Italy factors to watch on October 2
EWI•Italian Prime Minister Giorgia Meloni urged the EU to account for higher-than-expected inflation in public finances. Eni completed a deal valuing Plenitude at €10.75 billion, while Italy’s September car registrations rose 9.9% year on year to 139,356.
1. Politics and economy
Giorgia Meloni said she had urged European Commission President Ursula von der Leyen to consider how higher-than-expected inflation and automatic increases in pension and welfare spending had changed member states’ budget outlooks. Meloni said the issue would be discussed at upcoming Ecofin and European Council meetings. Italy’s unemployment rate rose to 6.2% in August, employment was little changed, and the manufacturing PMI rose to 50.4 in September from 49.6 in August. ISTAT was due to release August retail sales data.
2. Company developments
Eni completed a reorganisation of Plenitude’s shareholding with Ares and EIP, valuing the low-carbon unit at €10.75 billion. Following a €1.56 billion capital increase, Eni holds 65.03%, Ares 26.24% and EIP 8.73%; Eni and Ares have joint control, and Plenitude will be deconsolidated from Eni’s accounts.
3. Car registrations
New car registrations in Italy rose 9.9% year on year in September to 139,356 vehicles. Registrations in the first nine months of the year increased 8.7% to 1.27 million.
