Breaking news
SOURCE: MF - DJ NEWS
07:5502-12-2020
G7 Political, Economic Calendar - Week Ahead -2-
07:5502-12-2020
G7 Political, Economic Calendar - Week Ahead
11:2702-12-2020
Italian Unemployment Rate Ticked Up in October
14:4802-12-2020
Coronavirus Dashboard: Economic & Trading Data
08:3202-12-2020
Heard on the Street: Bank Mergers Are No Panacea -- WSJ
15:2401-12-2020
Goldman, BlackRock, JPMorgan Received Private Briefings From Lane, Says ECB Schedule
07:5502-12-2020
G7 Political, Economic Calendar - Week Ahead -3-
07:1402-12-2020
Italy's Stake in Monte Dei Paschi to Fall After AMCO Deal
07:5502-12-2020
G7 Political, Economic Calendar - Week Ahead -3-
08:3402-12-2020
ECB Economist Broke With Practice on Calls -- WSJ
15:2401-12-2020
Calls Touched on Public Information and Sought to Address Technical Questions, ECB Says
15:2401-12-2020
Top ECB Official Privately Called Investors, Banks After Key Policy Decisions
11:0302-12-2020
Eni, Enel Partner to Develop Green Hydrogen Projects
06:3002-12-2020
Italy Calendar of Corporate Events - Month Ahead
14:5201-12-2020
Coronavirus Dashboard: Economic & Trading Data -2-
07:5502-12-2020
G7 Political, Economic Calendar - Week Ahead -2-
09:3302-12-2020
UniCredit Target Cut to EUR8 From EUR9.50 by Berenberg
14:4802-12-2020
Coronavirus Dashboard: Economic & Trading Data -2-
07:5502-12-2020
G7 Political, Economic Calendar - Week Ahead -2-
                       Imports, M/M%                                      +0.5% 
0830  US   Nov      U.S. Employment Report 
                       Non-Farm Payrolls                       +440K      +638K 
                       Unemployment Rate                       6.7%       6.9% 
                       Avg Hourly Earnings (USD)                          29.5 
                       Avg Hourly Earnings-Net Chg (USD)                  +0.04 
                       Avg Hourly Earnings, M/M%               +0.1%      +0.14% 
                       Avg Hourly Earnings, Y/Y%               +4.2%      +4.46% 
                       Overall Workweek                                   34.8 
                       Overall Workweek Net Chg                           +0 
                       Government Payrolls                                -268K 
                       Private Payroll                                    +906K 
                       Participation Rate                                 61.7% 
                       Non-Farm Payrolls Bench Net Chg 
1000  US   Oct      Manufacturers' Shipments, Inventories & Orders (M3) 
                       Total Orders, M/M%                      +0.8%      +1.1% 
                       Orders, Ex-Defense, M/M%                           +1.8% 
                       Orders, Ex-Transport, M/M%                         +0.5% 
                       Durable Goods, M/M% 
                       Durable Goods, M/M% 
1030  US            IMF Managing Director Kristalina Georgieva speaks at Richard 
                    Goode Lecture with MIT Professor Daron Acemoglu 
N/A   US            Group of Thirty Plenary Session, with FRB New York President 
                    John Williams speaking 
 
Sunday, December 6, 2020                                       Exp        Prev 
 ET 
0500  EU            ECB President Christine Lagarde laudatory speech honouring EC 
                    Vice-President Margrethe Vestager 
1850  JPN  Nov      International Reserves / Foreign Currency 
1850  JPN  Nov      Provisional Trade Statistics for 1st 20 days of Month 
 
Monday, December 7, 2020                                       Exp        Prev 
 ET 
0000  JPN  Oct      Indexes of Business Conditions - Preliminary Release 
0200  GER  Oct      Industrial Production Index 
                       Indus Output-Adj, M/M%                             +1.6% 
                       Indus Output-Adj, Y/Y%                             -7.3% 
                       Construction Output, M/M%                          +1.5% 
                       Mfring Output, M/M%                                +2.0% 
0330  UK   Nov      Halifax House Price Index 
0800  UK            Bank of England MPC Member Silvana Tenreyro participates in 
                    Women Societies Alliance event 
1000  CAN  Nov      Ivey Purchasing Managers Index 
                       Ivey PMI                                           55.9 
                       Ivey PMI-SA                                        54.5 
1000  US   Nov      Employment Trends Index 
                       ETI                                                97.57 
                       ETI, Y/Y% 
1500  US   Oct      Consumer Credit 
                       Consumer Credit Net Chg (USD)                      +16.2B 
1830  JPN  Oct      Household Spending 
                       Wage-Earner Spending, Y/Y%                         -7.7% 
                       All Household, Y/Y%                                -10.2% 
                       Propensity to Consume, Y/Y (Pts)                   -9.3 
                       Propensity to Consume-Adj, %                       79.8% 
1850  JPN  Nov      Bank Lending 
                       Bank Lending, Y/Y%                                 +5.9% 
1850  JPN  Q3       2nd Preliminary Quarterly GDP Estimates 
                       Real GDP, Y/Y%                                     -7.9% 
                       Real GDP, Annualized                               -28.1% 
                       Nominal GDP, Q/Q%                                  -7.6% 
                       Consumption, Q/Q%                                  -7.9% 
                       Capex, Q/Q%                                        -4.7% 
                       Domestic Dem-Pct Pts Contrib To Growth             -4.9% 
                       External Dem-Pct Pts Contrib To Growth             -3.0% 
                       Inv-Pcts PtsContrib To Growth                      +0.3% 
                       Public Investment, Q/Q%                            +1.1% 
                       GDP Deflator, Y/Y%                                 +1.3% 
1850  JPN  Oct      Balance of Payments 
                       Current Account (JPY)                              1.660T 
                       Goods and Services (JPY)                           681.0B 
                       Trade Balance (JPY)                                918.4B 
1850  JPN  Nov      International Transactions in Securities 
                       Japanese Net Transacts in Foreign                  1.369T 
                       Bonds (yen) 
                       Japanese Net Transacts in Foreign                  591.3B 
                       Stock (yen) 
                       Foreigners Net Transacts in Japanese               1.429T 
                       Bonds (yen) 
                       Foreigners Net Transacts in Japanese               1.690T 
                       Stock (yen) 
1850  JPN  Q3       Quarterly External Debt & International Investment Position 
1901  UK   Nov      BRC-KPMG Retail Sales Monitor 
1901  UK   Q1       Manpower UK Employment Outlook Survey 
2330  JPN  Nov      Corporate Insolvencies 
                       Corporate Insolvencies, Y/Y%                       -17.6% 
 
Tuesday, December 8, 2020                                      Exp        Prev 
 ET 
0000  JPN  Nov      Economy Watchers Survey 
0001  US   Q1       Manpower U.S. Employment Outlook Survey 
0130  FRA  Q3       Job creation 
0245  FRA  Oct      Foreign trade 
0245  FRA  Oct      Balance of Payments 
0500  EU   Q3       GDP and Main Aggregates Estimate 
0500  EU   Q3       Employment 
0500  GER  Dec      ZEW Indicator of Economic Sentiment 
                       Current Conditions                                 -64.3 
                       Economic Expectations                              39.0 
0600  US   Nov      NFIB Index of Small Business Optimism 
                       Small Business Idx                                 104.0 
0600  FRA  Oct      OECD Composite Leading Indicators 
0745  US            Weekly Chain Store Sales Index 
0830  US   Q3       Revised Productivity & Costs 
                       Non-Farm Productivity                              +10.1% 
                       Unit Labor Costs                                   +9.0% 
0855  US   12/05    Johnson Redbook Retail Sales Index 
                       Ret Sales Mo-to-Date, M/M%                         +1.3% 
                       Ret Sales Mo-to-Date, Y/Y%                         +3.7% 
                       Latest Wk, Y/Y%                                    +9.2% 
1000  US   Q3       Quarterly Financial Report - Industry 
1000  US   Q3       Quarterly Financial Report - Retail Trade 
1630  US   12/04    API Weekly Statistical Bulletin 
                       Crude Stocks, Net Chg (Bbls)                       +4.1M 
                       Gasoline Stocks, Net Chg (Bbls)                    +3.4M 
                       Distillate Stocks, Net Chg (Bbls)                  +0.3M 
1850  JPN  Nov      Money Stock, Broadly-defined Liquidity 
1850  JPN  Oct      Orders Received for Machinery 
                       Core Orders, M/M%                                  -4.4% 
                       Core Orders, Y/Y%                                  -11.5% 
2001  UK   Nov      KPMG and REC UK Report on Jobs 
N/A   ITA           Italy: Immaculate Conception Day 
N/A   JPN  Oct      Provisional Labour Survey - Earnings, Employment & Hours Worked 
 
