(Alliance News) - Tuesday morning IG futures forecast a lackluster opening for major European stock markets as investors look ahead to political turmoil in France that could lead to a vote of no confidence.

Thus, the FTSE Mib is expected to be just above par after closing up 0.2 percent at 33,483.17.

In Europe, London's FTSE 100 is given up 0.1 percent or 10.1 points, Paris' CAC 40 ending is expected up slightly by 6.2 points while Frankfurt's DAX 40 is expected to open up just 6.8 points.

"France went into crisis mode after a series of events-which included budget concessions to make Le Pen happy-ended with Le Pen being dissatisfied anyway. As a result, Barnier used a constitutional tool to pass his unpopular budget bill without a parliamentary vote, and Le Pen declared that he would bring down his government by joining the left in a no-confidence motion. In summary, things in France are likely to get more complicated before they get better," commented Ipek Ozkardeskaya, Senior Analyst at Swissquote Bank.

"Interestingly, the market reaction to the latest drama has been lighter than I would have expected for a country that is likely to lose its government in the coming days and faces a potential government shutdown in the coming weeks."

Among Italy's smaller lists Monday evening, the Mid-Cap gave up 0.5 percent to 46,829.1, the Small-Cap lost 0.3 percent to 27,250.12, and Italy Growth rose 0.6 percent to 7,724.39.

On Piazza Affari's largest-capitalization list, Nexi did best of all by rising 5.5 percent. Also doing well was Campari, up 2.4 percent, while closing out the podium was Assicurazioni Generali, up 1.7 percent.

Among the bearish, on the bottom ended Stellantis, down 6.3 percent, after Carlos Tavares surprisingly resigned as CEO, effective immediately, after months of tension.

Italgas finished 2.1 percent in the red. Millennium International Management limned its short position on the stock to 0.79% from 0.80%.

The board of directors of Telecom Italia -- down 1.6 percent --, noting the advanced state of ongoing negotiations with the Ministry of Economy and Finance and Retelit for the purchase of TI Sparkle, agreed to the latter's request to extend the deadline for receipt of a binding offer to Dec. 16.

The former monopolist reported on Friday that it had cashed in EUR250 million from the sale to Ardian of the remaining 10 percent in Inwit, which instead finished at par.

FinecoBank--green by 1.3 percent--reported Monday that it had received from the Single Resolution Board and the Bank of Italy the updated decision on the determination of the minimum requirement of own funds and eligible liabilities, which replaces the previous decision communicated to the public in December 2023.

Recordati gave up 0.8 percent. The company announced Friday the completion of the acquisition of the global rights to Enjaymo from Sanofi, following regulatory approvals.

Enjaymo is a biologic drug and the only approved product targeted for the treatment of cold agglutinin disease, a rare B-cell lymphoproliferative disorder. It is a humanized monoclonal antibody indicated for the treatment of hemolysis in adults with CAD.

UniCredit -- in the green by 1.2 percent -- reported that the board of directors of its subsidiary UniCredit Leasing, appointed Salvatore Saulino as its new chief executive officer.

On the Mid-Cap, among the top bullish performers, Alerion closed in the green by 3.7 percent, bringing its gain over the past month to 22 percent.

Maire Technimont closed unchanged at EUR7.25. The company, through its subsidiary Nextchem, opened the "Nx engineering district" in Catania, Italy, a high-tech engineering center located in the Science and Technology Park of Sicily.

Salvatore Ferragamo finished up 3.3 percent. JPMorgan cut its target price on the stock to EUR5.30 from EUR6.50 with an 'underweight' rating.

On the Small-Cap, CY4Gate - down 1.7 percent - reported Friday that it has signed contracts worth a total of about EUR1.2 million with leading Italian corporate and institutional clients to acquire solutions in Cyber Security and Forensic Intelligence.

doValue closed 1.6 percent in the red. Spark Investment Management cut the stock's short position to 0.76 percent from 0.90 percent.

Among the bearish Aquafil and SS Lazio, down 6.4% and 6.0%, respectively.

Down Netweek, down 15 percent, marking a new low for the year.

Among SMEs, UCapital24--down 4.1%--reported that the board has proposed a EUR2.8 million capital increase to shareholders to support the company's growth.

In addition to covering recent losses, the deal will allow the Piazza Affari-listed fintech to push the development of new platforms the company has been working on during 2024 that have positioned the company "as one of the most disruptive players in the global market."

Bellini Nautica -- in the red by 0.7 percent -- on Monday disclosed that it had signed a lease agreement, as sole lessee, with Marina di Ponente Srl, covering two properties for commercial use at Marina di San Lorenzo al Mare, in the municipality of San Lorenzo al Mare, Via Aurelia 3.

Portobello rose 2.5 percent. The company announced Friday that the chairman, Pietro Peligra, has resigned from his position.

He will be replaced by Sandro Nardi. As PMI explains, the resignation of Peligra, who held a nonexecutive role, is motivated by the need "to make the management of the company more adherent to the operational challenges of the moment, particularly in the current phase of relaunch and growth."

TraWell Co ended unchanged at EUR6.94. The company reported Friday that the board has resolved to remove its common shares from the U.S. OTCQX market.

The company said decision is in line with its strategic goals to simplify operations and consequently limit its listing to only Euronext Growth Milan, operated by Borsa Italiana. The listing on the OTCQX market will end on December 31.

Eprcomunicazione--flying 11 percent--reported Monday that subsidiary Justbit srl has signed a digital consulting and web services management contract with a multinational group. The assignment has an amount of about EUR1.2 million for each of the planned years.

In Asia, the Nikkei closed in the green by 1.9 percent, the Hang Seng advanced 0.5 percent, and the Shanghai Composite closed up 0.4 percent.

In New York, the Dow finished 0.3 percent in the red, the Nasdaq rose 1.0 percent and the S&P 500 gained 0.2 percent.

Among currencies, the euro changed hands at USD1.0492 from USD1.0483 in Monday's European stock close. The pound is worth USD1.2656 versus USD1.2636 on Monday evening.

Among commodities, Brent crude is worth USD72.12 per barrel from USD71.81 at last night's close. Gold trades at USD2,646.41 an ounce from USD2,663.49 an ounce Monday evening.

Tuesday afternoon's macroeconomic calendar, from the US, at 1600 CET is the turn of the JOLTS report; at 1835 CET, the Fed's Kugler speech is expected; and at 2145 CET, Goolsbee's is expected.

Also from the US, we close at 2230 CET with the oil stocks data.

Among the companies listed in Piazza Affari, no particular announcements are expected.

By Chiara Bruschi, Alliance News reporter

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