicroelectronics             15.19      +0.37      +2.46 
  A2A                             1.56      +0.02      +1.30 
  UniCredit                      10.60      -0.06      -0.53 
  Intesa Sanpaolo                 1.89      -0.02      -0.86 
  Enel                            6.19      +0.02      +0.32 
  Davide Campari-Milano           8.97      +0.22      +2.52 
  Snam SpA                        4.80      -0.01      -0.23 
  Banco BPM                       1.78      -0.01      -0.64 
  Tenaris                        11.37      +0.30      +2.71 
  Unione di Banche Italiane       2.36      -0.04      -1.62 
  Atlantia                       24.34      +0.38      +1.59 
  TERNA                           5.98      +0.03      +0.57 
  Azimut Holding                 16.78      +0.20      +1.21 
  Salvatore Ferragamo            20.99      +0.26      +1.25 
  Banca Generali                 25.54      +0.44      +1.75 
  Prysmian                       17.98      +0.38      +2.13 
  Fiat Chrysler Automobiles      12.34      +0.15      +1.21 
  Assicurazioni Generali         16.56      -0.09      -0.57 
  EXOR                           60.86      +0.18      +0.30 
  Mediobanca                      8.81      -0.03      -0.32 
  Telecom Italia                  0.48      +0.01      +1.85 
  Recordati                      37.30      +0.32      +0.87 
  UnipolSAI Assicurazioni         2.23      +0.01      +0.27 
  Saipem                          4.46      +0.14      +3.27 
  Buzzi Unicem                   17.87      +0.11      +0.62 
  Unipol Gruppo                   4.24      -0.03      -0.63 
  BPER Banca                      3.60       0.00      -0.11 
  Leonardo                       11.15      +0.18      +1.64 
  CNH Industrial                  9.06      +0.04      +0.44 
  Moncler S.p.A.                 37.63      +1.02      +2.79 
  Brembo                         10.33      +0.27      +2.68 
 
Prices in Euro 
Source: FactSet 
 

(END) Dow Jones Newswires

June 20, 2019 12:05 ET (16:05 GMT)

13:4520-06-2019
Ferrari Price Target Raised to $185.00/Share From $158.00 by Credit Suisse
 

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

 

(END) Dow Jones Newswires

June 20, 2019 07:45 ET (11:45 GMT)

13:2820-06-2019
European Press Roundup: US Hedge Fund Manager Paulson Shuts Down London Operations
 

In Europe today, Renault and Nissan partnered with Alphabet's Waymo to explore driverless cars options, while U.K. retail sales fell again on poor weather. Read about the above topics on Dow Jones Newswires or WSJ.com.

 

In Other Media...

 

U.S. hedge-fund manager John Paulson has shut down the remainder of his London operations, as he stops managing money for external clients. A spokesperson for Paulson & Co said the U.K. and Western Europe will continue to be part of the hedge fund's investment focus. -FT

 

Naturgy is intensifying negotiations with Egypt's government in a push to settle a long-running legal dispute it faces over a gas plant it jointly operates in the country with Eni. Naturgy CEO Francisco Reynes was due to meet Egyptian President Abdel Fattah el-Sisi today but the meeting was canceled at the last minute. -Cinco Dias

 

The Austrian parliament is set to discuss a bill next month that would bind ridesharing service Uber to Austria's nationwide rules for taxis, putting an end to the service's use of flexible pricing and increasing the likelihood of Uber's departure from the Austrian market. -Der Standard

 

The Flamanville nuclear power plant won't be able to start running before the end of 2022 as the French nuclear safety authority said Thursday that EDF--which is in charge of the project--will have to carry out further work on the power plant. The opening of Flamanville NPP have been delayed by 10 years so far. -Le Monde

 

Home24 faced angry shareholders Wednesday at its first annual shareholder meeting since the company was listed. The furniture e-commerce platform's share price has fallen drastically during the last year, with stockholders partly blaming the company's investor Rocket Internet for the bad performance. -Handelsblatt

 

Netflix is raising the prices of its premium subscription packages in Spain by between 9% and 14%. The streaming video company says the price hike is justified by improvements in quality of service and investment in series and films. -Cinco Dias

 

Write to Barcelona editors at barcelonaeditors@dowjones.com

 

(END) Dow Jones Newswires

June 20, 2019 07:28 ET (11:28 GMT)

07:5519-06-2019
G7 Political, Economic Calendar - Week Ahead -3-
                       Refinance Idx, W/W% 
0830  US   May      Advance Report on Durable Goods 
                       Durable Goods-SA, M/M%                             -2.1% 
                       Dur Goods, Ex-Defense, M/M%                        -2.5% 
                       Dur Goods, Ex-Transport, M/M%                      +0.0% 
                       Orders: Cap Gds, Non-Def, Ex-Air, M/M%             -0.9% 
                       Shipmnts: Cap Gds, Non-Def, Ex-Air,                +0.0% 
                       M/M% 
0830  US   Annual   U.S. International Investment Position 
0830  US   May      Advance Economic Indicators Report 
0830  CAN  Jun      Preliminary estimates of principal field crop areas 
1030  US   06/22    EIA Weekly Petroleum Status Report 
                       Crude Oil Stocks (Bbl) 
                       Crude Oil Stocks, Net Chg (Bbl) 
                       Gasoline Stocks (Bbl) 
                       Gasoline Stocks, Net Chg (Bbl) 
                       Distillate Stocks (Bbl) 
                       Distillate Stocks, Net Chg (Bbl) 
                       Refinery Usage 
                       Total Prod Supplied (Bbl/day) 
                       Total Prod Supplied, Net Chg (Bbl/day) 
1330  US            ABA Economic Advisory Committee economic forecast 
1901  UK   May      UK monthly automotive manufacturing figures 
1950  JPN  May      Preliminary Retail Sales 
                       Retail Sales, Y/Y%                                 +0.5% 
                       Large-Scale Retail Sales, Y/Y%                     -1.8% 
1950  JPN  Jun      Provisional Trade Statistics for 1st 10 days of Month 
N/A   EU            ECB Governing Council non-monetary policy meeting 
N/A   EU            European Commission provisional deadline for DP World / P&O 
                    Group decision 
N/A   EU            European Commission provisional deadline for GlaxoSmithKline 
                    / Pfizer decision 
 