Wednesday, December 9, 2020                                    Exp        Prev 
 ET 
0100  JPN  Nov      Preliminary Machine Tool Orders 
                       Tool Orders Est, Y/Y%                              -5.9% 
0200  GER  Oct      Foreign Trade 
                       Exports-Adj, M/M%                                  +2.3% 
                       Imports-Adj, M/M%                                  -0.1% 
                       Trade Balance                                      +17.8B 
                       Exports-Unadj.                                     109.8B 
                       Imports-Unadj.                                     89.0B 
0200  GER  Q3       Labour cost index 
0600  FRA  Oct      OECD Harmonised Unemployment Rates 
0700  US   12/04    MBA Weekly Mortgage Applications Survey 
                       Composite Idx 
                       Composite Idx, W/W% 
                       Purchase Idx-SA 
                       Purchase Idx-SA, W/W% 
                       Refinance Idx 
                       Refinance Idx, W/W% 
1000  US   Oct      Monthly Wholesale Trade 
                       Inventories, M/M%                                  +0.4% 
1000  US   Oct      Job Openings & Labor Turnover Survey 
1000  CAN           Bank of Canada interest rate announcement 
                       Overnight Rate                                     0.25 
                       Overnight Rate, Net Chg (Bps)                      +0 
                       Overnight Rate-Range High 
                       Overnight Rate-Range Low 
1000  US            ISM Semiannual Report On Business Economic Forecast 
1000  US   Nov      Online Help Wanted Index 
1030  US   12/04    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 

(MORE TO FOLLOW) Dow Jones Newswires

December 02, 2020 01:55 ET (06:55 GMT)

07:5502-12-2020
G7 Political, Economic Calendar - Week Ahead
All dates are in Eastern Time. 
 
Tuesday, December 1, 2020                                      Exp        Prev 
 ET 
1850  JPN  Nov      Monetary base 
1901  UK   Nov      Shop Price Index 
N/A   EU            1st anniversary of Ursula von der Leyen taking over as EU chief 
N/A   EU            ECOFIN meeting of EU finance ministers 
N/A   ITA           Italy takes over one-year presidency of the G20 
 
Wednesday, December 2, 2020                                    Exp        Prev 
 ET 
0000  JPN  Nov      Consumer Confidence Survey 
                       Consumer Conf Idx                                  33.6 
0200  GER  Oct      Retail Trade 
0400  ITA  Oct      Unemployment 
                       Unemployment Rate                                  9.6% 
0430  UK   Nov      Narrow money (Notes & Coin) and reserve balances 
0500  EU   Oct      Unemployment 
                       Jobless Rate                            8.4%       8.3% 
0500  EU   Oct      PPI 
                       PPI, M/M%                               +0.1%      +0.3% 
                       PPI, Y/Y%                               -2.5%      -2.4% 
                       Ex-Energy PPI, M/M%                                +0.0% 
                       Ex-Energy PPI, Y/Y%                                -0.3% 
0700  US   11/27    MBA Weekly Mortgage Applications Survey 
                       Composite Idx                                      863.6 
                       Composite Idx, W/W%                                +3.9% 
                       Purchase Idx-SA                                    314.6 
                       Purchase Idx-SA, W/W%                              +3.5% 
                       Refinance Idx                                      4077.7 
                       Refinance Idx, W/W%                                +4.5% 
0815  US   Nov      ADP National Employment Report 
                       Private Sector Jobs, Net Chg            +475000    +365000 
0830  CAN  Q3       Labour productivity, hourly compensation & unit labour cost 
0900  US            Federal Reserve Bank of New York President John Williams 
                    speaks at Webinar Series on Culture - 'Session 2: Trust and 
                    Decision-Making' 
0945  US   Nov      ISM-NY Report on Business 
                       Business Index                                     65.1 
1000  US            U.S. Secretary of the Treasury Steven Mnuchin and Federal 
                    Reserve Chair Jerome Powell testify before U.S. House 
                    Committee on Financial Services 
1000  US            SEC Closed Meeting 
1030  US   11/27    EIA Weekly Petroleum Status Report 
                       Crude Oil Stocks (Bbl)                             488.721M 
                       Crude Oil Stocks, Net Chg (Bbl)         -1.9M      -0.754M 
                       Gasoline Stocks (Bbl)                              230.147M 
                       Gasoline Stocks, Net Chg (Bbl)          +1.3M      +2.18M 
                       Distillate Stocks (Bbl)                            142.632M 
                       Distillate Stocks, Net Chg (Bbl)        -0.4M      -1.441M 
                       Refinery Usage                          79.5%      78.7% 
                       Total Prod Supplied (Bbl/day)                      19.156M 
                       Total Prod Supplied, Net Chg (Bbl/day)             -0.408M 
1300  US            Federal Reserve Bank of New York President John Williams 
                    speaks at online press briefing on the 'Economic Impacts of 
                    COVID-19 on the Second District' 
1400  US            U.S. Federal Reserve Beige Book 
1930  JPN  Nov      Japan Services PMI 
                       PMI, Services                                      47.7 
N/A   UK            Financial Policy Committee meeting, attended by Bank of 
                    England Governor 
N/A   EU            ECB Governing Council non-monetary policy meeting 
 
Thursday, December 3, 2020                                     Exp        Prev 
 ET 
0200  UK   Nov      UK Official Reserves 
0345  ITA  Nov      Italy Services PMI 
                       PMI, Services                           41.5       46.7 
0350  FRA  Nov      France Services PMI 
                       PMI, Services                           38.0       46.5 
0355  GER  Nov      Germany Services PMI 
                       PMI, Services                           46.2       49.5 
0400  ITA           Italy's Economic Outlook released 
0400  EU   Nov      Eurozone Services PMI 
                       PMI, Services                           41.3       46.9 
0430  UK   Nov      Bank of England Decision Maker Panel data 
0430  UK   Nov      CIPS / Markit Services PMI 
                       PMI, Services                           45.8       51.4 
0500  EU   Oct      Retail trade 
                       Retail Sales, M/M%                      +0.5%      -2.0% 
                       Retail Sales, Y/Y%                                 +2.2% 
0500  FRA           OECD Consumption Tax Trends report launch 
0500  FRA           Annual OECD Revenue Statistics launch 
0600  FRA  Oct      OECD CPI 
0730  US   Nov      Challenger Job-Cut Report 
                       Job Cuts, M/M%                                     -32% 
0815  CAN  Nov      Official International Reserves 
                       Monetary Reserves (USD)                            +715M 
0830  CAN  Nov      November estimates of production of principal field crops 
0830  US   11/28    Unemployment Insurance Weekly Claims Report - Initial Claims 
                       Jobless Claims                          780K       778K 
                       Jobless Claims, Net Chg                            +30K 
                       Continuing Claims                                  6071000 
                       Continuing Claims, Net Chg                         -299K 
0830  US            U.S. Weekly Export Sales 
                       Corn (Metric Tons)                                 1665.6K 
                       Soybeans (Metric Tons)                             768.1K 
                       Wheat (Metric Tons)                                795.8K 
0930  US            IMF regular press briefing with Communications Department 
                    Director Gerry Rice, livestreamed 
0945  US            Bloomberg Consumer Comfort Index 
0945  US   Nov      US Services PMI 
                       PMI, Services                           57.5       56.9 
1000  US            SEC Investor Advisory Committee Quarterly Meeting held remotely 
1000  US   Nov      ISM Report on Business Services PMI 
                       Non-Mfg Composite Idx                   55.9       56.6 
                       Non-Mfg Business Idx                               61.2 
                       Prices Idx                                         63.9 
                       Employment Idx                                     50.1 
                       New Orders Idx                                     58.8 
1000  US   Oct      Metropolitan Area Employment & Unemployment 
1030  US   11/27    EIA Weekly Natural Gas Storage Report 
                       Working Gas In Storage (Cbf)                       3940B 
                       Working Gas In Storage, Net Chg (Cbf)              -18B 
1100  US   Nov      Global Services PMI 
                       PMI, Services                                      52.9 
1200  US   Nov      Monthly U.S. Retail Chain Store Sales Index 
1630  US            Federal Discount Window Borrowings 
1630  US            Foreign Central Bank Holdings 
1630  US            Money Stock Measures 
1901  UK   Nov      BRC-ShopperTrak Footfall Monitor 
2100  JPN  Nov      Imported Vehicle Sales 
N/A   EU            ECB General Council meeting 
 
