(Alliance News) - Opening lower Monday for major European indexes with oil stocks weighing down Italian listings after Brent crude fell over the weekend as investors took a breather after the recent uptick fueled by hopes of rate cuts.

"As we approach the last month of 2023," comments Michael Hewson Chief Market Analyst at CMC Markets, "it's hard to see what will crush this renewed enthusiasm for the idea that central banks are about to change direction when it comes to rate policy, with this week's services data expected to point to further weakness in Europe.

"The catalyst," Hewson continues, "could be a series of positive U.S. employment data, such as the October JOLT on job openings tomorrow, the November ADP payrolls report on Wednesday or the nonfarm payrolls report on Friday. Strong numbers from any or all three could trigger a modest rebound in U.S. yields in the absence of aggressive Fed comments ahead of next week's final 2023 meeting."

Thus, the FTSE Mib opens down 0.1 percent to 29,886.65, Mid-Cap advances 0.2 percent to 42,264.78, Small-Cap rises 0.3 percent to 26,307.53 while Italy Growth is in the green 0.5 percent to 7,973.44.

In Europe, Paris' CAC 40 gives up 0.2 percent, Frankfurt's DAX 40 is in fractional green while London's FTSE100 is in the red by 0.4 percent.

On the main list of Piazza Affari, the oil sector suffers with Tenaris, Eni and Saipem at the bottom all giving up 1.1% while on the Mid Saras is in the red by 0.3%.

CNH Industrial, Pirelli and Ferrari also hurt, in the red by 1.0%, 0.9% and 0.7%.

Terna - in the green by 0.1% - announced Friday that it will invest EUR1.3 billion in Lombardy over the next 10 years.

The main innovation introduced by the development plan is the Hypergrid network, which will exploit DC power transmission technologies to achieve energy transition and security goals: a new HVDC power backbone of more than 400 km is planned between Milan and Montalto, functional for the integration of renewable capacity.

FinecoBank - down 0.3% - disclosed Friday that the European Central Bank has announced new SREP requirements for the bank.

The CET 1 ratio must be 8.2%, the Tier 1 ratio 10.1%, and the Total Capital ratio 12.6%.

As of September 30, FinecoBank had a CET 1 ratio of 24.7 percent, a Tier 1 ratio of 35.9 percent, and a Total Capital ratio of 35.9 percent.

Prysmian - in the green by 0.1 percent - announced Thursday that it has been awarded a contract worth about EUR850 million awarded by Eastern Green Link 1 Limited involving the supply of cable systems for a major national grid development project between Scotland and England.

Intesa Sanpaolo -- up 0.4 percent -- announced Thursday that it has received the ECB's final decision regarding the capital requirement to be met as of January 1, 2024 at the consolidated level, following the outcomes of the Supervisory Review and Evaluation Process. The total capital requirement to be met in terms of Common Equity Tier 1 ratio is 9.32 percent. Intesa Sanpaolo's capital ratios at the consolidated level as of September 30, 2023 are 13.6 percent for Common Equity Tier 1 ratio, 19.2 percent for Total Capital ratio.

Leading the bullish, who are the minority, are Moncler and Banca Monte dei Paschi di Siena, up 0.9 percent and 0.7 percent.

On the Mid-Cap, Piaggio & C. - in the green by 2.1 percent - reported Monday that the Vespa brand was valued at EUR1.08 billion, an increase of 19 percent over the brand's value obtained in the previous valuation of EUR906 million in 2021.

This, the company says, is the result of the study commissioned by the Piaggio Group from global brand consultancy Interbrand on Vespa.

Fincantieri opens in the green by 0.6 percent, after announcing that it has finalized terms and conditions for the purchase from Advanced Technology Industrial Group of 100 percent of Remazel Engineering, for a consideration based on an enterprise value of EUR78 million. Closing is expected in the first quarter of 2024.

