(Alliance News) - European stock markets -- according to IG Futures Market -- are expected to start the second session of the week with a mixed direction, with trading rooms slowing their buying after kicking off bullish sessions due primarily to expectations of interest rate cuts.
Investors are awaiting important economic data from major economies-due out this week-for clues on the path of monetary policy. Foremost among them is the U.S. core PCE price index, the Fed's preferred basket, due for release on Friday.
Thus, the FTSE Mib, after closing Monday up 0.9 percent to 34,639.41, is marking a loss of 26.40 points.
In Europe, London's FTSE 100 is giving up 24.90 points, Paris' CAC 40 is up 5.40 points, and Frankfurt's DAX 40 is just below par.
Among the smaller lists last night, the Mid-Cap gained 0.2 percent to 47,893.57, the Small-Cap rose 0.4 percent to 28,098.27, and Italy Growth lost 0.5 percent to 8,127.97.
On the Mib last night, Saipem took the top spot, rising 6.1% to EUR2.1480 per share. Of note, on the stock, Berenberg raised the target price to EUR3.00 from the previous EUR2.85 per share.
Telecom Italia put itself on the map with a 4.2 percent rise. The stock -- with more than 311 million changed hands -- is by far the most traded on the Italian stock exchange's highest-capitalization list.
The former monopolist announced on Monday a new non-exclusive distribution agreement with Dazn that will allow TimVision customers to continue to watch the ten matches of every day of the Serie A championship for the next five seasons until 2029, In addition, users will have access to the entire sports offering of the global entertainment and live streaming platform
ERG - in the narrow group of bearish investors - lost 1.2 percent, closing at the bottom of the basket.
Pirelli -- up 1.2 percent -- announced Friday that it had signed an agreement with a select pool of international banks for a EUR600 million term loan facility maturing in October 2028. The new line, reads the press release, was "entered into as part of the usual management and optimization of the financial structure" and "will enable early repayment of a part of the debt maturing in 2025, strengthen the liquidity margin and lengthen debt maturities."
On the Mid-Cap, Cementir Holding rose 3.0 percent, in its third consecutive bullish session.
Maire Tecnimont--up 1.4 percent--reported Friday that it purchased 960,000 of its own common shares between March 19 and 21. The shares were taken over at an average price per unit of EUR7.1350, for a total value of EUR6.8 million.
Best of all did Caltagirone, up 5.6 percent, while the tail end of the list was Technogym, in the red by 5.7 percent despite a slight increase in the dividend to apply to 2023.
The company made it known Monday that it ended 2023 with an adjusted net profit of EUR78.4 million, up 18 percent from EUR66.1 as of Dec. 31, 2022.
The company announced that it has proposed to pay a dividend of EUR0.26 per share, up from EUR0.25 per share in 2022. Consolidated revenues for the period stood at EUR808.1 million, up 12 percent from EUR721.5 million in 2022. Adjusted Ebitda as of December 31 was EUR152 million, up 15 percent from 2022, when it was EUR132 million.
On the Small-Cap, algoWatt rose nearly 15 percent and was also in the high quarters for PLC, up 9.3 percent, ending the third daily session in a row among the bullish.
Seri Industrial, on the other hand, rose 2.5 percent, on its third in a row among gainers, gaining 25 percent over the past week.
Bioera and EPH, on the other hand, closed the list down 25 percent and 9.1 percent, respectively.
Among SMEs, ILBE rose 7.6 percent. The board of directors of Iervolino & Lady Bacardi Entertaiment on Friday reviewed and approved the draft financial statements for the 2023 fiscal year, which closes with a net profit for the period of EUR4.7 million showing an increase of EUR1.2 million compared to the comparable 2022 period of EUR3.5 million.
Convergences gained more than 10 percent after the previous session's 2.7 percent red.
Red for DHH, bearish by 4.7 percent, in the wake of the previous two sessions. The company reported Thursday that the board approved its financial results for 2023, closing with a net profit of EUR2.2 million, up from EUR900,000 in the previous year. Total consolidated group revenues were EUR34.6 million with an increase of EUR5.0 million. Recurring revenues accounted for 94% of the total.
Impianti -- in the red by 5.9 percent -- reported that its board of directors on Friday reviewed its financial statements as of December 31, 2023, in which it reported a loss of EUR1.3 million, compared to a loss of EUR54,000 as of December 31, 2022. Value of production stood at EUR7.8 million compared to EUR10.4 million in the previous year, a decrease of about 26 percent.
In New York overnight Europe, the Dow gave up 0.4 percent, while the Nasdaq contracted 0.3 percent as did the S&P 500.
Among Asian exchanges, the Nikkei marks a fractional red, the Shanghai Composite is green by 0.2 percent, while the Hang Seng advances 1.4 percent.
Among currencies, the euro changes hands at USD1.0850 against USD1.0834 recorded in Monday's European stock close, while the pound is worth USD1.2652 from USD1.2640 last night.
Brent crude is worth USD86.68 per barrel versus USD86.84 per barrel at Monday's close. Gold, meanwhile, trades at USD2,170.35 an ounce from USD2,176.22 an ounce last night.
Tuesday's calendar features five-year Gilt and six-month Bot auctions at 1000 CET within 10 minutes.
In the afternoon, from the US, eyes on goods orders, at 1330 CET, and home prices, coming in at 1400 CET. The Michigan consumer confidence report will be released at 1500 CET while weekly crude oil stocks will close the day at 2130 CET, following a five-year T-Note auction.
Among the companies in the stock market, Bifire, Conafi, GVS, Hera, Longino & Cardenal, and Somec-among others-will release results.
By Maurizio Carta, Alliance News reporter
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