What’s happening in Italy’s market? From political decisions to economic forecasts and business updates, this comprehensive analysis reveals what you need to know.
Written by dzwatch
Struggling to catch up with the latest updates in Italy’s market? You’re not alone. But don’t fret! From looming fiscal rules to economic challenges and big moves in the corporate world, here’s a detailed breakdown of all the news that could sway Italy’s market.
Politics
Prime Minister Giorgia Meloni let us in on some inside scoop last Friday. The EU countries are having a tough time agreeing on a new set of fiscal rules. They’re aiming to seal the deal by the end of this year, but it’s not going as smoothly as they’d hoped.
Moreover, the Italian government has had a change of heart about raising the retirement age next year. New budget drafts show they’re pulling back on that front. So, if you were stressed about working longer, you might just catch a break.
And if you own more than one short-term rental property? Brace yourself. The government plans to increase taxes on those starting from 2024.
Economy
If you’re banking on Italy’s economy to skyrocket soon, temper those expectations. Confindustria, the country’s leading business lobby, issued a report stating that the economy will only see moderate growth this year. And it gets worse. Expect an even slower pace in 2024, thanks to rising inflation and interest rates.
ISTAT, on the other hand, is set to release non-EU external trade data for September. Keep an eye out for that.
Debt
DBRS has joined S&P Global in affirming Italy’s debt rating. They’ve stamped a BBB (High) with a stable outlook on it. Not bad, Italy, not bad at all.
Enterprises
Telecom Italia (TIM)
The Italian government still backs TIM’s proposed deal to sell its network to American fund KKR. However, a London-based investment firm, holding less than 3% of TIM, wants to challenge this sale. So the corporate drama continues.
Mediobanca
CEO Alberto Nagel isn’t going anywhere. Despite opposition from the bank’s largest investor, he secured a new three-year mandate during a shareholders’ vote last Saturday.
ENI
The Israeli Energy Ministry has granted 12 licenses for natural gas exploration, and guess who’s in on the action? A group featuring ENI, Dana Petroleum, and Ratio Petroleum will be probing waters west of the Leviathan field.
Stellantis
They’ve struck a deal with United Auto Workers (UAW), putting an end to a 40-day strike against Detroit’s three major automakers. Meanwhile, GM stands alone without a contract, leading UAW to expand the strike to a GM engine plant in Tennessee.
Upcoming Events
A trilateral meeting among Italy, Germany, and France is set to discuss digital transition and artificial intelligence. Later, Rome will host a majority government meeting to deliberate on constitutional reforms.
There you have it, a jam-packed update on Italy’s market. Politics, economy, or corporate news, whatever tickles your fancy, we’ve got it covered! Stay tuned for more updates.