Sesa rises 0.5 percent. The company announced on Thursday that it has signed through BDX, a subsidiary of Base Digitale Group, a partnership agreement with Gellify to develop an open finance platform in Wealth Management through the establishment of the DataCoreX joint venture, 66 percent owned by BDX and 34 percent owned by Gellify, with the aim of further expanding the offering of products and solutions for the Financial Services market.

On the Small-Cap, Banca Profilo gives up 0.5 percent after announcing Thursday that Arepo BP Spa, the company's controlling shareholder and banking parent company of the Banca Profilo Group, and Twenty First Capital Sas, a French alternative investment fund management company and limited partner and portfolio manager of the French-law fund Fonds Archimedes, have agreed on an extension to March 20, 2024, of the deadline for the fulfillment of the conditions precedent set out in the preliminary purchase and sale agreement for a number of Banca Profilo shares representing 29 percent of the share capital, net of treasury shares.

Zucchi - flat at EUR2.25 - reported Thursday that its board of directors approved its interim report as of September 30, reporting a profit of EUR2.9 million for the nine months, up from EUR1.4 million for the same period in 2022.

Giglio Group -- in the green by 0.4 percent -- announced Friday that the extraordinary shareholders' meeting of its wholly-owned subsidiary Salotto di Brera Duty Free Srl resolved to increase its share capital by a total of EUR2.0 million through a subscription offer to Meridiana Holding Spa -- Giglio Group's majority shareholder -- following Giglio Group's waiver of its pre-emptive right.

Among SMEs, Vantea SMART opens up 9.5 percent after announcing on Friday that it has entered into a deed with Banca IFIS Spa for the non-recourse assignment of a VAT receivable relating to the year 2022.

This amounts to EUR4.5 million.

Also in the high quarters is Pozzi Milano, in the green by 9.2 percent after announcing Monday the acquisition of orders worth a total of EUR1.6 million or so, related to the supply of tableware products for the realization of promotional activities both nationally and in Europe.

Officina Stellare is up 7.3 percent after announcing Monday that it has signed a contract with PhotoSonics Inc. for the second tranche of supply of short- and long-range optical systems worth EUR2.7 million.

Casta Diva Group rises 6.2 percent after announcing Monday that the board of directors approved the new 2023-2026 Business Plan compared to the one approved last April 3.

As of 2026, the company expects a value of production of EUR153 million, adjusted Ebitda of EUR17.7 million with a margin of 11.6 percent, Ebit of EUR13.6 million, and a negative Net Cash Position of EUR6.4 million.

Edil San Felice opens in the green by 2.0% after announcing on Friday that it has successfully concluded the acquisition of a new industrial site adjacent to its Nola headquarters, with the strategic objective of increasing its production capacity.

The purchase and sale agreement, signed on Nov. 30, is worth EUR3.0 million financed entirely from its own funds.

In Asia, the Nikkei closed down 0.7 percent to 33,187.50, the Hang Seng was down 1.2 percent to 16,650.00 and the Shanghai Composite finished down 0.3 percent to 3,022.91.

In New York on Friday, the Dow Jones closed in the green 0.8 percent to 36,245.50, the S&P up 0.6 percent to 4,594.63 as did the Nasdaq at 14,305.03 points.

Among currencies, the euro changes hands at USD1.0868 against USD1.0869 recorded in Friday's European stock close while the pound is worth USD1.2668 from USD1.2675 on Friday evening.

Brent crude is worth USD78.16 per barrel versus USD81.01 per barrel at Friday's close. Gold, on the other hand, trades at USD2,064.86 an ounce from USD2,055.72 an ounce Friday night.

Monday's macroeconomic calendar includes, at 1030 CET, the sentix index of Eurozone investor confidence. At 1500 CET, ECB President Christine Lagarde will give a speech instead.

At 1600 CET, from the U.S., space will be given to durable goods orders and, at 1730 CET, an auction of Treasury bills with three- and six-month maturities will be held.

Among the companies in the Piazza Affari, Homizy's results are expected.

By Chiara Bruschi, Alliance News reporter

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