(Alliance News) - Major European stock indexes closed in negative territory on Tuesday, with the decline fueled by expectations that U.S. and European interest rates may remain elevated and prolonged for a long time.

The latest data revealed an unexpected increase in U.S. job "opportunities" in August, further underscoring the strength of the labor market despite the Federal Reserve's aggressive policy tightening measures.

The FTSE Mib closed 1.3 percent in the red at 27,482.21, the Mid-Cap gave up 1.1 percent to 38,996.33, the Small-Cap was 1.1 percent in the red at 25,446.52 while Italy Growth closed 0.7 percent in the red at 8,172.87.

In Europe, Paris' CAC 40 closed down 1.0 percent, Frankfurt's DAX 40 gave up 1.1 percent, and London's FTSE 100 left 0.5 percent on the parterre.

On the main list of the Italian stock exchange, among the few bullish performers was Banca Monte dei Paschi, which closed up 1.1 percent, in its fourth session on the bullish side.

Amplifon, on the other hand, stepped up 0.9 percent, following a 0.9 percent decline on the eve of the session.

Eni, on the other hand, gives up 1.2%, 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.

Moncler closed 0.8 percent in the red, with new price at EUR53.88 per share. Of note, UBS cut its target price to EUR70.00 from EUR73.50.

At the bottom Prysmian closed down 5.2% at EUR36.26 per share, in profit taking after a string of four bullish sessions. In fact, Prysmian PowerLink SRL -- part of Prysmian Group Spa -- announced Thursday that it had won new contracts worth a total of about EUR1.1 billion awarded by 50Hertz, a transmission network operator in Germany.

As part of 50Hertz's tender for "long-term EPCI contracts for high-voltage DC cables," Prysmian won an order for Lot 2, which includes EPCI contracts for the NOR-11-1 submarine cable and DC31 terrestrial cable project, and for Lot 7.

On the Mid-Cap, Digital Value stepped back 5.4 percent, repositioning itself at EUR47.50 per share and closing with a bearish candle for the ninth consecutive session.

Sales also prevailed, among many, on Maire Tecnimont, which posted minus 3.8 percent in the wake of Monday's 2.8 percent red.

Iren - in the red by 2.9 percent - announced Tuesday that it had finalized with Granda Energie #3 Srl and through its subsidiary Iren Green Generation, the acquisition of 100 percent of the vehicle company WFL Srl. The value of the 100 percent stake acquired by Iren is EUR2.2 million in addition to the repayment of the shareholder loan made by Granda Energie #3 to WFL for the realization of the investment.

Piaggio & C--down 2.3 percent--reported on Wednesday that it had successfully placed a 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.

UBS cut its target price on Brunello Cucinelli to EUR95.00 from EUR101.00. The stock closed up 2.2% at EUR70.75 per share.

The same Swiss bank also reduced its target price on Tod's to EUR55.00 from EUR50.00, with the stock closing down 3.5% to EUR32.76.

Webuild's buyback plan continues, closing down 2.4 percent. The company most recently reported having purchased 40,000 of its own ordinary shares between September 25 and 27, for a total value of EUR67,000 or so.

On the Small-Cap, Triboo gave up 8.6 percent to EUR0.70. The company announced last Friday that it closed the first half of the year with a loss of EUR468,000 from a profit of EUR930,000 recorded in the same period last year. As of June 30, total revenues stood at EUR42.1 million from EUR48.3 million in the first half of 2022.

SAES Getters surrendered 1.9 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 is down 0.8 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.

Among the bullish performers, KME Group, raised the bar 7.5 percent to EUR1.1440 and upgrading its 52-week high to EUR1.1480 during the day.

Bialetti also did well, moving ahead 3.4 percent to EUR0.3040, in its third bullish session.

Among PMIs, Altea Green Power raised the bar by 7.3 percent, after two sessions closed with bearish trends.

Health Italia led the price up 2.7 percent to EUR1.7150 per share, following the previous session's 7.1 percent green.

Doxee closed in the green by 2.9 percent after reporting that it closed the first half of the year 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.

Fope, however, closed down 6.7 percent, with price at EUR27.80 per share, rearing its head again after two sessions among the bearish.

In New York, the Dow is giving up 1.3 percent, the Nasdaq is retreating 1.8 percent, and the S&P 500 is giving up 1.5 percent.

Among currencies, the euro changes hands at USD1.0453 against USD1.0507 in Monday's European equities close while the pound is instead worth USD1.2066 from USD1.2139 on Monday evening.

Among commodities, Brent crude is worth USD90.86 per barrel from USD90.93 per barrel at Monday's close. Gold, meanwhile, trades at USD1,822.45 an ounce from USD1,832.31 an ounce on Monday evening.

On Wednesday's macroeconomic calendar, service sector PMIs are scheduled at 0945 CEST at five-minute intervals from France, Germany, and finally at 1000 CEST from the Eurozone. Also at 1000 CEST, from Italy, the GDP figure will be forthcoming, along with a speech by President Lagarde.

At 1030 CEST the UK services PMI, while at 1100 CEST from the Eurozone will come the retail sales figure.

From the US, at 1300 CEST, the mortgage market report, while at 1545 CEST the US services PMI, followed 15 minutes later by durable goods and factory orders.

At 1630 CEST the crude oil stocks figure, as well as the Cushing inventory and EIA report. A speech by Lagarde is scheduled at 1800 CEST.

On the corporate calendar, no particular corporate events are expected.

By Maurizio Carta, Alliance News senior reporter

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