 

(END) Dow Jones Newswires

June 19, 2019 01:55 ET (05:55 GMT)

06:1820-06-2019
Italy Calendar of Corporate Events - Month Ahead
Companies marked * display an estimated release date based on last year's report. An update is planned. 
 
Thursday, June 20, 2019 
Company                        Event 
OVS SpA (OVS.MI)               Q1 2019 Earnings conference call 
 
Monday, June 24, 2019 
Company                        Event 
CHL (CHL.MI)                   Full year 2018 AGM & EGM 
Nexi SpA (NEXI.MI)             Nexi into FTSE MIB Index 
Piovan (PVN.MI)                Piovan into FTSE Italia Small Cap Index 
Illimity Bank (ILTY.MI)        Illimity Bank into FTSE Italia Mid Cap 
                               Index 
Iren Spa (IRE.MI)              Full year 2018 Ex-dividend date - 
                               proposed (seen 0.084) 
Poste Italiane (PST.MI)        Full year 2018 Ex-dividend date - 
                               proposed (seen 0.44) 
Terna SpA (TRN.MI)             Full year 2018 Ex-dividend date - 
                               proposed (seen 0.1545) 
Unieuro (UNIR.MI)              Full year 2018 Ex-dividend date - 
                               proposed (seen 1.07) 
Prysmian (PRY.MI)              Full year 2018 Ex-dividend date - 
                               proposed (seen 0.43) 
Snam Spa (SRG.MI)              Full year 2018 Ex-dividend date - 
                               proposed (seen 0.1358) 
Hera (HER.MI)                  Full year 2018 Ex-dividend date - 
                               proposed (seen 0.10) 
Aquafil (ECNL.MI)              Aquafil into FTSE Italia Small Cap Index 
Autogrill Spa (AGL.MI)         Full year 2018 Ex-dividend date - 
                               proposed (seen 0.20) 
Acea Spa (ACE.MI)              Full year 2018 Ex-dividend date - 
                               proposed (seen 0.71) 
Acsm - Agam (ACS.MI)           Full year 2018 Ex-dividend date - 
                               proposed (seen 0.07) 
Banca Generali (BGN.MI)        Banca Generali into FTSE Italia Mid Cap 
                               Index 
Digitouch (DGT.MI)             Full year 2018 Ex-dividend date - 
                               proposed (seen 0.02) 
EXOR (EXO.MI)                  Full year 2018 Ex-dividend date - 
                               proposed (seen 0.43) 
Carel Industries SpA (CRL.MI)  Full year 2018 Ex-dividend date (seen 0.10) 
Carel Industries SpA (CRL.MI)  Full year 2018 Dividend payment date 
                               (seen 0.10) 
 
Tuesday, June 25, 2019 
Company                        Event 
PLC SpA (PLC.MI)               Full year 2018 AGM & EGM 
Ternienergia (TER.MI)*         Full year 2018 AGM - 1st call 
HeidelbergCement AG (HEI.XE)*  Capital Markets Day 
 
Wednesday, June 26, 2019 
Company                        Event 
Borgosesia (BO.MI)             Full year 2018 AGM - 1st call 
Zucchi SpA - Ord (ZUC.MI)      Full year 2018 AGM 
Bioera (BIE.MI)                Full year 2018 AGM - 1st call 
Snam Spa (SRG.MI)              Full year 2018 Dividend payment date - 
                               proposed (seen 0.1358) 
Prysmian (PRY.MI)              Full year 2018 Dividend payment date - 
                               proposed (seen 0.43) 
Poste Italiane (PST.MI)        Full year 2018 Dividend payment date - 
                               proposed (seen 0.44) 
Unieuro (UNIR.MI)              Full year 2018 Dividend payment date - 
                               proposed (seen 1.07) 
Ternienergia (TER.MI)*         Full year 2018 AGM - 2nd call [if required] 
Terna SpA (TRN.MI)             Full year 2018 Dividend payment date - 
                               proposed (seen 0.1545) 
Iren Spa (IRE.MI)              Full year 2018 Dividend payment date - 
                               proposed (seen 0.084) 
Autogrill Spa (AGL.MI)         Full year 2018 Dividend payment date - 
                               proposed (seen 0.20) 
Acsm - Agam (ACS.MI)           Full year 2018 Dividend payment date - 
                               proposed (seen 0.07) 
Acea Spa (ACE.MI)              Full year 2018 Dividend payment date - 
                               proposed (seen 0.71) 
Hera (HER.MI)                  Full year 2018 Dividend payment date - 
                               proposed (seen 0.10) 
EXOR (EXO.MI)                  Full year 2018 Dividend payment date - 
                               proposed (seen 0.43) 
Digitouch (DGT.MI)             Full year 2018 Dividend payment date - 
                               proposed (seen 0.02) 
 
