(Alliance News) - The Mib index closed lower in the second session of the week, bringing the point bar down to 27,000 Tuesday and veering into bearish trenbd after much of the session in bullish territory.

The stock markets had taken a breather after the latest data on eurozone producer price inflation and the ECB's Consumer Inflation Expectations Survey suggested an inflationary situation-at least according to analysts-softening.

On Tuesday, in the CME Group platform's FedWatch Tool, using futures also based on the actual federal funds rate or EFFR, the main rate hike for the May 3 meeting has a 41% probability priced in for confirmation in the 475/500 bps range. In contrast, the probability of an increase in the 500/525 bps area, an increase equivalent to 25 bps, is at 59%. The current target is between 475 and 500 bps.

As César Pérez Ruiz of Pictet Wealth Management states in his weekly note, "Last week's data showed that the annual personal consumption index fell from 4.7 percent in January to 4.6 percent in February. Although still high, this is slightly below the midpoint of the Fed Fund rate and could be viewed by the Fed as a sign of success in its fight against inflation."

Thus, the FTSE Mib closed 0.6 percent in the red at 27,026.56.

Among the smaller lists, the Mid-Cap closed down 0.5 percent to 43,658.15, the Small-Cap was in the red 0.1 percent to 29,848.47, and Italy Growth finished in the green 0.3 percent to 9,425.30.

In Europe, Paris' CAC 40 finished just below par, London's FTSE 100 gave up 0.5 percent and Frankfurt's DAX 40 advanced 0.1 percent.

On the main list of Piazza Affari, oil prices performed well with the cut announced by OPEC. Saudi Arabia in fact announced on Sunday a coordinated production cut by the major oil powers, despite pressure from the United States to pump more crude, saying it is aiming for market stability.

In Milan, therefore, Saipem closed up 2.6 percent, marking its seventh session in a row in surplus.

On the rise of black gold, also on the upswing was ERG, which rose 3.5 percent after Monday's 0.9 percent loss. Previously, the Garrone company had closed in the green for three sessions in a row.

Buyers also bought Pirelli, which closed on the eve of the accounts by picking up 1.6 percent with price above EUR4.70.

Among bankers good purchases on BPER Banca. The bank - up 1.6 percent - and UnipolSai Assicurazioni, which rallied 0.3 percent on the MidCap, signed an agreement to launch a strategic business partnership in the long-term rental sector to be achieved, among other things, through the merger by incorporation of Società Italiana Flotte Aziendali Spa, a wholly owned entity of BPER Banca, into UnipolRentalSpa, the latter company controlled by UnipolSai.

Enel, on the other hand, closed among the bearish with 0.3 percent. The company, Bloomberg writes, is considering selling a majority stake in its energy storage business, in a move aimed at further reducing the company's debt burden. Enel, Bloomberg points out, has received non-binding offers for an 80 percent stake in the project, worth about EUR2 billion.

On the cadet segment, Seco closed in the green by 7.2 percent and on which there was high trading volume with more than 663,000 pieces traded on a three-month daily average of just under 190,000.

The buy side also prevailed well on Piaggio, with the Vespa company closing in the green by 2.8 percent, following up its eve's gain with 1.5 percent.

Green also for Tod's, which picked up 0.3 percent with price at EUR37.96. On the stock it is reported that Goldman Sachs raised the price to EUR43.10 from EUR39.00.

Mutuionline, on the other hand, took home an asset of 2.6 percent, beating the green on the eve when it had picked up 2.1 percent.

To improve integrated water services for one million citizens in the provinces of Genoa and La Spezia, mitigating the ongoing water crisis through careful management of the water resource. This is the main objective of the EUR150 million "Sustainability linked" loan granted by the European Investment Bank to Iren, which disclosed it on Tuesday. The stock still closed in the red, albeit with 0.5 percent.

On the Small-Cap, GPI rallied 4.3% after the previous three bearish closes.

Sogefi also declined, stepping back 0.4 percent after much of the session in the positive and tacking from the green on the eve, which closed with a plus 1.8 percent.

Monrif, on the other hand, gives up 3.6 percent, after reporting its 2022 full-year results on Monday, reporting a profit of EUR314,000, an improvement from a loss of EUR3.3 million reported as of Dec. 31, 2021. Consolidated revenues amounted to EUR157.9 million compared to EUR149.5 million in the previous year, an increase of 5.6 percent.

Bastogi, however, left 2.3 percent on the parterre. For Italy's oldest listed company, the weekly still marks a slight profit.

Among SMEs, Fenix Entertainment took home 6.9 percent with price at EUR0.2960, rebounding three sessions of significant declines.

GM Leather, on the other hand, raised the price bar 5.4 percent with new price at EUR1.7500 after stepping back with 1.2 percent on Monday's close.

Among the various negative notes, Pharmacosmo gave up 5.6 percent on the one-year low price at EUR1.51.

Datrix, on the other hand, backed off 4.8 percent. The company approved its 2022 consolidated results on Friday, reporting a net loss of EUR2.7 million, worsening from EUR2.4 million in 2021. Revenues for 2022 amounted to EUR16.8 million up 46 percent from the previous year when they were EUR11.5 million.

In New York--with trading at full strength--the Dow Jones is up 0.7 percent, the S&P is giving up 0.6 percent, and the Nasdaq is down 0.5 percent.

Among currencies, the euro changes hands at USD1.0955 versus USD1.0892 at Monday's close. In contrast, the pound is worth USD1.2500 from USD1.2398 on Monday evening.

Among commodities, Brent crude is worth USD83.98 per barrel versus USD84.71 per barrel on Monday evening. Gold, on the other hand, trades at USD2,021.55 an ounce from USD1,989.87 an ounce at Monday's close.

On Wednesday's economic calendar, at 0800 CET German factory orders, at 0845 CET French industrial production, while at 0945 CET it will be the turn of Italy's services PMI. Five minutes later it will then be the turn of France's, Germany's and at 1000 CET the Eurozone's.

The same data will be released at 1030 CET for the United Kingdom. At 1100 CET, from Italy, will come the retail sales figure.

At 1300 CET, from the US, focus on the mortgage market report, at 1415 CET the ADP data and at 1430 CET the trade balance.

At 1545 CET, also from the US, will come the tertiary PMI and, at 1630 CET, oil stocks, EIA report and Cushing's inventory.

Of note, the Shanghai and Hong Kong stock exchanges will remain closed for national holidays.

Among the companies in the stock market, the results of Netweek and Pirelli are expected.

By Maurizio Carta, Alliance News reporter

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