(Alliance News) - On Tuesday, major European stock exchanges are expected to open almost all down -- except London -- according to IG futures, on a day that is poor on the macroenomics data front but important for what will happen in the U.S. this evening, with Jerome Powell beginning a two-day hearing before the U.S. Congress. So the focus is all on him and what he thinks about the latest set of economic data.

"Since the last FOMC meeting, we've seen we've seen a rise in nonfarm payrolls, we've seen a rise in inflation data, we've seen a lower-than-expected decline in S&P500 earnings, and overall encouraging data on economic activity. And that is a problem. The fact that the U.S. labor market, or economic activity, does not react to the Fed's higher rates is a problem for the Fed, because it makes the Fed's weapons less efficient to fight inflation," commented Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

"Many will argue that rate changes take time to filter into the economy, but the Fed's tightening campaign began in November 2021, 17 months ago, and rate hikes started about a year ago. Now is the time to start seeing the impact through the data. Alas, the reading of half a million NFPs, with the lowest unemployment rate in half a decade and rising inflation are really worrying," the analyst concluded.

Thus, the FTSE Mib, is expected to fall 65.0 points or 0.2 percent after closing up 0.5 percent at 27,949.29, bringing the rise since early 2023 to nearly 18 percent.

In Europe, London's FTSE 100 is instead expected to open up 4.5 points or 0.1 percent, Paris' CAC 40 is given down 7.0 points or 0.1 percent, and Frankfurt's DAX 40 is expected to be in the red 13.5 points or 0.1 percent.

Monday evening, among Italy's smaller lists, the Mid-Cap rose 0.3 percent to 45,122.04, the Small-Cap gave up 0.1 percent to 30,541.24, while Italy Growth finished in the green 0.7 percent to 9,502.91.

On the main list, Telecom Italia dictated the pace, which closed up 3.1 percent. The company was boosted by the announcement on Sunday that Cassa Depositi e Prestiti and Macquarie had also submitted their bids for TIM's network. According to rumors in the Italian press, CDP and Macquarie's bid is expected to be equal in size to KKR's EUR20 billion bid, but is expected to offer more cash--between EUR1.5 billion and EUR2 billion--than that of the U.S. fund.

High quarters also saw BPER Banca, which finished in the green by 2.0 percent at EUR2.7540, pending the release of results scheduled for Thursday.

Good trades also on Nexi--which rallied 1.6 percent--after reporting Friday that it had purchased 245,000 of its own ordinary shares between Feb. 22 and March 2, for a total value of EUR1.9 million.

Among the bearers, FinecoBank dropped 1.5 percent. It reported on Monday that it recorded net inflows in February of EUR870 million, of which EUR185 million related to assets under management. Thus, in the first two months of the year, inflows are EUR1.6 billion, with the asset management component rising to EUR886 million.

Amplifon, on the other hand, gave up 2.2 percent, in the red like the healthcare sector list. Of note, Canada Pension Plan Investment on Friday revised its short position on the stock to 0.79% from 0.8%.

On the cadet list, Alerion gave up 1.5 percent, bringing the price to EUR30.55 with results due to be published on Thursday. The company informed Monday that it bought back its own shares -- from Feb. 27 to March 3 -- for a total value of EUR276,000 or so.

Juventus FC also trailed, down 1.8 percent after its championship defeat at the hands of AS Roma.

Anima Holding - in the green by 0.1 percent - reported Monday that net inflows of assets under management in February 2023 were positive by EUR383 million, with a negative assets under management component of EUR90 million and one related to class I insurance proxies positive by EUR373 million. At the end of February, the group's total assets under management thus stood at more than EUR180 billion.

Piaggio shares, on the other hand, moved into the higher quarters, advancing 2.8 percent after Friday night's loss.

On the Small-Cap, Mondo TV advanced more than 12 percent, on the heels of the previous session's green with 3.4 percent.

Tesmec, on the other hand, rose 4.6%, on its third session in a row in an uptrend.

SS Lazio - up 2.4 percent - chose NVP, which on Italy Growth rose 1.6 percent, for a strategic agreement through the end of 2028. NVP will be the exclusive partner for the management of the soccer club's new media company, the digital entertainment services "Lazio Style Radio" and "Lazio Style Channel" broadcast on SKY channel 233 in SVOD mode, as well as the management of web and social channels and the creation of the new OTT platform.

Trevi Finanziaria, on the other hand, gave up 2.6 percent to EUR0.4085, marking the third session in a row in contraction.

Among SMEs, expert.ai rose 6.9 percent to EUR0.8870, on the heels of Friday's 6.4 percent rise again.

Digital Magics closed in the green by 5.7 percent at EUR3.32. The stock - which has not detached its dividend since 2019 - closed the previous session in the red by 0.9 percent.

Innovatec gave up 0.1 percent. It reviewed preliminary operating and financial results for fiscal 2022 on Friday, reporting revenues as of Dec. 31 of EUR288.7 million from EUR237.8 million in the same period a year earlier, up 21 percent.

CrowdFundMe gave up 4.0% to EUR2.90 per share. Volumes mark 22,200 pieces traded, against a three-month daily average of about 1,700. The company announced Monday that it has signed an agreement with WeUnit Group, a leading operator of credit mediation and business growth financing.

Through the agreement, WeUnit Group will be able to offer CrowdFundMe's full range of fintech solutions - venture capital, bond or loan instruments - to companies in its network, with the aim of structuring extraordinary finance and soft finance transactions to raise the funds needed for SMEs' needs.

Among Asian exchanges, the Hang Seng is falling 0.7 percent, the Nikkei has rallied 0.3 percent, and the Shanghai Composite has given up 1.1 percent.

In New York on European night, the Dow rose 0.1 percent to 33,431.44, the Nasdaq gave up 0.1 percent to 11,675.74, while the S&P 500 closed in the green 0.1 percent to 4,048.42.

Among currencies, the euro changed hands at USD1.0683 against USD1.0677 at Monday's close. In contrast, the pound is worth USD1.2061 from USD1.2031 on Monday evening.

Among commodities, Brent crude is worth USD86.24 per barrel versus USD85.93 per barrel on Monday evening. Gold, on the other hand, trades at USD1,848.25 an ounce from USD1,850.70 an ounce at Monday's close.

On Tuesday's calendar, at 1600 CET, there will be Fed Governor Powell's congressional hearing, while at 2230 CET, weekly oil stocks are due.

Among the companies in Piazza Affari, results from Ascopiave, Banca Mediolanum, Caltagirone Editore, Fincantieri, Matica Fintec, and Visibilia Editore are expected.

By Chiara Bruschi, Alliance News reporter

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