Thursday, June 27, 2019 
Company                        Event 
Borgosesia (BO.MI)             Full year 2018 AGM - 2nd call [if required] 
I Grandi Viaggi (IGV.MI)       Interim 2019 Results 
El.En. (ELN.MI)*               Factory Company visit 
 
Friday, June 28, 2019 
Company                        Event 
Cementir Holding (CEM.MI)      EGM re transfer registered office in The 
                               Netherlandsand & new by-laws 
Gequiti Spa (GEQ.MI)           Full year 2018 AGM & EGM 
Bioera (BIE.MI)                Full year 2018 AGM - 2nd call [if required] 
Stefanel (STEF.MI)             Full year 2018 AGM - 1st call 
Seri Industrial (SERI.MI)*     Full year 2018 AGM 
Fiat Chrysler Automobiles      Capital Markets Day  / Webcast 
      (FCA.MI)* 
 
Saturday, June 29, 2019 
Company                        Event 
Netweek SpA (NTW.MI)           Full year 2018 AGM - 1st call 
Stefanel (STEF.MI)             Full year 2018 AGM  - 2nd call [if 
                               required] 
 
Sunday, June 30, 2019 
Company                        Event 
axelero Spa (AXEL.MI)          Full year 2018 AGM - 1st call 
 
Monday, July 1, 2019 
Company                        Event 
axelero Spa (AXEL.MI)          Full year 2018 AGM - 2nd call [if required] 
Ternienergia (TER.MI)*         Full year 2018 Ex-dividend date - proposed 
Olidata (OLI.MI)*              Full year 2018 AGM & EGM - 1st call 
La Doria (LD.MI)               Full year 2018 Ex-dividend date - 
                               proposed (seen 0.18) 
 
Tuesday, July 2, 2019 
Company                        Event 
Olidata (OLI.MI)*              Full year 2018 AGM & EGM - 2nd call [if 
                               required] 
 
Wednesday, July 3, 2019 
Company                        Event 
Ternienergia (TER.MI)*         Full year 2018 Dividend payment date - 
                               proposed 
La Doria (LD.MI)               Full year 2018 Dividend payment date - 
                               proposed (seen 0.18) 
 
Thursday, July 4, 2019 
Company                        Event 
Bper Banca (BPE.MI)            EGM re increase of share capital 
 
Monday, July 8, 2019 
Company                        Event 
IVS Group (IVS.MI)             Full year 2018 Ex-dividend date - 
                               proposed (seen 0.30) 
Cofide SpA (COF.MI)            Full year 2018 Ex-dividend date - 
                               proposed (seen 0.0145) 
 
Wednesday, July 10, 2019 
Company                        Event 
Unieuro (UNIR.MI)              Q1 2019 Results 
IVS Group (IVS.MI)             Full year 2018 Dividend payment date - 
                               proposed (seen 0.30) 
Cofide SpA (COF.MI)            Full year 2018 Dividend payment date - 
                               proposed (seen 0.0145) 
 
Thursday, July 11, 2019 
Company                        Event 
Sesa (SES.MI)                  Full year 2019 Results 
Exprivia SpA (XPR.MI)*         Presentation Business Plan 2018 - 2023 
Brunello Cucinelli (BC.MI)     Interim 2019 Sales [prelims] 
 
Monday, July 15, 2019 
Company                        Event 
Luve SpA (LUVE.MI)             Interim 2019 Sales 
 
Thursday, July 18, 2019 
Company                        Event 
Cassiopea (SKIN.EB)*           Interim 2019 Earnings conference call  / 
                               Webcast 
Cassiopea (SKIN.EB)            Interim 2019 Results 
 
 
 

(END) Dow Jones Newswires

June 20, 2019 00:18 ET (04:18 GMT)

16:4720-06-2019
Italy to Conduct Bond Exchange Operation on Friday
 

By Emese Bartha

 

Italy's Ministry of the Economy and Finance will conduct a government bond-exchange operation on Friday, selling a maximum of 2.5 billion euros ($2.80 billion) in February 2028 BTPs in exchange of five bonds subjects to buyback, it said Thursday.

The bonds subject to buyback are the 4.25% March 2020 and 2.45% October 2023 BTPs, the 1.65% April 2020 BTP Italia, the 0.10% May 2022 BTPei and the September 2025 CCTeu, the ministry said. The BTPs are fixed-rate bonds, the BTP Italia is indexed to domestic inflation, the BTPei is linked to eurozone inflation, while the CCTeu is a floating rate note.

Bond-exchange operations are part of standard debt-management tools. They are cash neutral and aim to smooth out the redemption profile by reducing near-term redemption payments.

 

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

 

(END) Dow Jones Newswires

June 20, 2019 10:47 ET (14:47 GMT)

18:4420-06-2019
Enel Russia Signs Sale-Purchase Agreement With Kuzbassenergo
 
   By Anthony Shevlin 
 

Enel SpA (ENEL.MI) said Thursday that its Russian subsidiary signed a sale-purchase agreement with Kuzbassenergo (KZBE.RS) for the disposal of the Reftinskaya coal-fired power plant.