Friday, December 4, 2020                                       Exp        Prev 
 ET 
0200  GER  Oct      Manufacturing turnover 
0200  GER  Oct      Manufacturing orders 
                       Domestic Orders-SA, M/M%                           +2.3% 
                       Foreign Orders-SA, M/M%                            -0.8% 
                       Total Orders-SA, M/M%                   +1.1%      +0.5% 
                       Total Orders-SA, Y/Y%                              -1.9% 
0400  ITA  Oct      Retail Sales 
                       Retail Sales, M/M%                                 -0.8% 
0400  UK   Nov      UK monthly car registrations figures 
0430  UK   Q3       Bank of England external business stats 
0430  UK            Bank of England MPC Member Michael Saunders speech on 
                    monetary policy options 
0430  UK   Nov      CIPS / Markit Construction PMI 
0430  UK   Q3       Household Finance Review 
0830  CAN  Nov      Labour Force Survey 
                       Avg Hourly Wages, Y/Y                              +5.5% 
                       Full-Time Jobs, M/M                                +69100 
                       Jobless Rate                                       8.9% 
                       Labor Force, M/M                                   +67800 
                       Net Jobs, M/M                                      83600 
                       Participation Rate                                 65.2% 
                       Part-Time Jobs, M/M                                +14500 
0830  CAN  Oct      International merchandise trade 
                       Exports, M/M%                                      +1.5% 
                       Imports, M/M%                                      +1.5% 
                       Trade Balance (CAD)                                -3.252B 
0830  US   Oct      U.S. International Trade in Goods & Services 
                       Trade Balance (USD)                     -64.8B     -63.86B 
                       Exports (USD)                                      176.35B 
                       Exports, M/M%                                      +2.6% 
                       Imports (USD)                                      240.22B 

(MORE TO FOLLOW) Dow Jones Newswires

December 02, 2020 01:55 ET (06:55 GMT)

11:2702-12-2020
Italian Unemployment Rate Ticked Up in October
 
   By Xavier Fontdegloria 
 

Italy's unemployment rate edged up in October and employment levels decreased slightly, data from the country's statistics office Istat showed Wednesday.

The country's unemployment rate, which includes only active job seekers, increased to 9.8% in October from an upwardly revised 9.7% in September.

In October, 13,000 jobs were lost and the number of unemployed rose by 11,000, Istat said.

The number of people working in Italy is still 420,000 below the figure registered in February, the month before the coronavirus pandemic hit the country and the first lockdown measures came into effect. The number of unemployed has increased by 80,000 people since then, while the number of those inactive--people who don't work and aren't actively seeking for a job--has surged by almost 230,000.

Italy's economy grew by 15.9% during the third quarter compared to the previous one, after contracting by 13% from April to June. Despite the strong rebound, Italy's third-quarter gross domestic product was still 5% below the level recorded a year earlier, data from Istat showed.

The Italian economy--the eurozone's third-largest--is expected to contract again in the fourth quarter as a new surge in coronavirus cases and renewed government restrictions hit economic activity.

 

Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com

-0- 

(END) Dow Jones Newswires

December 02, 2020 05:27 ET (10:27 GMT)

14:4802-12-2020
Coronavirus Dashboard: Economic & Trading Data
 
Major trading data and key economic statistics since Coronavirus outbreak. 
 
 
                                   Wednesday, Dec 02, 2020 
 
 
Market Value (Trillions of USD) 
                                                            Since         Since 
                                                          1Q 2020        Jan. 8 
                                            Current          Peak          2020 
 
U.S.                                          40.78         +4.25         +5.70 
World                                         97.39         +9.31        +11.39 
 
 
Global Benchmarks 
                                                            Since         Since 
                                                          1Q 2020        Jan. 8 
                                            Current          Peak          2020 
 
S&P 500                                     3662.45        +8.16%       +12.59% 
DJIA                                       29823.92        +0.92%        +3.75% 
Nasdaq Composite                           12355.11       +25.85%       +35.34% 
Shanghai Composite                          3449.38       +10.71%       +12.47% 
Hang Seng                                  26532.58        -8.69%        -5.54% 
Korea Kospi                                 2675.90       +18.02%       +24.38% 
Nikkei 225                                 26800.98       +11.28%       +15.50% 
FTSE Straits Times                          2810.95       -14.33%       -13.40% 
S&P BSE Sensex                             44618.04        +6.35%        +9.31% 
FTSE MIB                                   21786.30       -14.49%        -8.58% 
FTSE 100                                    6395.55       -16.67%       -15.57% 
DAX                                        13278.53        -3.70%        -0.31% 
CAC 40                                      5551.68        -9.16%        -7.95% 
IBEX 35                                     8131.50       -19.36%       -15.22% 
S&P/TSX Composite                          17296.93        -3.61%        +0.75% 
 
 
S&P 500 Indexes 
                                                            Since         Since 
                                                          1Q 2020        Jan. 8 
                                            Current          Peak          2020 
 
Airlines                                     228.87       -33.49%       -31.52% 
Hotels, Resorts & Cruise Lines               451.42       -29.69%       -27.18% 
Casinos & Gaming                             805.21       -24.05%       -20.41% 
Restaurants                                 2124.71        +4.62%        +8.98% 
Specialty Retail                            1600.89       +10.47%       +17.40% 
Retail REITs                                  68.53       -33.95%       -31.82% 
Food & Staples Retailing                     589.12       +17.27%       +20.52% 
Packaged Food & Meats                        578.84        +0.37%        +3.78% 
Household Products                           861.66        +9.78%       +15.39% 
Energy                                       275.62       -40.39%       -39.21% 
Banks                                        297.31       -22.43%       -20.57% 
Pharma, Biotech & Life Sciences             1044.56        +3.73%        +6.18% 
Managed Health                              2815.26        +8.23%       +10.82% 
Interactive Home Entertainment               554.81       +25.57%       +28.73% 
 
 
Commodities 
                                                            Since         Since 
                                                          1Q 2020        Jan. 8 
                                            Current          Peak          2020 
 
Nymex Crude                                   44.38       -29.86%       -25.55% 
RBOB Gasoline                                  1.22       -30.93%       -26.23% 
Gold                                        1826.30        +8.93%       +17.06% 
Copper                                         3.46       +20.52%       +23.15% 
Cotton                                        71.38        -0.21%        +2.03% 
Lean Hogs                                     68.35        -9.29%        -0.98% 
Wheat                                        576.75        -0.82%        +4.34% 
Soybeans                                    1146.50       +19.90%       +21.03% 
 
 
Currencies 
                                                            Since         Since 
                                                          1Q 2020        Jan. 8 
                                            Current          Peak          2020 
 
WSJ Dollar Index                              86.36       -10.99%        -4.33% 
MarketWatch Petrocurrency Index              225.93        -7.37%       +12.00% 
USD/CNY                                      6.5636        -7.74%        -5.51% 
USD/KRW                                     1102.78       -13.37%        -5.13% 
USD/JPY                                      104.55        -6.74%        -4.20% 
USD/SGP                                      1.3406        -8.17%        -0.78% 
USD/INR                                     73.7635        -3.42%        +3.15% 
EUR/USD                                      1.2074        +5.55%        +8.71% 
GBP/USD                                      1.3316        +0.50%        +1.68% 
USD/CAD                                      1.2945       -10.81%        -0.73% 
 
 
10 Year Government Bond Yields 
                                                            Since         Since 
                                                          1Q 2020        Jan. 8 
                                            Current          Peak          2020 
                                              Yield      (Pct Pts)     (Pct Pts) 
 
U.S.                                         0.931%        -0.946        -0.943 
China                                        3.339%        +0.150        +0.169 
Hong Kong                                    0.649%        -1.208        -0.940 
South Korea                                  1.660%        -0.135        +0.030 
Japan                                        0.026%        -0.065        +0.033 
Singapore                                    0.875%        -0.900        -0.870 
India                                        5.922%        -0.922        -0.631 
Italy                                        0.668%        -1.709        -0.735 
U.K                                          0.348%        -0.479        -0.475 
Germany                                     -0.515%        -0.356        -0.274 
France                                      -0.279%        -0.617        -0.319 
Spain                                        0.121%        -1.070        -0.297 
Canada                                       0.754%        -0.877        -0.877 
 
 
Unemployment 
                                                                           Next 
                                                             2019       Release 
                                            Current       Average          Date 
 
