(Alliance News) - Major European marketplaces mark a bullish path for the second session of the week, with Milan not backing down, according to IG platform futures. Driving the purchases are the above-expected numbers from China's economy, the world's second largest economy.

The Asian giant's economy grew 4.5 percent year-on-year in the first quarter, rebounding after the end of zero-Covid measures late last year, according to data released Tuesday by the National Bureau of Statistics.

The figures were the first snapshot since 2019 of a Chinese economy unburdened by the strict health measures that helped keep the coronavirus in check, but hit businesses and supply chains. The figure is better than the market consensus cited by FXStreet of 4.0 percent. In the previous quarter, annual growth was 2.4 percent.

In pre-opening corporate news, Webuild reported Tuesday that U.S. joint venture subsidiary Lane has been selected preferred bidder to exclusively carry out the study that will define the implementation of the project, now estimated at USD1 billion in total value, for the modernization of "Tampa's Westshore Interchange."

Thus, the FTSE Mib advances 102.50 points, after closing in the green by 0.9 percent the night before.

Among the smaller listings on Monday, the Mid-Cap closed in the red by 0.6 percent to 43,919.90, the Small-Cap up 0.1 percent to 29,973.09, and Italy Growth closed instead in the red by 0.2 percent to 9,335.84.

In Europe, London's FTSE 100 is up 10.00 points, Frankfurt's DAX 40 is up 26.00 points while Paris' CAC is up 5.00 points.

On the main list of Piazza Affari last night, Banco BPM took the lead with 3.0 percent while other banking stocks suffered, with FinecoBank giving up 4.3 percent and finishing at the bottom, UniCredit closing 1.3 percent in the red, and Intesa Sanpaolo losing 1.1 percent.

Oil stocks also contracted, with Saipem down 4.0%, Tenaris down 0.8%, and Eni being the only one to cash in with a gain of 0.6%, because even on the Mid, Saras retreats 0.9%.

Enel closed up 0.2 percent after "foreign funds" issued a challenge to the government over the nominations, described in a note as "opaque," writes Francesco Bonazzi in Alliance News, with Covalis Capital, a global asset manager focused on infrastructure, utilities, renewable energy, industry, and commodities, presenting an alternative list.

"It was definitely expected that this morning some foreign funds, after Enel's stock was pelted by selling on the day of the nominations of Flavio Cattaneo and Paolo Scaroni, would present an alternative list to that of the Treasury and Assogestioni. What was not easily anticipated was the accompanying message so direct," Bonazzi writes.

Terna -- in the green by 0.7 percent -- announced Friday that it had successfully launched a EUR750 million, single tranche, fixed-rate bond issue in euros.

Hera, in the black by 1.1 percent, announced Friday that it had launched its second sustainability-linked bond and the activation of a new Sustainability-Linked Revolving Credit Facility, with which the multi-utility will allocate more than EUR1 billion in financing to projects supporting the green transition.

Specifically, the EUR600 million of the new non-convertible bond is part of the sustainability strategy aimed at decarbonization and recycling of plastics, while the new EUR450 million "Sustainability-Linked Revolving Credit Facility" further expands the innovative financial products and instruments adopted by the company, helping to maintain its financial strength.

On the Mid-Cap, Cassa Depositi e Prestiti announced on Monday that it has financed Banca Popolare di Sondrio -- in the red by 0.4 percent -- with EUR150 million to foster the growth of Italian companies.

In detail, each loan granted by the bank to Italian companies thanks to CDP resources may have a maximum amount of EUR12.5 million, with a minimum term of no less than 24 months.

Among the bullish performers, Italmobiliare finished on top with 2.5 percent followed by CIR and ACEA, up 2.1 percent and 1.5 percent.

On the Small-Cap, Mondo TV soared 5.8 percent after announcing Monday a preliminary agreement to sign a pre-sale agreement with Italian television station Rai Kids for the Agent 203 series, commissioned by German TV Super RTL and co-produced with Toon2Tango.

The agreement includes a seven-year license for Free TV and VOD rights for the Italian territory, and its value corresponds to about 8 percent of the parent company's revenues for 2023.

Better fared Bioera, which finished up 20 percent, and Autostrade Meridionali, which closed in the green by 12 percent.

Gefran gave up 1.1 percent. The company announced Monday the passing of Ennio Franceschetti, honorary chairman and founder of the company.

Franceschetti had served as honorary chairman since 2018.

TXT e-solutions - in the red by 1.1 percent - announced Thursday that it had subscribed to the capital increase in Simplex Human Tech Srl under which TXT holds a minority stake in Simplex, representing 15 percent of the Insurtech start-up's share capital.

Among SMEs, Maps closed in the red by 0.6 percent. On Friday--following up on its announcement in November 2022--it disclosed that notarial deeds of merger of Micuro Srl and Optimist Srl into Artexe Spa have been signed.

"The mergers are part of the broader process of corporate rationalization and simplification of Maps Group. These were approved, respectively, by the extraordinary shareholders' meeting of Artexe and the shareholders' meeting of Micuro on Jan. 25, 2023 as well as by the shareholders' meetings of Optimist and I-Tel," the company note reads.

First Capital rose 0.5 percent after announcing Friday that it had completed the divestment of its stake in Net Insurance.

The divestment of the stake in Net Insurance, which amounted to 5.5 percent of the share capital, took place mainly in adherence to the voluntary total takeover bid launched by Net Holding - Poste Vita - and, residually, through market sales, generating total proceeds of EUR10.5 million.

Vimi Fasteners advanced 9.4 percent after reporting Friday that revenues for the first quarter increased to EUR14.4 million from EUR12.7 million in the same period last year.

The revenues show the group's significant presence in the Industrial sector, which as of March 31 was around 56 percent of total revenues for the period, in line with the first quarter of 2022. Also confirmed is a group order backlog value as of March 31, 2023, net of the aforementioned revenue value, of EUR32.8 million. This value compares with an order backlog of EUR30.2 million recognized in the first quarter of 2022.

Defence Tech Holding - in the green by 0.9 percent - announced Monday that shareholders decided to expand the board to seven members, allowing Valerio Veronesi and Pietro Forgione to join.

As the company explains, the expansion of the board is aimed at strengthening the company by bringing in additional key cross-functional and cyber expertise, enhancing the group's capabilities with a more structured management set-up with respect to new market opportunities and those arising from macro-trends in the sectors in which the company operates.

In New York on European night, the Dow Jones rallied 0.3 percent, as did the S&P and Nasdaq.

Among Asian exchanges, the Hang Seng is giving up 0.7 percent, the Shanghai Composite is picking up 0.2 percent, and the Nikkei has picked up 0.5 percent.

Among currencies, the euro changed hands at USD1.0938 against USD1.0915 at Monday's close. In contrast, the pound is worth USD1.2403 from USD1.2359 last night.

Among commodities, Brent crude is worth USD85.09 per barrel versus USD84.98 per barrel on Monday evening. Gold, meanwhile, trades at USD1,999.18 an ounce from USD1,990.12 an ounce at yesterday's close.

On Tuesday's economic calendar, the Italian trade balance is due out at 1000 CEST and the ZEW index of German economic conditions at 1100 CEST.

At 1100 CEST European trade balance data and the ZEW sentiment will be released.

In the afternoon, from the U.S. coming up are building permits while from Canada, the index of key consumer prices.

At 1800 CEST, however, UK labor productivity data are expected.

In Piazza Affari, results from Brunello Cucinelli, Eems, Generalfinance and MFE-MediaForEurope are expected.

By Maurizio Carta, Alliance News reporter

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