The Italian power company said the consideration for the plan is an initial payment of 286 million euros ($320.6 million) plus a further EUR41 million over the next five years, subject to conditions.

With an installed capacity of 3,800 megawatts, Reftinskaya is the biggest coal-fired power plant in Russia. The sale is in line with Enel's strategic shift toward a more sustainable model based on renewables, the company previously said.

The expected timeline for the transfer of the plant to Kuzbassenergo is 18 months from the entry into effect of the sale-purchase agreement, which is pending Russia's Federal Antimonopoly Service approval.

Enel Russia must also agree to the terms and conditions at a shareholder meeting on July 22.

 

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

 

(END) Dow Jones Newswires

June 20, 2019 12:44 ET (16:44 GMT)

13:4520-06-2019
Ferrari Is Maintained at Outperform by Credit Suisse
 

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

 

(END) Dow Jones Newswires

June 20, 2019 07:45 ET (11:45 GMT)

07:5520-06-2019
G7 Political, Economic Calendar - Week Ahead
All dates are in GMT. 
 
Thursday, June 20, 2019                                        Exp        Prev 
 GMT 
0430  JPN  Apr      All Industry Index 
0600  JPN  May      Revised Machine Tool Orders 
0700  JPN  May      Convenience Store Sales 
0730  EU            ECB Vice-President Luis de Guindos speaks at Universidad 
                    Internacional Menendez Pelayo event 
0800  EU            ECB Economic Bulletin 
0830  UK   May      Capital issuance 
0830  UK   May      UK monthly retail sales figures 
                       Retail Sales, M/M%                      -0.5%      +0.0% 
                       Retail Sales, Y/Y%                      +2.6%      +5.2% 
0900  ITA  Annual   Italy State of the Nation Annual Report 
0910  UK            Peers ask lawyers if EU State aid rules prevented British 
                    Steel bail out 
0930  UK            NFU Scotland publish results of Brexit survey 
1000  UK   May      Aluminium Production report 
1100  UK            UK interest rate decision 
                       Bank Rate                               0.75       0.75 
                       Bank Rate-Range High 
                       Bank Rate-Range Low 
1100  UK            Bank of England MPC meeting minutes 
                       Votes Against Rate Decision             0          0 
                       Votes For Rate Decision                 9          9 
1100  UK            Agents' Summary of Business Conditions 
1230  US   Jun      Philadelphia Fed Business Outlook Survey 
                       Business Activity                       9.3        16.6 
                       Prices Paid                                        23.1 
                       Employment                                         18.2 
                       New Orders                                         11.0 
                       Prices Received                                    17.5 
                       Delivery Times                                     3.4 
                       Inventories                                        -3.1 
                       Shipments                                          27.6 
1230  CAN  Apr      Employment Insurance 
1230  US   Q1       International Transactions 
                       Current Account (USD)                   -122.0B    -134.38B 
1230  US   06/15    Unemployment Insurance Weekly Claims Report - Initial Claims 
                       Jobless Claims                          220K       222K 
                       Jobless Claims, Net Chg                            +3K 
                       Continuing Claims                                  1695000 
                       Continuing Claims, Net Chg                         +2K 
1230  US            U.S. Weekly Export Sales 
                       Corn (Metric Tons)                                 262.6K 
                       Soybeans (Metric Tons)                             531.1K 
                       Wheat (Metric Tons)                                1564.3K 
1345  US            Bloomberg Consumer Comfort Index 
1400  EU   Jun      FCCI Flash Consumer Confidence Indicator 
                       Consumer Conf Idx                       -6.9       -6.5 
1400  US   May      Leading Indicators 
                       Leading Index, M/M%                     +0.0%      +0.2% 
                       Leading Index                                      112.1 
                       Coincident Index, M/M%                             +0.1% 
                       Lagging Index, M/M%                                -0.1% 
1430  US   06/14    EIA Weekly Natural Gas Storage Report 
                       Working Gas In Storage (Cbf)            2194B      2088B 
                       Working Gas In Storage, Net Chg (Cbf)   +106B      +102B 
2030  US            Money Stock Measures 
2030  US            Foreign Central Bank Holdings 
2030  US            Federal Discount Window Borrowings 
2330  JPN  May      CPI (Nation), CPI ex-food (Nation) 
                       Japan Core CPI, Y/Y%                    +0.8%      +0.9% 
                       National Overall CPI, Y/Y%                         +0.9% 
                       National Overall CPI, M/M%                         +0.1% 
N/A   US            U.S. President Donald Trump welcomes Canadian Prime Minister 
                    Justin Trudeau to the White House 
N/A   UK            MPs publish weekly report on EU legislation 
N/A   EU            EU Summit 
N/A   JPN           Japan Monetary Policy Meeting decision 
                       Deposit Rate                                       -0.1% 
                       10-Yr Yield Target                                 0% 
                       Asset Purchase Target (JPY) 
N/A   GER           Germany: Corpus Christi regional holiday 
N/A   UK            Chancellor Philip Hammond and Bank of England Governor Mark 
                    Carney speeches at the annual Mansion House dinner 
 