U.S. Unemployment Rate                  6.9% (Oct)           3.7%        Dec 04 
 -U.S. Participation Rate              61.7% (Oct)          63.1%        Dec 04 
 -Total Nonfarm Payrolls            638.000 (Oct)       +178,000        Dec 04 
 -Leisure and Hospitality Payrolls   271.000 (Oct)        +30,750        Dec 04 
China                                   5.3% (Q4)            3.6%        Jan 08 
Hong Kong                               6.4% (Oct)           2.9%        Dec 17 
South Korea                             4.2% (Oct)           3.7%        Dec 15 
Japan                                   3.1% (Oct)           2.4%        Dec 24 
Singapore                               3.6% (Q3)            2.3%        Dec 17 
Italy                                   9.8% (Oct)           9.9%        Jan 08 
U.K.                                    4.8% (Sep)           3.8%        Dec 15 
Germany                                 6.1% (Nov)           5.0%        Jan 05 
France                                  8.6% (Oct)           8.4%        Jan 08 
Spain                                  16.2% (Oct)          14.1%        Jan 08 
Canada                                  8.9% (Oct)           5.7%        Dec 04 
 
 
GDP (Q/Q Annualized) 
                                                                           Next 
                                                             2019       Release 
                                            Current       Average          Date 
 
U.S.                                   33.1% (Q3)            2.3%        Dec 22 
China                                   4.9% (Q3)            6.2%        Dec 12 
Hong Kong                              -3.5% (Q3)           -1.5%        Jan 29 
South Korea                            -1.1% (Q3)            2.4%        Jan 21 
Japan                                  21.4% (Q3)           -0.6%        Dec 07 
Singapore                              -5.8% (Q3)            1.2%        Jan 14 
India                                 130.6% (Q3)            5.6%        Feb 26 
Italy                                  15.9% (Q3)            0.1%        Dec 30 
U.K.                                  -19.8% (Q2)            1.1%        Dec 22 
Germany                                 8.5% (Q3)            0.1%        Jan 29 
France                                 18.7% (Q3)            0.9%        Dec 29 
Spain                                  16.7% (Q2)            1.8%        Dec 23 
Canada                                 40.5% (Q3)            1.5%      March 02 
 
 
Markit Services PMI 
                                                                           Next 
                                                             2019       Release 
                                            Current       Average          Date 
 
U.S.                                   56.01 (Oct)          52.55        Dec 03 
China                                  56.80 (Oct)          52.53        Dec 03 
Japan                                  47.67 (Oct)          51.54        Dec 03 

(MORE TO FOLLOW) Dow Jones Newswires

December 02, 2020 08:48 ET (13:48 GMT)

08:3202-12-2020
Heard on the Street: Bank Mergers Are No Panacea -- WSJ
By Rochelle Toplensky 

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (December 2, 2020).

Bankers love to think about mergers, but they aren't a simple solution to the problems of Europe's lenders, even within the same country.

UniCredit shares plunged Tuesday after Chief Executive Jean Pierre Mustier said he was stepping down over a disagreement about the strategic direction of Italy's second-largest bank. A widely respected figure, Mr. Mustier had pushed back against board pressure to do deals, favoring capital returns to shareholders.

Last week, talks between Spanish lenders Banco Bilbao Vizcaya Argentaria and Banco de Sabadell collapsed due to disagreements over pricing, also highlighting the shaky case for deals.

Bank mergers have long been seen as a way for European lenders to boost profitability in the face of persistent ultralow interest rates, sluggish growth and fierce competition from larger U.S. rivals.

A patchwork of European and national regulations all but block cross-border mergers, but domestic tie-ups have been possible. This summer, Intesa Sanpaolo bought UBI Banca to create Italy's largest bank. Plus, CaixaBank agreed in September to merge with Bankia to create Spain's largest domestic lender.

The logic even for domestic European banking mergers isn't straightforward. Deals offer potential for cost-cutting and market-share gains, particularly in over-banked Germany, Italy and Spain. However, rationalizing branch networks can be very expensive and integrating a web of legacy systems is a challenge, particularly as customers increasingly expect to bank online.

Valuation is a barrier to getting deals over the line, particularly now. They are generally all-share exchanges, and the poor stock-market performance of banks this year has muddied the relative weight of different players. There is also a lot of uncertainty about what loan books will be worth in a post-pandemic world as the economy restarts, working patterns readjust and government support programs roll back.

There had been speculation that UniCredit, itself the product of three decades worth of banking mergers, might do a deal with Germany's Commerzbank, France's Société Générale or troubled domestic lender Banca Monte dei Paschi di Siena. However, during his 4 1/2 years in charge, Mr. Mustier focused on making the bank leaner and more profitable. His performance earned him plaudits: He was a serious contender to run HSBC or Deutsche Bank, though both ended up picking other candidates.

Mergers clear a half-plausible path to profit growth in a sector with few alternatives. That is enough for some European banks, but the latest ructions at others serve as a warning that the strategy is fraught with difficulties. Success is far from guaranteed, even for those deals that go ahead.

Write to Rochelle Toplensky at rochelle.toplensky@wsj.com

 

(END) Dow Jones Newswires

December 02, 2020 02:32 ET (07:32 GMT)

15:2401-12-2020
Goldman, BlackRock, JPMorgan Received Private Briefings From Lane, Says ECB Schedule
 

(MORE TO FOLLOW) Dow Jones Newswires

December 01, 2020 09:24 ET (14:24 GMT)

07:5502-12-2020
G7 Political, Economic Calendar - Week Ahead -3-
                       Total Prod Supplied (Bbl/day) 
                       Total Prod Supplied, Net Chg (Bbl/day) 
1850  JPN  Nov      Corporate Goods Price Index 
1850  JPN  Q4       Business Outlook Survey 
 
 

(END) Dow Jones Newswires

December 02, 2020 01:55 ET (06:55 GMT)

07:1402-12-2020
Italy's Stake in Monte Dei Paschi to Fall After AMCO Deal
 

By Pietro Lombardi

 

Banca Monte dei Paschi di Siena SpA said late Tuesday that the Italian state will hold a stake of slightly more than 64% after the completion of a plan that includes the transfer of billions of soured loans to Asset Management Co. SpA, an Italian state-owned manager of bad loans.

Before the deal, which is a key part of the bank's balance-sheet cleanup, the stake was more than 68%.

Separately, the Italian bank said that it has completed the issue of a senior preferred unsecured bond with a maturity of five years and a size of 750 million euros ($905.4 million).

 

Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10

 

(END) Dow Jones Newswires

December 02, 2020 01:14 ET (06:14 GMT)

07:5502-12-2020
G7 Political, Economic Calendar - Week Ahead -3-
                       Total Prod Supplied (Bbl/day) 
                       Total Prod Supplied, Net Chg (Bbl/day) 
2350  JPN  Nov      Corporate Goods Price Index 
2350  JPN  Q4       Business Outlook Survey 
 
 
 

(END) Dow Jones Newswires

December 02, 2020 01:55 ET (06:55 GMT)

08:3402-12-2020
ECB Economist Broke With Practice on Calls -- WSJ
By Tom Fairless and Paul J. Davies 

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (December 2, 2020).

FRANKFURT -- The European Central Bank's chief economist made dozens of private calls to banks and investors after policy meetings this year, breaking with the central bank's usual practice of delivering information to everyone at the same time in an effort to clarify its sometimes-puzzling public pronouncements, according to three people with whom he spoke and a review of his schedule.

The calls began in March, after ECB President Christine Lagarde flummoxed traders by suggesting at a news conference that the central bank wouldn't prop up Italy's bond market. Italian stocks and bonds slumped. Hours later, Philip Lane, the chief economist, placed separate calls to 11 banks and investors in which he sought to clarify the message.

Former central bank officials said the calls risked privileging big investors with sensitive information. Typically, central bankers carefully control their utterances and try to make sure all market participants get information at the same time. Public diaries show that neither Ms. Lagarde's predecessor, Mario Draghi, nor his chief economist, Peter Praet, made similar calls during their last two years in office.

In 2015, the ECB tightened its communication rules after a board member gave a closed-door speech to investors at a dinner that revealed changes to its bond-buying program.

"You don't just pick up the phone and talk to the select few," said Panicos Demetriades, a former member of the ECB's rate-setting committee as head of Cyprus's central bank. "Talking only to the big players is what you're not supposed to be doing as the central bank. It's not helpful for relations with the public."

An ECB spokesman confirmed the calls. He said the bank decided in September 2019 to start the briefings after policy meetings -- when Mr. Draghi was preparing to hand over the reins to Ms. Lagarde -- but only began them in March. The briefings were set up shortly before Ms. Lagarde's news conference on March 12, the spokesman said.

"In line with our transparency policies, we publish the names of the institutions where they work and ensure there is a rotation between institutions," the spokesman said. "The purpose is to hear the views of economists who are ECB watchers and address any technical questions. The calls only touch on public information and their only focus is on the policy decision published beforehand."

To get on Mr. Lane's call list, the institution had to be a close follower of ECB policy, the spokesman said.

The spokesman said Ms. Lagarde declined to comment.

ECB policy makers observe a quiet period for seven days before policy meetings, during which they are asked to refrain from commenting on monetary policy.

