(Alliance News) - Piazza Affari is expected to open higher Tuesday morning, according to indications provided by futures, as more traders return to their desks, as evidenced by increased volumes in recent sessions.

The FTSE Mib is expected up 155.0 points or 0.6 percent after closing up 0.8 percent at 27,986.92 on Monday's session.

London's FTSE 100 is given up 22.0 points or 0.3 percent, Paris' CAC 40 is estimated to be up 42.5 points or 0.6 percent, and Frankfurt's DAX 40 is indicated up 89.6 points or 0.6 percent.

Last night in Milan, the Mid-Cap closed down 0.3 percent to 41,167.56, the Small-Cap up 0.2 percent to 26,762.80 while the Italy Growth finished down 0.1 percent to 8,845.79.

On the blue-chip list in Piazza Affari, Saipem led the bullish performers with a 5.0 percent increase.

Banca Monte Paschi and BPER Banca followed, up 1.2% and 2.9%, respectively.

Ferrari did well, up 2.3 percent, after Barclays raised its full-year earnings estimates for Ferrari on the heels of the luxury sports car maker's strong half-year results and a "constructive" call with Cavallino management. The investment bank is still reluctant to press the accelerator pedal on Ferrari's shares, preferring to wait for a "better entry point" and reiterating its "equal weight" recommendation. Barclays raised its price target for Ferrari, which has the ticker RACE in the stock market, to EUR300.00 from EUR265.00, reflecting a 13 percent increase.

For 2023, Barclays left its earnings forecast for Ferrari largely unchanged. Revenues were slightly revised downward to EUR5.82 billion from the previous estimate of EUR5.84 billion, and the estimate for net income was slightly increased to EUR1.18 billion from EUR1.17 billion. For 2024, the British bank raised its revenue forecast for the Milan-listed company by 0.9 percent to EUR6.33 billion from EUR6.27 billion, and its net income forecast got a larger increase of 4.4 percent to EUR1.36 billion from EUR1.31 billion.

In the red, in the small bearish group, Iveco closed down 1.8 percent in its third straight bearish session.

On the Mid-Cap, Juventus FC rose 2.8 percent on the day after its good league debut, which closed with a clear 3-0 win at home to Udinese.

Purchases also on Saras, which closed up 2.1 percent. Marble Bar Asset Management raised its short position to 0.8 percent from 0.31 percent. In addition, Voleon Capital Management also cut its short position to 0.48 percent from 0.56 percent.

Piaggio rose 0.9% after reporting that in connection with the appointment of a new chairman of the board, a special board meeting will be convened. Late last week, in fact, the company had to say goodbye to historic chairman Roberto Colaninno, who passed away at the age of 80. The same fate befell Immsi, another company led by Colaninno, which gained 3.8 percent on the Small-Cap.

At the bottom of the basket, Eurogroup Laminations closed the segment by giving up 5.6 percent.

Also going down was Zignago Vetro, which gave up 2.5 percent to EUR15.00 per share, on the heels of Friday night's 2.0 percent red.

On the Small-Cap, Digital Bros advanced 3.0% to EUR15.17 per share, following Friday night's 0.3% gain.

KME Group closed up 0.1 percent after reporting Monday that subsidiary KME SE had signed a letter of intent related to the specialty products business led by Cunova, of which KME SE in January 2022 had sold a 55 percent stake to German investment fund The Paragon Fund III. KME SE, Paragon and SDCL EDGE Acquisition Corpn, an acquisition special purpose vehicle with securities listed on the NYSE, where it has raised USD200 million, have signed a non-binding letter of intent regarding a potential business combination between Cunova and SDCL EDGE.

The agreement provides that upon completion of the merger, a newly formed British holding company will have obtained a listing on the NYSE; Paragon will collect all the cash from the sale; and KME SE will not receive cash but will convert its stake in Cunova into the newly listed shares, further increasing its shareholding through the contribution of its aerospace business. According to the agreement, it is expected that upon closing of the business combination, KME SE will hold a majority stake of about 51 percent in the NYSE-listed combined entity's share capital, equal to about 46 percent fully diluted upon the eventual exercise of the private and public warrants issued by SDCL EDGE.

On the bottom was Giglio Group, which gave up 3.2% to EUR0.6060, in profit taking after a 9.8% gain in the previous session.

Among SMEs, Convergenze brought home a 6.0% rise after two bearish sessions.

Altea Green Power gained 2.6%, rearing its head again after two sessions in the red.

At the bottom, Iervolino & Lady gave up 7.3%, bringing the price down to EUR0.96 in its third bearish session.

Deodato.Gallery, on the other hand, lost 2.6 percent, on the heels of the previous session's 4.9 percent loss.

In Asia, the Nikkei is up 0.9 percent to 31,856.71, the Shanghai Composite rises 1.0 percent to 3,123.27 and the Hang Seng gains 1.6 percent to 17,909.55.

In New York, the Dow Jones closed Monday's session down 0.1 percent to 34,463.69, the Nasdaq gaudagned 1.6 percent to 13,497.59 and the S&P 500 rose 0.7 percent to 4,399.77.

Among currencies, the euro changed hands at USD1.0919 against USD1.0887 in Monday's European equities close while the pound was instead worth USD1.2792 from USD1.2735 on Monday evening.

Among commodities, Brent crude is worth USD84.29 per barrel versus USD85.39 per barrel at Monday's close. Gold, meanwhile, trades at USD1,896.27 an ounce from USD1,889.12 an ounce on Monday evening.

On Tuesday's economic calendar, the Eurozone current account balance will be released at 1000 CEST.

At 1330 CEST, from the U.S., it will be the turn of FOMC member Barkin's speech, then at 1600 CEST the sale of existing homes will follow while at 2030 CEST the Fed's Bowman speech is scheduled to take place, in conjunction with the release of weekly oil stocks data.

On the corporate calendar in the Piazza Affari, no particular announcements are scheduled.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

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