Friday, June 21, 2019                                          Exp        Prev 
 GMT 
0030  JPN  Jun      Japan Flash Manufacturing PMI 
0500  JPN  May      Steel Production 
0530  JPN  May      Tokyo area department store sales 
0530  JPN  May      Nationwide department store sales 
                       Sales, Y/Y%                                        -1.1% 
0715  FRA  Jun      France Flash PMI 
                       PMI, Composite                                     51.3 
                       PMI, Mfg                                50.7       50.6 
                       PMI, Services                           51.5       51.7 
0730  GER  Jun      Germany Flash PMI 
                       PMI, Composite                                     52.4 
                       PMI, Mfg                                44.5       44.3 
                       PMI, Services                           55.4       55.0 
0800  EU   Jun      Eurozone Flash PMI 
                       PMI, Composite                          51.8       51.6 
                       PMI, Mfg                                48.0       47.7 
                       PMI, Services                           52.8       52.5 
0830  UK   Q1       Bank of England statistics on UK banks' external claims 
0830  UK   May      Public sector finances 
                       PSNB ex (GBP)                           4.2B       5.8B 
                       PSNB ex, Yr Ago (GBP)                              5.9B 
                       PSNCR (GBP)                                        -7.7B 
                       PSNCR ex Yr Ago (GBP)                              -8.4B 
1100  UK   Q2       Bank of England Quarterly Bulletin 
1230  CAN  Apr      Retail trade 
                       Total Retail Sales, M/M%                           +1.1% 
                       Retail Sales Ex-Autos, M/M%                        +1.7% 
1345  US   Jun      US Flash Manufacturing PMI 
                       PMI, Mfg                                50.2       50.6 
1345  US   Jun      US Flash Services PMI 
                       PMI, Services                           50.9       50.9 
1400  US   May      Regional & State Employment & Unemployment 
1400  US   May      Existing Home Sales 
                       Existing Sales                          5.25M      5.19M 
                       Existing Sales, M/M%                    +1.2%      -0.4% 
                       Unsold Homes Month's Supply                        4.2 
                       Median Price (USD)                                 267300 
                       Median Home Price, Y/Y%                            +3.6% 
1600  US            FRB Cleveland President Loretta Mester and Federal Reserve 
                    Board Governor Lael Brainard speak at Policy Summit 
2030  US            Federal Reserve Board releases latest supervisory stress test 
                    results 
N/A   GER           Federal Reserve Bank of Boston President Eric Rosengren and 
                    Bundesbank President Jens Weidmann speak at Annual 
                    Macroprudential Conference 
N/A   EU            EU Summit concludes 
N/A   US            U.S. Secretary of the Treasury Steven Mnuchin keynotes FATF 
                    plenary 
N/A   JPN  Apr      Final Labour Survey - Earnings, Employment & Hours Worked 
 
Sunday, June 23, 2019                                          Exp        Prev 
 GMT 
N/A   UK            3rd anniversary of UK voting to leave EU 
 
Monday, June 24, 2019                                          Exp        Prev 
 GMT 
0500  JPN  May      Supermarket sales 
0500  JPN  Apr      Indexes of Business Conditions - Revision 
0800  GER  Jun      Ifo Business Climate Index 
                       Business Expectations Idx                          95.3 
                       Business Sentiment Idx                             97.9 
                       Current Conditions Idx                             100.6 
1230  US   May      CFNAI Chicago Fed National Activity Index 
                       NAI                                                -0.45 
                       NAI, 3-mo Moving Avg                               -0.32 
1430  US   Jun      Texas Manufacturing Outlook Survey 
                       Business Activity                                  -5.3 
                       Mfg Production Idx                                 6.3 
1600  US            Economic Club of New York lunch event with World Bank 
                    President David Malpass 
2301  UK   May      Zoopla UK Cities House Price Index 
2350  JPN  May      Services Producer Price Index 
2350  JPN           Bank of Japan Monetary Policy Meeting Minutes 
N/A   EU            Council of Europe Parliamentary Assembly Session 
N/A   UK            EY ITEM Club special report on consumer spending 
N/A   JPN           ASEAN+3 Bond Market Forum Meeting 
N/A   UK            3rd anniversary of David Cameron resigning as Brexit 
                    referendum result emerged 
 
Tuesday, June 25, 2019                                         Exp        Prev 
 GMT 
0600  EU   May      New Commercial Vehicle Registrations in Europe statistics 

(MORE TO FOLLOW) Dow Jones Newswires

June 20, 2019 01:55 ET (05:55 GMT)

16:3320-06-2019
Italy to Conduct Bond Exchange Transaction on Friday
 

(MORE TO FOLLOW) Dow Jones Newswires

June 20, 2019 10:33 ET (14:33 GMT)

17:2720-06-2019
Europe Needs to Buy, Buy, Buy -- Barrons.com
By Matthew C. Klein 

The euro area has the largest trade surplus in the world, worth about 400 billion euros ($474.76 billion) each year since the middle of 2014. While it is easy to attribute this to the "export competitiveness" of French wine, Italian fashion, and German engineering, the real explanation for Europe's persistent surplus is the continuing depression of domestic consumption and investment. Lingering damage from the euro crisis has been holding down spending on imports, to the detriment of Europeans and the rest of the world.

European exports have grown over time, but they have not gained market share in the past few years. In fact, their share of world exports has held steady in the past decade. That makes the euro area no different from the U.S. over the same period, according to a recent study by economists at the European Central Bank.