In the U.S., the Federal Reserve has a blackout period of 12 days that runs until a full day after policy meetings, during which Fed officials don't speak publicly or privately to investors. Fed officials meet with banks and asset managers to discuss market sentiment, but the meetings take place outside the blackout period and involve officials asking questions. The Bank of England briefs analysts shortly after its policy decisions, but all analysts are briefed at the same time and any who want to can join.

On each occasion, Mr. Lane discussed the ECB's recent decision with officials -- often the chief economist -- at a subgroup of 18 institutions, according to his public diary. They included investors such as AXA SA, BlackRock Inc. and Pacific Investment Management Co., and banks such as Citigroup Inc. Deutsche Bank AG, Goldman Sachs Group Inc, JPMorgan Chase & Co. and UBS Group AG.

The calls lasted 10 or 15 minutes, according to people who received them. Mr. Lane took questions on the ECB's policy decisions and economic forecasts, but spent most of the time listening, they said. He clarified and fine-tuned the ECB's message, and answered technical questions. Some of the people said they don't recall that Mr. Lane divulged much new information. At least one other ECB staff member was on the calls too.

"It would be desirable for all players to have access to relevant information at the same time. Otherwise, it's not a level playing field, " said Stefan Gerlach, former deputy governor of Ireland's central bank.

An AXA spokesman said Mr. Lane had spoken to the company's chief economist following the ECB's press conferences earlier this year, saying the conversations gave the group a chance to "digest the ECB's announcements and ask any of the more technical questions we may have."

Citi, Deutsche Bank, Goldman Sachs, JPMorgan, Pimco and UniCredit declined to comment. BlackRock and UBS didn't respond.

In the world of central banking, small changes in emphasis from a top official can have a big impact on a range of asset prices, allowing them to stimulate or slow the entire economy.

Ms. Lagarde, a former International Monetary Fund managing director and French finance minister, hadn't worked in a central bank until she took the helm at the ECB in November last year.

Her communications were especially vital this year.

On March 12, as the pandemic hit Europe and the borrowing costs of Southern European governments surged, Ms. Lagarde stunned investors at her news conference by saying that the ECB was "not here to close spreads," or narrow the differences in borrowing costs between wealthy Germany and weaker governments like Italy's.

Italy's huge debt makes it vulnerable to a rise in borrowing costs and a concern for the integrity of the entire currency union.

Ms. Lagarde's comments, which suggested that the ECB wouldn't support governments such as Italy's if they came under pressure in debt markets, helped prompt a surge in the country's borrowing costs and a 17% fall in its stock market. Ms. Lagarde gave a TV interview shortly after her news conference to rebalance the message.

That same day, Mr. Lane held teleconferences with 11 banks and investors including BlackRock, JPMorgan and UniCredit. In a blog posted on the ECB's website the following morning, Mr. Lane signaled that the bank was indeed ready to buy Italian government bonds if necessary.

Six days later, the ECB unveiled a EUR750 billion, equivalent to $894 billion, bond-buying program, scaling it up to EUR1.35 trillion in June. Yields have since tumbled for all European government bonds. Bond values rise when yields fall and this has meant that owning European government debt has been profitable for investors this year.

Mr. Lane's interventions, along with a change in Ms. Lagarde's own communications, have helped swing market sentiment behind the ECB. Yields on 10-year bonds from Italy and Spain have fallen to record lows.

On Sept. 10, Ms. Lagarde again jolted financial markets by sounding optimistic about the eurozone's economy despite a fresh surge in coronavirus infections. The euro rose against other major currencies, approaching a two-year high against the dollar, before retreating later in the afternoon. That same day, Mr. Lane called eight major European and U.S. banks to discuss the economic outlook and monetary policy, according to his diary.

In a blog post the following day, Mr. Lane sounded a cautious note on Europe's economic recovery, saying there was "no room for complacency" and leaving the door open for fresh stimulus. ECB officials have since signaled they will scale up their monetary stimulus at their next policy meeting on Dec. 10.

The calls underscore Mr. Lane's growing influence within the ECB. The 51-year-old Harvard-trained economist joined the bank's six-member executive board in June 2019. He is considered a so-called dove on the ECB's rate-setting committee, meaning he worries more about unemployment than inflation.

He was previously governor of Ireland's central bank, overseeing the country's economic recovery from the eurozone debt crisis, during which it received a EUR68 billion bailout from European governments and the IMF. Before that, he spent around two decades as an academic at Trinity College Dublin and Columbia University.

Before March 12, Mr. Lane had never communicated with banks or investors on the days of ECB policy decisions, according to his public diary. Neither Ms. Lagarde nor the ECB's other four executive-board members have spoken to banks or investors on policy decision days this year or last, according to their public diaries.

Since her March press conference, Ms. Lagarde has held closely to the ECB's written policy message, saying in June that she wanted to be "very, very specific" in her communications.

She meets frequently with policy makers, civil-society groups and the media, but only rarely with investors and bankers, according to her public diary. Her last meeting with a bank to discuss Europe's economy was on Feb. 24, with Royal Bank of Scotland, now known as NatWest Group PLC.

Write to Tom Fairless at tom.fairless@wsj.com and Paul J. Davies at paul.davies@wsj.com

 

(END) Dow Jones Newswires

December 02, 2020 02:34 ET (07:34 GMT)

15:2401-12-2020
Calls Touched on Public Information and Sought to Address Technical Questions, ECB Says
 

(MORE TO FOLLOW) Dow Jones Newswires

December 01, 2020 09:24 ET (14:24 GMT)

15:2401-12-2020
Top ECB Official Privately Called Investors, Banks After Key Policy Decisions
By Tom Fairless and Paul J. Davies 

FRANKFURT -- The European Central Bank's chief economist made dozens of private calls to banks and investors after policy meetings this year, an unusual attempt to buttress the central bank's sometimes-puzzling public communications, according to three people with whom he spoke and a review of his schedule.

The calls began in March, after ECB President Christine Lagarde flummoxed traders by suggesting at a news conference that the central bank wouldn't prop up Italy's bond market. Italian stocks and bonds slumped. Hours later, Philip Lane, the chief economist, placed separate calls to 11 banks and investors in which he sought to clarify the message.

Former central bank officials said the calls risked privileging big investors with sensitive information. Typically, central bankers carefully control their utterances and try to make sure all market participants get information at the same time. Public diaries show that neither Ms. Lagarde's predecessor, Mario Draghi, nor his chief economist, Peter Praet, made similar calls during their last two years in office.

In 2015, the ECB tightened its communication rules after a board member gave a closed-door speech to investors at a dinner that revealed changes to its bond-buying program.

"You don't just pick up the phone and talk to the select few," said Panicos Demetriades, a former member of the ECB's rate-setting committee as head of Cyprus's central bank. "Talking only to the big players is what you're not supposed to be doing as the central bank. It's not helpful for relations with the public."

An ECB spokesman confirmed the calls. He said the bank decided in September 2019 to start the briefings after policy meetings -- when Mr. Draghi was preparing to hand over the reins to Ms. Lagarde -- but only began them in March. The briefings were set up shortly before Ms. Lagarde's news conference on March 12, the spokesman said.

"In line with our transparency policies, we publish the names of the institutions where they work and ensure there is a rotation between institutions," the spokesman said. "The purpose is to hear the views of economists who are ECB watchers and address any technical questions. The calls only touch on public information and their only focus is on the policy decision published beforehand."

To get on Mr. Lane's call list, the institution had to be a close follower of ECB policy, the spokesman said.

The spokesman said Ms. Lagarde declined to comment.

ECB policy makers observe a quiet period for seven days before policy meetings, during which they are asked to refrain from commenting on monetary policy.

In the U.S., the Federal Reserve has a blackout period of 12 days that runs until a full day after policy meetings, during which Fed officials don't speak publicly or privately to investors. Fed officials meet with banks and asset managers to discuss market sentiment, but the meetings take place outside the blackout period and involve officials asking questions. The Bank of England briefs analysts shortly after its policy decisions, but all analysts are briefed at the same time and any who want to can join.

On each occasion, Mr. Lane discussed the ECB's recent decision with officials -- often the chief economist -- at a subgroup of 18 institutions, according to his public diary. They included investors such as AXA SA, BlackRock Inc. and Pacific Investment Management Co., and banks such as Citigroup Inc. Deutsche Bank AG, Goldman Sachs Group Inc, JPMorgan Chase & Co. and UBS Group AG.

The calls lasted 10 or 15 minutes, according to people who received them. Mr. Lane took questions on the ECB's policy decisions and economic forecasts, but spent most of the time listening, they said. He clarified and fine-tuned the ECB's message, and answered technical questions. Some of the people said they don't recall that Mr. Lane divulged much new information. At least one other ECB staff member was on the calls too.

