(Alliance News) - On Tuesday, major European stock markets confirm expectations and open the session in negative territory on a quiet day in macroeconomic terms.

Thus, the FTSE Mib is in the red by 0.5 percent to 27,704.86, the Mid-Cap gives up 0.4 percent to 39,274.60, the Small-Cap is in the red by 0.2 percent to 25,690.09, while Italy Growth is down 0.1 percent to 8,225.09.

In Europe, Paris' CAC 40 is in the green by 0.3 percent, Frankfurt's DAX 40 gains 0.4 percent, and London's FTSE 100 is up 0.1 percent.

"The relief that came with the news of avoiding a potential U.S. government shutdown was short-lived. Sentiment in equity markets quickly soured, both in Europe and overseas, while U.S. Treasury yields did not react positively to the news of no shutdown," commented Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

"Instead, the selloff in U.S. 10-year bonds accelerated; the 10-year yield touched 4.70 percent, while the 2-year yield remained stable around the 5.10 percent level, as Federal Reserve Chairman Jerome Powell did not say much about the future of monetary policy in a speech on Monday, but his colleagues continued to speak hawkishly."

"Michelle Bowman of the Fed said that more interest rate hikes may be needed to tame inflation, while Micheal Barr reiterated that rates are probably quite restrictive, but should remain higher for a longer period. Speaking of oil prices, crude oil fell below the USD90 level yesterday, partly because of overbought conditions in the market, the result of a rally of more than 40 percent since late June, and partly because expectations of higher rates for longer have increased the likelihood of recession."

On the main list of the Italian stock exchange, at the bottom is ERG, in the red by 2.4 percent. Also hurting is Eni, down 1.9 percent, along with energy companies such as Enel, which leaves 1.7 percent on the parterre, A2A, in the red 1.0 percent, and Italgas down 1.0 percent.

Eni has been struggling since yesterday despite announcing a major gas discovery made from the Geng North-1 well drilled in the North Ganal license, about 85 km off the east coast of Kalimantan, Indonesia. Preliminary estimates indicate total volumes of 5 trillion cubic feet of gas-equivalent to about 140 billion cubic meters-with condensate content up to about 400 million barrels. The data acquired will allow the study of options for accelerated development.

Among oils, Saipem is an exception, gaining 0.1 percent.

Leading the list is Campari, up 0.7 percent, followed by Amplifon, up 0.4 percent. Rounding out the podium is DiaSorin, up 0.3 percent.

On the Mid-Cap, a few stocks are up, including Brunello Cucinelli, which gains 1.4 percent. Goldman Sachs gives the stock a 'buy' rating with a target price at EUR87.00.

The rest of the fashion sector opens down, with Salvatore Ferragamo leaving 2.0% on the parterre and Tod's losing 3.0%, sitting at the bottom.

Piaggio & C - in the green by 0.3% - announced Wednesday that it had successfully placed its EUR250.0 million senior high-yield bond, maturing in seven years.

The bond has a fixed annual interest rate of 6.5 percent and an issue price of 100 percent.

On the Small-Cap, SAES Getters gains 0.6 percent, after announcing Monday the closing of the transaction to sell the Nitinol business to the U.S. company Resonetics and, in particular, its U.S. subsidiaries Memry Corporation and SAES Smart Materials.

The divestment price is USD900 million.

Safilo Group gives up 0.2 percent. The company announced Friday that contracts have been signed for the sale of business units related to the Longarone plant to sector companies Thélios and Innovatek. The closing of the transactions, subject to the fulfillment of conditions precedent, is scheduled for late October.

Pierrel--in the red by 1.5 percent--reported Monday that it has obtained marketing authorization in Algeria for its Articaine-based dental anesthetic, Orabloc in the 1:100,000 formulation.

Bioera goes down 28 percent. The company reported that it ended the first half of the year with revenues of EUR0.0 million compared to EUR400,000 in the first half of 2022. The net result shows a loss of EUR1.6 million compared to a loss of EUR1.2 million in the first half of 2022; the net result was affected by a EUR900,000 charge from the valuation of the group's stake in Splendor Investments SA, which was put into liquidation after June 30 following the sale of the only asset it held.

Among SMEs, Deodato.Gallery still does not trade, after announcing the opening of two new exhibition spaces in Padua.

Pattern is not yet trading, but it did announce Monday that it has finalized the sale to Burberry Italy of the business unit of the Turin plant dedicated to the design and production of Burberry brand products.

Contrary to what was announced last March 28, the price paid today to Pattern was EUR22.4 million, following a preliminary adjustment of the base price of EUR21 million based on a provisional estimate of the business' commercial working capital and Net Financial Position.

Doxee--not yet affected by trading--reported that it closed the first half with a net loss of EUR3.2 million from net income of EUR300,000 in the same period last year. Revenues were EUR12.1 million, up from EUR11.1 million as of June 30, 2022. Infinica contributed EUR1.8 million to consolidated revenue generation.

In Asia, the Nikkei closed down 1.6 percent to 31,237.94 and the Hang Seng is in the red 2.9 percent to 17,304.19 while Shanghai is still closed for a national holiday.

In New York, the Dow closed down 0.2 percent to 33,433.35, the Nasdaq rose 0.7 percent to 13,307.77 while the S&P 500 finished in a tie at 4,288.39.

Among currencies, the euro changed hands at USD1.0476 against USD1.0507 in Monday's European equities close while the pound was instead worth USD1.2071 from USD1.2139 on Monday evening.

Among commodities, Brent crude is worth USD90.20 per barrel from USD90.93 per barrel at Monday's close. Gold, meanwhile, trades at USD1,838.00 an ounce from USD1,832.31 an ounce on Monday evening.

On Tuesday's macroeconomic calendar, the Italian trade balance is scheduled to be released at 1200 CEST.

From the US, at 1400 CEST, focus on FOMC member Bostic's speech while, at 1730 CEST, a 52-week Treasury bond auction is scheduled. Finally, at 2230 CEST, the weekly oil stocks data will be due.

On the corporate calendar for the Piazza Affari, no particular events are scheduled to take place.

By Claudia Cavaliere, Alliance News reporter

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