Europe's surplus must therefore be explained by domestic factors that have constrained spending on imports. Tellingly, the change in Europe's trade surplus in the past decade has been driven almost entirely by shifts in the crisis countries of Greece, Italy, Portugal, and Spain. (Ireland has to be excluded from these analyses because its data are distorted by multinational corporations' tax avoidance.)

The shifting balance of payments in those countries can mostly be explained by falling imports. That, in turn, is the unsurprising consequence of depressed local economies. As I noted in a column a few weeks ago, "domestic spending in the crisis countries...is still about 7% lower now than before 2008." That is a catastrophe, both for the people who live in those countries and for people in the rest of the world who could be selling them additional goods and services.

The reasons for this dire state of affairs include tax increases and spending cuts, significant reductions in public investment, and, most important, persistently high unemployment that has sapped consumption and discouraged business investment.

A recent study by Robin Brooks and Greg Basile of the Institute for International Finance attempts to estimate the impact of Europe's ongoing depression on its trade balance. According to their analysis, Europe's large trade surplus is "a symptom of deficient domestic demand" that suppresses spending on imports. There would be no trade surplus if Europe's "persistent internal imbalances" were resolved.

The IIF's focus is on the "cyclically adjusted current account," which is supposed to measure what flows of money across borders would look like if every country were operating at full capacity. The trick is figuring out what "full capacity" actually is. There is no agreed method, although institutions such as the International Monetary Fund, the Organization for Economic Cooperation and Development, the European Commission, and the Congressional Budget Office, all use similar techniques.

The underlying assumption is that consumer-price inflation is stable when economies are "at potential." According to these models, slowing inflation implies the existence of "slack," while accelerating inflation implies spending is "above potential."

That underlying assumption may have been valid when these models were first developed in the 1960s and 1970s, but the experience of rich countries since the mid-1980s has been one of remarkably stable inflation despite substantial swings in real economic activity. Conventional measures of the "output gap" have therefore tended to produce increasingly ludicrous results.

As I have noted before, the disagreement between the Italian government and the European Commission over the former's budget plans is largely predicated on the bizarre belief that Italy has fully recovered from the 2008-14 downturn. (Unemployment in Italy is several percentage points above where it was before the crisis, and this understates the severity of the depression because many workers have been forced from full-time to part-time work.)

The IIF's analysis is based on alternative measures of "output gaps" based on indicators such as the difference between the current level of gross domestic product and its precrisis trend, the change in the unemployment rate, and changes in the number of hours worked. The resulting estimates are far larger across the euro area than what is implied by standard inflation-based measures.

The IIF economists then use these numbers, along with changes in the value of the euro, to adjust the actual balance of payments of the euro area against what it would have been in 2018 if the currency bloc had fully recovered from its depression. The resulting estimate is not precise, but it is suggestive.

According to this methodology, about half of the euro area's large trade surplus can be explained by ongoing weakness in the crisis countries, while the rest of the surplus will soon disappear as a consequence of the euro's broad-based appreciation since the start of 2017.

The good news is that rising European living standards would benefit people in the rest of the world. Unfortunately, it is not clear whether enough Europeans appreciate this. A recent report published by the European Commission's Directorate-General for Trade highlighted the "increasing importance of extra-EU exports as a means to provide employment opportunities in Europe," presumably because there is not much of a growth market in satisfying domestic needs. There is nothing wrong with exports, but fetishizing sales to foreigners at the expense of imports is a recipe for zero-sum thinking about trade and the global economy.

Write to Matthew C. Klein at matthew.klein@barrons.com

 

(END) Dow Jones Newswires

June 20, 2019 11:27 ET (15:27 GMT)

09:0120-06-2019
Italy's FTSE MIB Rises 0.6% in Opening Trade
 

(END) Dow Jones Newswires

June 20, 2019 03:01 ET (07:01 GMT)