"It would be desirable for all players to have access to relevant information at the same time. Otherwise, it's not a level playing field, " said Stefan Gerlach, former deputy governor of Ireland's central bank.

An AXA spokesman said Mr. Lane had spoken to the company's chief economist following the ECB's press conferences earlier this year, saying the conversations gave the group a chance to "digest the ECB's announcements and ask any of the more technical questions we may have."

Citi, Deutsche Bank, Goldman Sachs, JPMorgan, Pimco and UniCredit declined to comment. BlackRock and UBS didn't respond.

In the world of central banking, small changes in emphasis from a top official can have a big impact on a range of asset prices, allowing them to stimulate or slow the entire economy.

Ms. Lagarde, a former International Monetary Fund managing director and French finance minister, hadn't worked in a central bank until she took the helm at the ECB in November last year.

Her communications were especially vital this year.

On March 12, as the pandemic hit Europe and the borrowing costs of Southern European governments surged, Ms. Lagarde stunned investors at her news conference by saying that the ECB was "not here to close spreads," or narrow the differences in borrowing costs between wealthy Germany and weaker governments like Italy's.

Italy's huge debt makes it vulnerable to a rise in borrowing costs and a concern for the integrity of the entire currency union.

Ms. Lagarde's comments, which suggested that the ECB wouldn't support governments such as Italy's if they came under pressure in debt markets, helped prompt a surge in the country's borrowing costs and a 17% fall in its stock market. Ms. Lagarde gave a TV interview shortly after her news conference to rebalance the message.

That same day, Mr. Lane held teleconferences with 11 banks and investors including BlackRock, JPMorgan and UniCredit. In a blog posted on the ECB's website the following morning, Mr. Lane signaled that the bank was indeed ready to buy Italian government bonds if necessary.

Six days later, the ECB unveiled a EUR750 billion, equivalent to $894 billion, bond-buying program, scaling it up to EUR1.35 trillion in June. Yields have since tumbled for all European government bonds. Bond values rise when yields fall and this has meant that owning European government debt has been profitable for investors this year.

Mr. Lane's interventions, along with a change in Ms. Lagarde's own communications, have helped swing market sentiment behind the ECB. Yields on 10-year bonds from Italy and Spain have fallen to record lows.

On Sept. 10, Ms. Lagarde again jolted financial markets by sounding optimistic about the eurozone's economy despite a fresh surge in coronavirus infections. The euro rose against other major currencies, approaching a two-year high against the dollar, before retreating later in the afternoon. That same day, Mr. Lane called eight major European and U.S. banks to discuss the economic outlook and monetary policy, according to his diary.

In a blog post the following day, Mr. Lane sounded a cautious note on Europe's economic recovery, saying there was "no room for complacency" and leaving the door open for fresh stimulus. ECB officials have since signaled they will scale up their monetary stimulus at their next policy meeting on Dec. 10.

The calls underscore Mr. Lane's growing influence within the ECB. The 51-year-old Harvard-trained economist joined the bank's six-member executive board in June 2019. He is considered a so-called dove on the ECB's rate-setting committee, meaning he worries more about unemployment than inflation.

He was previously governor of Ireland's central bank, overseeing the country's economic recovery from the eurozone debt crisis, during which it received a EUR68 billion bailout from European governments and the IMF. Before that, he spent around two decades as an academic at Trinity College Dublin and Columbia University.

Before March 12, Mr. Lane had never communicated with banks or investors on the days of ECB policy decisions, according to his public diary. Neither Ms. Lagarde nor the ECB's other four executive-board members have spoken to banks or investors on policy decision days this year or last, according to their public diaries.

Since her March press conference, Ms. Lagarde has held closely to the ECB's written policy message, saying in June that she wanted to be "very, very specific" in her communications.

She meets frequently with policy makers, civil-society groups and the media, but only rarely with investors and bankers, according to her public diary. Her last meeting with a bank to discuss Europe's economy was on Feb. 24, with Royal Bank of Scotland, now known as NatWest Group PLC.

Write to Tom Fairless at tom.fairless@wsj.com and Paul J. Davies at paul.davies@wsj.com

 

(END) Dow Jones Newswires

December 01, 2020 09:24 ET (14:24 GMT)

11:0302-12-2020
Eni, Enel Partner to Develop Green Hydrogen Projects
 
   By Giulia Petroni 
 

Eni SpA and Enel SpA are partnering to develop green hydrogen projects through the use of electrolyzers powered by renewable energy.

The two Italy-based energy players said Wednesday that two pilot projects, which aim to supply qualified Eni refineries, are expected to start generating hydrogen from renewable energy by 2022-2023. Each of them will feature an electrolyzer of around 10 megawatts.

"We are looking forward to seeing green hydrogen supplying Eni's refinery and biorefinery processes, and are working to have the first operating system in place before the end of our current three-year plan," said Enel's Chief Executive Officer Francesco Starace.

Mr. Starace said the companies envision a system where the electrolyzer and the refinery are in the same location in order to avoid complex infrastructure to transport hydrogen.

Enel is currently also developing green-hydrogen projects in Spain, Chile and the U.S. It plans to reach a green-hydrogen capacity of over 2 gigawatts by 2030.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

December 02, 2020 05:03 ET (10:03 GMT)

06:3002-12-2020
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, December 3, 2020 
Company                        Event 
Biancamano (BCM.MI)*           Interim 2020 Results  - postponed 
 
Friday, December 4, 2020 
Company                        Event 
Covivio (COV.FR)*              Capital Markets Day / Webcast [invitation 
                               only] 
 
Monday, December 7, 2020 
Company                        Event 
Banca IFIS (IF.MI)*            Full Year 2019 Ex-Dividend Date - 
                               Proposed (seen 1.10) 
Banco di Desio e della         Full Year 2019 Ex-Dividend Date - 
      Brianza (BDB.MI)*        Proposed (seen 0.1036) 
Bper Banca (BPE.MI)*           Full Year 2019 Ex-Dividend Date - 
                               Proposed (seen 0.14) 
Buzzi Unicem (BZU.MI)*         Special Ex-Dividend Date (seen 0.75) 
 
Wednesday, December 9, 2020 
Company                        Event 
AS Roma (ASR.MI)               Full Year 2020 AGM & EGM - 1st call 
                               [absentee voting] 
Buzzi Unicem (BZU.MI)*         Special Dividend Payment Date (seen 0.75) 
Bialetti Industrie (BIA.MI)*   Full Year 2019 AGM - 1st call - postponed 
                               (COVID-19) 
Bper Banca (BPE.MI)*           Full Year 2019 Dividend Payment Date - 
                               Proposed (seen 0.14) 
Banca IFIS (IF.MI)*            Full Year 2019 Dividend Payment Date - 
                               Proposed (seen 1.10) 
Banco di Desio e della         Full Year 2019 Dividend Payment Date - 
      Brianza (BDB.MI)*        Proposed (seen 0.1036) 
 
Thursday, December 10, 2020 
Company                        Event 
Biancamano (BCM.MI)            Full Year 2019 AGM  - postponed 
AS Roma (ASR.MI)               Full Year 2020 AGM & EGM - 2nd call [if 
                               required] [absentee voting] 
SS Lazio (SSL.MI)              Full Year 2020 AGM - 2nd call [if required] 
Bialetti Industrie (BIA.MI)*   Full Year 2019 AGM - 2nd call [if 
                               required] - postponed (COVID-19) 
 
Friday, December 11, 2020 
Company                        Event 
CHL (CHL.MI)*                  Full Year 2019 Results  - postponed 
BB Biotech AG (BBAGF)*         Analyst Meeting 
CHL (CHL.MI)*                  Full Year 2019 AGM & EGM - postponed 
                               (COVID-19) 
CHL (CHL.MI)*                  Interim 2020 Results  - postponed 
 
Monday, December 14, 2020 
Company                        Event 
Reno de Medici (RM.MI)         General Meeting re choice of audit - 1st 
                               call 
Mondo TV (MTV.MI)*             Full Year 2020 Preliminary Results 
Digital Bros (DIB.MI)          Full Year 2020 Ex-Dividend Date - 
                               Proposed (seen 0.15) 
 
Tuesday, December 15, 2020 
Company                        Event 
De Longhi (DLG.MI)             General Meeting re payment of dividends 
OVS SpA (OVS.MI)               EGM re increase of share capital 
Reno de Medici (RM.MI)         General Meeting re choice of audit  - 2nd 
                               call [if required] 
Alerion Cleanpower (ARN.MI)    General Meeting re increase of share 
                               capital 
OVS SpA (OVS.MI)               Q3 2020 Results 
OVS SpA (OVS.MI)               Q3 2020 Earnings Conference Call 
 