07:5520-06-2019
G7 Political, Economic Calendar - Week Ahead -3-
                       Q/Q% 
                       Personal Consumption, Q/Q%                         +1.3% 
1230  US   06/22    Unemployment Insurance Weekly Claims Report - Initial Claims 
                       Jobless Claims 
                       Jobless Claims, Net Chg 
                       Continuing Claims 
                       Continuing Claims, Net Chg 
1230  US            U.S. Weekly Export Sales 
                       Corn (Metric Tons) 
                       Soybeans (Metric Tons) 
                       Wheat (Metric Tons) 
1345  US            Bloomberg Consumer Comfort Index 
1400  US   May      Pending Home Sales Index 
                       Pending Home Sales                                 104.3 
                       Pending Home Sales Idx, M/M%                       -1.5% 
                       Pending Home Sales Idx , Y/Y%                      -2.0% 
1430  US   06/21    EIA Weekly Natural Gas Storage Report 
                       Working Gas In Storage (Cbf) 
                       Working Gas In Storage, Net Chg (Cbf) 
1500  US   Jun      Federal Reserve Bank of Kansas City Survey of Tenth District 
                    Manufacturing 
                       Mfg Activity Idx                                   2 
                       6-Mo Exp Prod Idx                                  20 
                       Mfg Composite Idx                                  4 
                       6-Mo Exp Composite Idx                             12 
1900  US   Jun      Agricultural Prices 
                       Farm Prices, M/M%                                  +1.1% 
2030  US            Federal Reserve Board releases latest Comprehensive Capital 
                    Analysis and Review results 
2030  US            Foreign Central Bank Holdings 
2030  US            Money Stock Measures 
2030  US            Federal Discount Window Borrowings 
2301  UK   Jun      UK Consumer Confidence Survey 
                       Consumer Conf Idx                                  -10 
2330  JPN  May      Labour Force Survey 
                       Jobless Rate                                       2.4% 
2330  JPN  Jun      CPI (Tokyo), CPI ex-Food (Tokyo) 
                       Tokyo Core CPI, Y/Y%                               +1.1% 
                       Tokyo Overall CPI, Y/Y%                            +1.1% 
                       Tokyo Overall CPI, M/M%                            -0.2% 
2350  JPN  May      Preliminary Industrial Production 
                       Indus Output, M/M%                                 +0.6% 
                       Inventory/Shipment Ratio, M/M%                     -2.5% 
                       Shipments, M/M%                                    +1.7% 
                       Inventories, M/M%                                  +0% 
                       Indus Output Mo-Ahead Forecast                     +5.6% 
                       Indus Output 2-Mo Forecast                         -4.2% 
                       Indus Output 3-Mo Forecast 
2350  JPN           Bank of Japan's Summary of Opinions 
N/A   EU            5th anniversary of Juncker nominated European Commission 
                    president 
N/A   EU            ECB General Council meeting 
N/A   EU            European Commission provisional deadline for IBM / Red Hat 
                    decision 
N/A   EU            European Systemic Risk Board general board meeting 
N/A   FRA           OECD Health Statistics launch 
N/A   FRA           OECD Agricultural Policies: Monitoring and Evaluation report 
N/A   FRA           OECD Making Dispute Resolution More Effective report 
N/A   GER  Jun      Baden-Wuerttemberg CPI 
                       CPI, M/M%                                          +0.2% 
                       CPI, Y/Y%                                          +1.5% 
 
 
 

(END) Dow Jones Newswires

June 20, 2019 01:55 ET (05:55 GMT)

20:2620-06-2019
Italy to Auction Up to EUR3.25 Bln in 2021 CTZ, 2028, 2041 BTPei on June 25
 

By Emese Bartha

 

The Italian Treasury will offer 2.25 billion euros to 3.25 billion euros ($2.52 billion to $3.64 billion) in a zero coupon note, or CTZ, and in inflation-linked bonds, or BTPei, at an auction on June 25, the Treasury said Thursday.

 

Following are details of the coming auction.

 

Date of auction June 25, 2019

Issue June 29, 2021 CTZ

Amount on offer EUR1.75 bln-EUR2.25 bln

Settlement date June 27, 2019

 

Date of auction June 25, 2019

Issue 1.30% May 15, 2028 BTPei

Amount on offer (*) EUR500 mln-EUR1 bln

Settlement date June 27, 2019

 

Date of auction June 25, 2019

Issue 2.55% Sept. 15, 2041 BTPei

Amount on offer (*) EUR500 mln-EUR1 bln

Settlement date June 27, 2019

 

NOTE: (*) The offer volume refers to the BTPeis combined.

 

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

 

(END) Dow Jones Newswires

June 20, 2019 14:26 ET (18:26 GMT)

11:3020-06-2019
Fiat Chrysler's Elkann Keeps Family Support in Wake of Busted Merger Talks
By Eric Sylvers 

TURIN, Italy -- John Elkann, chairman of Fiat Chrysler Automobiles NV and scion of the Agnelli family that founded the Italian side of the car maker, is holding on to a key bastion of support in the wake of busted merger talks with Renault SA: his own family.

The Agnelli-Elkann clan -- numbering more than 100 extended family members springing from Fiat's founder, Mr. Elkann's great-great-grandfather -- is so far sticking by him, according to family members and people close to the group. Members gathered late last week for the annual meeting of the family investment company, Giovanni Agnelli BV.

Mr. Elkann, who took over as head of the family 15 years ago, told the gathering that Fiat Chrysler remains on the lookout for a possible partner, but that the company is strong enough to survive on its own, according to people present at the meeting. About 50 family members attended the meeting, which was scheduled before Fiat Chrysler proposed to merge with Renault.

Mr. Elkann, 43 years old, negotiated the proposed deal with France's Renault, envisioned as a $40 billion merger of equals that would have created the world's third-largest car maker by volume. A consummation would have consecrated his emergence from the long shadow of former Fiat Chrysler Chief Executive Sergio Marchionne, who died last July. It would have also forwarded a long-held aim of the family: to diversify its wealth beyond the auto industry.

"Renault was Elkann's deal, and he'll get the credit or the blame, depending on how this ultimately turns out," said a person close to the family.

Mr. Elkann serves as chairman and chief executive of publicly traded Exor NV, in which the Agnelli-Elkann family owns a 53% stake through Giovanni Agnelli BV, that is worth close to EUR8 billion, or about $9 billion. Exor owns 29% of Fiat Chrysler, its most high-profile asset. The holding company also owns almost a quarter of race-car and luxury-car maker Ferrari NV. Other assets include Bermuda-based reinsurer PartnerRe Ltd. and 43% of the Economist magazine.

"Fiat Chrysler has never been stronger than today...and as Exor we're always looking for ways to improve and build our companies," Mr. Elkann said.

Neither Fiat Chrysler nor Renault have ruled out a resumption of talks. The French government, which owns 15% of Renault, said earlier this month it wasn't yet ready to support a tie-up without explicit backing from Japan's Nissan Motor Co., Renault's longtime partner. Mr. Elkann, instead of waiting around, pulled the deal.

Renault owns 43% of Nissan, while Nissan owns 15% of Renault. The cross ownership means both Renault and Nissan must be on board in any deal. The two companies recently resolved a key corporate-governance dispute, a move that could help smooth over their fraught relationship, according to people familiar with their talks.

Two family members who attended the meeting and other people familiar with some influential family members said Mr. Elkann continues to enjoy broad-based support among the family and a clear mandate to continue to seek a tie-up.

Giovanni Agnelli founded Fiat at the end of the 19th century. Mr. Elkann's grandfather, Gianni Agnelli, rode the car maker through Italy's postwar boom, cementing its status as a national icon -- and turning himself into Italy's most famous industrialist, with a reputation for a playboy lifestyle.

When he died in 2003, his brother Umberto took over. Umberto Agnelli died the following year, catapulting Mr. Elkann, 28 at the time, into the role of leading the family's businesses.

Mr. Elkann consolidated his power inside the family while avoiding the spotlight. Immediately after taking over, he tapped Mr. Marchionne, who ran another family business, to be Fiat CEO, and made him the company's public face.

Exor has paid the family more than EUR400 million in regular annual dividends since 2009, something that has helped Mr. Elkann achieve consensus among his relatives. Exor's share price has risen almost 10 times in that period.

As part of the failed merger plan, Fiat Chrysler would have paid its shareholders a EUR2.5 billion special dividend to bring its market value in line with Renault's. Exor would have gotten EUR725 million of that.

Mr. Elkann hasn't always held the unambiguous backing of all his relatives, according to people close to the family. Andrea Agnelli, the son of Umberto Agnelli, in the past has been at odds with his cousin Mr. Elkann and years ago had aspired to be head of the family, according to people close to the family.

"Unity in the family is pretty much total," Mr. Agnelli said. "John and I meet about once every three weeks to share ideas."

Mr. Agnelli, chairman of Exor-controlled Juventus, Italy's most illustrious soccer team, noted that his generation had been skipped over at the last leadership change that brought Mr. Elkann to power. His half-brother, Giovanni Alberto, had been Gianni Agnelli's preferred successor, but Giovanni Alberto died young.

The family business has at times been a source of discord. In 2007, Mr. Elkann's mother -- Gianni's daughter -- unsuccessfully sued three close family advisers alleging they hid family assets. The move was seen as a personal affront to Mr. Elkann as head of the clan.

Even though the Renault deal hasn't come together, its size and complexity has burnished Mr. Elkann's standing in the family, according to one family member. The Renault approach has come further along than previous deals, including Mr. Marchionne's on-again, off-again courtship a few years back of General Motors Co.

"John's reputation has been greatly enhanced within the family by this deal because of the size and potential impact," said another family member present at the meeting. "If he pulls this off, he will be hailed as a hero."

Write to Eric Sylvers at eric.sylvers@wsj.com

 

(END) Dow Jones Newswires

June 20, 2019 05:30 ET (09:30 GMT)

16:3620-06-2019
Italy to Cap Nominal Amount of Feb 2028 BTP Issue at EUR2.5B in Exchange Operation
 

(MORE TO FOLLOW) Dow Jones Newswires

June 20, 2019 10:36 ET (14:36 GMT)

16:3520-06-2019
Italy to Issue February 2028 BTP In Exchange of Five Bonds Subject to Buyback
 

(MORE TO FOLLOW) Dow Jones Newswires

June 20, 2019 10:35 ET (14:35 GMT)

10:0520-06-2019
Currency Rates Of Pulp and Paper Producing Countries
 
                                           Current        Prior 
  Argentina (Peso)                ARS     43.33700     43.44400 
  Australia (Dollar)              AUD      1.44530      1.45539 
  Brazil (Real)                   BRL      3.83890      3.86120 
  Canada (Dollar)                 CAD      1.32125      1.33765 
  China (Yuan)                    CNY      6.84530      6.90520 
  European Union (Euro)           EUR      0.88515      0.89274 
  India (Rupee)                   INR     69.56500     69.69500 
  Indonesia (Rupiah)              IDR  14190.00000  14274.00000 
  Japan (Yen)                     JPY    107.68100    108.37900 
  Korea, South (Won)              KRW   1158.43000   1176.34000 
  Mexico (Peso)                   MXN     18.96160     19.11840 
  New Zealand (Dollar)            NZD      1.51745      1.53257 
  Norway (Krone)                  NOK      8.56670      8.74170 
  Poland (Zloty)                  PLN      3.76605      3.80405 
  Russia (Ruble)                  RUB     63.32260     63.94030 
  South Africa (Rand)             ZAR     14.23700     14.48800 
  Sweden (Krona)                  SEK      9.40280      9.54800 
  Switzerland (Franc)             CHF      0.98750      0.99910 
  Taiwan (Dollar)                 TWD     30.94200     31.33000 
  Thailand (Baht)                 THB     30.95000     31.23000 
  Turkey (New Lira)               TRY      5.73780      5.85690 
  United Kingdom (Pound Sterling) GBP      0.78616      0.79618 
 
 
 
All currencies are quoted in units of currency per U.S. dollar. 
 
Source: Tullett Prebon. 
 

(END) Dow Jones Newswires

June 20, 2019 04:05 ET (08:05 GMT)

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