Wednesday, December 16, 2020 
Company                        Event 
Digital Bros (DIB.MI)          Full Year 2020 Dividend Payment Date - 
                               Proposed (seen 0.15) 
Generali SpA (G.MI)*           Full Year 2019 Dividend Payment Date - 
                               Proposed - 2nd Payment (seen 0.46) 
 
Thursday, December 17, 2020 
Company                        Event 
Recordati (REC.MI)             General Meeting re merger with  Rossini 
                               Investiment 
Sesa (SES.MI)*                 Interim 2021 Earnings Conference Call  / 
                               Webcast 
Unieuro (UNIR.MI)              EGM re increase of share capital 
Sesa (SES.MI)                  Interim 2021 Results 
 
Monday, December 21, 2020 
Company                        Event 
algoWatt (ALW.MI)*             Interim 2020 Results  - postponed 
algoWatt (ALW.MI)*             Full Year 2019 Results  - postponed 
Exprivia SpA (XPR.MI)*         Full Year 2019 AGM - 1st call - postponed 
                               (COVID-19) 
Olidata (OLI.MI)*              Full Year 2019 AGM & EGM - 1st call - 
                               postponed (COVID-19) 
 
Tuesday, December 22, 2020 
Company                        Event 
Illimity Bank (ILTY.MI)        EGM re increase of share capital 
                               [absentee voting] 
Abitare In (ABT.MI)            Full Year 2020 AGM - 1st call 
Exprivia SpA (XPR.MI)*         Full Year 2019 AGM - 2nd call [if 
                               required] - postponed (COVID-19) 
I Grandi Viaggi (IGV.MI)       Full Year 2020 Results 
 
Wednesday, December 23, 2020 
Company                        Event 
Abitare In (ABT.MI)            Full Year 2020 AGM  - 2nd call [if 
                               required] 
 
Tuesday, December 29, 2020 
Company                        Event 
algoWatt (ALW.MI)*             Full Year 2019 AGM & EGM - 1st call - 
                               postponed (COVID-19) 
 
 
 

(END) Dow Jones Newswires

December 02, 2020 00:30 ET (05:30 GMT)

14:5201-12-2020
Coronavirus Dashboard: Economic & Trading Data -2-
India                                  54.14 (Oct)          51.46        Dec 03 
Italy                                  46.67 (Oct)          50.95        Dec 03 
U.K.                                   51.38 (Oct)          50.23        Dec 03 
Germany                                49.51 (Oct)          53.96        Dec 03 
France                                 46.53 (Oct)          51.39        Dec 03 
Spain                                  41.44 (Oct)          53.90        Dec 03 
 
 
Markit Manufacturing PMI 
                                                                           Next 
                                                             2019       Release 
                                            Current       Average          Date 
 
U.S.                                   56.65 (Nov)          51.86        Jan 04 
China                                  54.87 (Nov)          50.47        Jan 04 
South Korea                            52.87 (Nov)          48.56        Jan 04 
Japan                                  48.98 (Nov)          49.25        Jan 04 
India                                  56.34 (Nov)          52.28        Jan 04 
Italy                                  51.48 (Nov)          48.04        Jan 04 
U.K.                                   55.62 (Nov)          50.03        Jan 04 
Germany                                57.79 (Nov)          44.44        Jan 04 
France                                 49.58 (Nov)          50.72        Jan 04 
Spain                                  49.81 (Nov)          49.13        Jan 04 
Canada                                 55.52 (Oct)          50.61        Dec 02 
 
 
Retail Sales (Y/Y) 
                                                                           Next 
                                                             2019       Release 
                                            Current       Average          Date 
 
U.S.                                    5.7% (Oct)           3.5%        Dec 16 
Hong Kong                              -8.8% (Oct)         -12.5%        Jan 04 
South Korea                            0.17% (Oct)           0.6%        Dec 29 
Japan                                  -8.7% (Sep)           0.1%        Dec 15 
Singapore                             -10.8% (Sep)          -3.5%        Dec 04 
Italy                                   1.3% (Sep)           0.8%        Dec 04 
U.K.                                    5.8% (Oct)           3.4%        Dec 18 
Germany                                 3.8% (Sep)           2.6%        Dec 03 
France                                  2.7% (Sep)           2.4%        Dec 03 
Spain                                  -2.4% (Oct)           2.4%        Dec 28 
Canada                                  4.6% (Sep)           1.6%        Dec 18 
 
 
US Sentiment Indicators 
                                                                           Next 
                                                             2019       Release 
                                            Current       Average          Date 
 
Vistage Small Business Confidence       87.6 (Nov)           96.7        Dec 15 
UMich Consumer Sentiment                76.9 (Nov)           96.0        Dec 11 
UMich Current Economic Conditions       87.0 (Nov)          110.8        Dec 11 
 
 
NOTE 1: Data for market values, indexes, commodities, currencies and bond yields are 
calculated from the 1Q 2020 peak for each instrument. The "since January 8, 2020" 
column represents the change since the day before Chinese officials announced the 
coronavirus outbreak. The 2019 averages represent 12-month or 4-quarter average for 
each indicator. GDP data are quarter over quarter annualized, with the exception of 
China, which is year over year. 
 
 
Sources: Dow Jones Market Data, FactSet, Eurostat, Vistage Worldwide 
 

(END) Dow Jones Newswires

December 01, 2020 08:52 ET (13:52 GMT)

07:5502-12-2020
G7 Political, Economic Calendar - Week Ahead -2-
                       Imports (USD)                                      240.22B 
                       Imports, M/M%                                      +0.5% 
1330  CAN  Oct      International merchandise trade 
                       Exports, M/M%                                      +1.5% 
                       Imports, M/M%                                      +1.5% 
                       Trade Balance (CAD)                                -3.252B 
1330  CAN  Nov      Labour Force Survey 
                       Avg Hourly Wages, Y/Y                              +5.5% 
                       Full-Time Jobs, M/M                                +69100 
                       Jobless Rate                                       8.9% 
                       Labor Force, M/M                                   +67800 
                       Net Jobs, M/M                                      83600 
                       Participation Rate                                 65.2% 
                       Part-Time Jobs, M/M                                +14500 
1500  US   Oct      Manufacturers' Shipments, Inventories & Orders (M3) 
                       Total Orders, M/M%                      +0.8%      +1.1% 
                       Orders, Ex-Defense, M/M%                           +1.8% 
                       Orders, Ex-Transport, M/M%                         +0.5% 
                       Durable Goods, M/M% 
                       Durable Goods, M/M% 
1530  US            IMF Managing Director Kristalina Georgieva speaks at Richard 
                    Goode Lecture with MIT Professor Daron Acemoglu 
N/A   US            Group of Thirty Plenary Session, with FRB New York President 
                    John Williams speaking 
 
Sunday, December 6, 2020                                       Exp        Prev 
 GMT 
1000  EU            ECB President Christine Lagarde laudatory speech honouring EC 
                    Vice-President Margrethe Vestager 
2350  JPN  Nov      International Reserves / Foreign Currency 
2350  JPN  Nov      Provisional Trade Statistics for 1st 20 days of Month 
 
Monday, December 7, 2020                                       Exp        Prev 
 GMT 
0500  JPN  Oct      Indexes of Business Conditions - Preliminary Release 
0700  GER  Oct      Industrial Production Index 
                       Indus Output-Adj, M/M%                             +1.6% 
                       Indus Output-Adj, Y/Y%                             -7.3% 
                       Construction Output, M/M%                          +1.5% 
                       Mfring Output, M/M%                                +2.0% 
0830  UK   Nov      Halifax House Price Index 
1300  UK            Bank of England MPC Member Silvana Tenreyro participates in 
                    Women Societies Alliance event 
1500  CAN  Nov      Ivey Purchasing Managers Index 
                       Ivey PMI                                           55.9 
                       Ivey PMI-SA                                        54.5 
1500  US   Nov      Employment Trends Index 
                       ETI                                                97.57 
                       ETI, Y/Y% 
2000  US   Oct      Consumer Credit 
                       Consumer Credit Net Chg (USD)                      +16.2B 
2330  JPN  Oct      Household Spending 
                       Wage-Earner Spending, Y/Y%                         -7.7% 
                       All Household, Y/Y%                                -10.2% 
                       Propensity to Consume, Y/Y (Pts)                   -9.3 
                       Propensity to Consume-Adj, %                       79.8% 
2350  JPN  Q3       Quarterly External Debt & International Investment Position 
2350  JPN  Nov      International Transactions in Securities 
                       Japanese Net Transacts in Foreign                  1.369T 
                       Bonds (yen) 
                       Japanese Net Transacts in Foreign                  591.3B 
                       Stock (yen) 
                       Foreigners Net Transacts in Japanese               1.429T 
                       Bonds (yen) 
                       Foreigners Net Transacts in Japanese               1.690T 
                       Stock (yen) 
2350  JPN  Oct      Balance of Payments 
                       Current Account (JPY)                              1.660T 
                       Goods and Services (JPY)                           681.0B 
                       Trade Balance (JPY)                                918.4B 
2350  JPN  Q3       2nd Preliminary Quarterly GDP Estimates 
                       Real GDP, Y/Y%                                     -7.9% 
                       Real GDP, Annualized                               -28.1% 
                       Nominal GDP, Q/Q%                                  -7.6% 
                       Consumption, Q/Q%                                  -7.9% 
                       Capex, Q/Q%                                        -4.7% 
                       Domestic Dem-Pct Pts Contrib To Growth             -4.9% 
                       External Dem-Pct Pts Contrib To Growth             -3.0% 
                       Inv-Pcts PtsContrib To Growth                      +0.3% 
                       Public Investment, Q/Q%                            +1.1% 
                       GDP Deflator, Y/Y%                                 +1.3% 
2350  JPN  Nov      Bank Lending 
                       Bank Lending, Y/Y%                                 +5.9% 
 
Tuesday, December 8, 2020                                      Exp        Prev 
 GMT 
0001  UK   Nov      BRC-KPMG Retail Sales Monitor 
0001  UK   Q1       Manpower UK Employment Outlook Survey 
0430  JPN  Nov      Corporate Insolvencies 
                       Corporate Insolvencies, Y/Y%                       -17.6% 
0500  JPN  Nov      Economy Watchers Survey 
0501  US   Q1       Manpower U.S. Employment Outlook Survey 
0630  FRA  Q3       Job creation 
0745  FRA  Oct      Balance of Payments 
0745  FRA  Oct      Foreign trade 
1000  EU   Q3       GDP and Main Aggregates Estimate 
1000  EU   Q3       Employment 
1000  GER  Dec      ZEW Indicator of Economic Sentiment 
                       Current Conditions                                 -64.3 
                       Economic Expectations                              39.0 
1100  US   Nov      NFIB Index of Small Business Optimism 
                       Small Business Idx                                 104.0 
1100  FRA  Oct      OECD Composite Leading Indicators 
1245  US            Weekly Chain Store Sales Index 
1330  US   Q3       Revised Productivity & Costs 
                       Non-Farm Productivity                              +10.1% 
                       Unit Labor Costs                                   +9.0% 
1355  US   12/05    Johnson Redbook Retail Sales Index 
                       Ret Sales Mo-to-Date, M/M%                         +1.3% 
                       Ret Sales Mo-to-Date, Y/Y%                         +3.7% 
                       Latest Wk, Y/Y%                                    +9.2% 
1500  US   Q3       Quarterly Financial Report - Retail Trade 
1500  US   Q3       Quarterly Financial Report - Industry 
2130  US   12/04    API Weekly Statistical Bulletin 
                       Crude Stocks, Net Chg (Bbls)                       +4.1M 
                       Gasoline Stocks, Net Chg (Bbls)                    +3.4M 
                       Distillate Stocks, Net Chg (Bbls)                  +0.3M 
2350  JPN  Nov      Money Stock, Broadly-defined Liquidity 
2350  JPN  Oct      Orders Received for Machinery 
                       Core Orders, M/M%                                  -4.4% 
                       Core Orders, Y/Y%                                  -11.5% 
N/A   ITA           Italy: Immaculate Conception Day 
N/A   JPN  Oct      Provisional Labour Survey - Earnings, Employment & Hours Worked 
 
Wednesday, December 9, 2020                                    Exp        Prev 
 GMT 
0101  UK   Nov      KPMG and REC UK Report on Jobs 
0600  JPN  Nov      Preliminary Machine Tool Orders 
                       Tool Orders Est, Y/Y%                              -5.9% 
0700  GER  Q3       Labour cost index 
0700  GER  Oct      Foreign Trade 
                       Exports-Adj, M/M%                                  +2.3% 
                       Imports-Adj, M/M%                                  -0.1% 
                       Trade Balance                                      +17.8B 
                       Exports-Unadj.                                     109.8B 
                       Imports-Unadj.                                     89.0B 
1100  FRA  Oct      OECD Harmonised Unemployment Rates 
1200  US   12/04    MBA Weekly Mortgage Applications Survey 
                       Composite Idx 
                       Composite Idx, W/W% 
                       Purchase Idx-SA 
                       Purchase Idx-SA, W/W% 
                       Refinance Idx 
                       Refinance Idx, W/W% 
1500  US   Oct      Job Openings & Labor Turnover Survey 
1500  CAN           Bank of Canada interest rate announcement 
                       Overnight Rate                                     0.25 
                       Overnight Rate, Net Chg (Bps)                      +0 
                       Overnight Rate-Range High 
                       Overnight Rate-Range Low 
1500  US            ISM Semiannual Report On Business Economic Forecast 
1500  US   Nov      Online Help Wanted Index 
1500  US   Oct      Monthly Wholesale Trade 
                       Inventories, M/M%                                  +0.4% 
1530  US   12/04    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 

(MORE TO FOLLOW) Dow Jones Newswires

December 02, 2020 01:55 ET (06:55 GMT)

09:3302-12-2020
UniCredit Target Cut to EUR8 From EUR9.50 by Berenberg
 

(END) Dow Jones Newswires

December 02, 2020 03:33 ET (08:33 GMT)

14:4802-12-2020
Coronavirus Dashboard: Economic & Trading Data -2-
India                                  54.14 (Oct)          51.46        Dec 03 
Italy                                  46.67 (Oct)          50.95        Dec 03 
U.K.                                   51.38 (Oct)          50.23        Dec 03 
Germany                                49.51 (Oct)          53.96        Dec 03 
France                                 46.53 (Oct)          51.39        Dec 03 
Spain                                  41.44 (Oct)          53.90        Dec 03 
 
 
Markit Manufacturing PMI 
                                                                           Next 
                                                             2019       Release 
                                            Current       Average          Date 
 
U.S.                                   56.65 (Nov)          51.86        Jan 04 
China                                  54.87 (Nov)          50.47        Jan 04 
South Korea                            52.87 (Nov)          48.56        Jan 04 
Japan                                  48.98 (Nov)          49.25        Jan 04 
India                                  56.34 (Nov)          52.28        Jan 04 
Italy                                  51.48 (Nov)          48.04        Jan 04 
U.K.                                   55.62 (Nov)          50.03        Jan 04 
Germany                                57.79 (Nov)          44.44        Jan 04 
France                                 49.58 (Nov)          50.72        Jan 04 
Spain                                  49.81 (Nov)          49.13        Jan 04 
Canada                                 55.76 (Nov)          50.61        Jan 04 
 
 
Retail Sales (Y/Y) 
                                                                           Next 
                                                             2019       Release 
                                            Current       Average          Date 
 
U.S.                                    5.7% (Oct)           3.5%        Dec 16 
Hong Kong                              -8.8% (Oct)         -12.5%        Jan 04 
South Korea                            0.17% (Oct)           0.6%        Dec 29 
Japan                                  -8.7% (Sep)           0.1%        Dec 15 
Singapore                             -10.8% (Sep)          -3.5%        Dec 04 
Italy                                   1.3% (Sep)           0.8%        Dec 04 
U.K.                                    5.8% (Oct)           3.4%        Dec 18 
Germany                                 3.8% (Sep)           2.6%        Dec 03 
France                                  2.7% (Sep)           2.4%        Dec 03 
Spain                                  -2.4% (Oct)           2.4%        Dec 28 
Canada                                  4.6% (Sep)           1.6%        Dec 18 
 
 
US Sentiment Indicators 
                                                                           Next 
                                                             2019       Release 
                                            Current       Average          Date 
 
Vistage Small Business Confidence       87.6 (Nov)           96.7        Dec 15 
UMich Consumer Sentiment                76.9 (Nov)           96.0        Dec 11 
UMich Current Economic Conditions       87.0 (Nov)          110.8        Dec 11 
 
 
NOTE 1: Data for market values, indexes, commodities, currencies and bond yields are 
calculated from the 1Q 2020 peak for each instrument. The "since January 8, 2020" 
column represents the change since the day before Chinese officials announced the 
coronavirus outbreak. The 2019 averages represent 12-month or 4-quarter average for 
each indicator. GDP data are quarter over quarter annualized, with the exception of 
China, which is year over year. 
 
 
Sources: Dow Jones Market Data, FactSet, Eurostat, Vistage Worldwide 
 

(END) Dow Jones Newswires

December 02, 2020 08:48 ET (13:48 GMT)

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