(Alliance News) - European stock markets on Monday--according to the futures market--mark a bearish path before the bell rings, as investors continue to assess the economic and interest rate outlook.

Last week, the Swiss National Bank unexpectedly cut its main benchmark rate, citing the strength of the franc. The Bank of England also made a dovish pause, as two officials who had previously voted in favor of a hike now backed the decision.

ECB and Fed, on the other hand, are expected--according to analysts' forecasts--to cut rates, but not before June.

Among the corporate news-before the bell rings-is that Pirelli & C Spa announced Friday that it had signed an agreement with a select pool of international banks for a EUR600 million term loan facility maturing in October 2028.

The new line, reads the press release, was "entered into as part of the usual management and optimization of the financial structure" and "will allow early repayment of part of the debt maturing in 2025, strengthen the liquidity margin and lengthen debt maturities."

Thus, the FTSE Mib is giving up 7.50 points, Paris' CAC 40 is just below par, London's FTSE 100 is giving up 16.00 points, and Frankfurt's DAX 40 is in the marginal red.

On Friday, in Piazza Affari, the Mid-Cap advanced 0.2 percent to 47,795.44, the Small-Cap closed in the green 0.9 percent to 27,995.30 while Italy Growth closed just below par at 8,169.82.

On the Mib, Leonardo positioned itself in the upper quarters with a green of 1.6 percent, following eve's 1.0 percent decline.

Nexi, on the other hand, closed bullish by 2.5%, after Thursday evening's red of 4.9% and taking the top spot in the segment.

Enel, on the other hand, picked up 0.2%. The company reported Thursday that it closed 2023 with net income doubled year-on-year to EUR3.44 billion from EUR1.68 billion a year earlier. Revenues dropped 32 percent to EUR95.57 billion from EUR140.52 billion in 2022. The change was mainly attributable to lower average selling prices in an environment of gradual normalization of the energy sector compared to 2022 as well as the different scope of consolidation.

Brunello Cucinelli gave up 3 percent to EUR101.30, following up on the eve's red close of 1.8 percent.

Saipem, on the other hand, left 2.2% on the parterre. Of note, Citadel Advisors Europe limited its short position to 0.81% from 0.76%.

On the cadet segment, good momentum on d'Amico, which moved ahead 7.3% to EUR6.68, after a 0.3% decline on the eve of the day.

Strength on Caltagirone, which closed in the green by 5.3%, following eve's bullish candle of 1.3%.

LU-VE - up 4.4 percent - on Wednesday reported its fiscal year 2023 results, which closed with a profit of EUR31.4 million, down from EUR49.1 million a year earlier. Adjusted profit amounted to EUR37.0 million from EUR35.2 million in 2022. The board of directors resolved to propose a gross dividend of EUR0.40 per share to the shareholders' meeting, up from EUR0.38 proposed in 2023

Also in the upper echelons is ENAV, with 6.2 percent, after announcing Thursday that it closed 2023 with a consolidated profit of EUR112.7 million from EUR105.0 million as of Dec. 31, 2022. The company disclosed that it has proposed a dividend of EUR0.23 per share from EUR0.1967 in 2022.

Sales, among many bearish sellers, on Ariston Holding, which gave up 6.3 percent after two sessions closed with a bullish candle.

Marked selling on Webuild, which left 6.5 percent on the platter with new price at EUR2.27 after the move by UniCredit, which gave up 0.9 percent of the midcap's capital. Gae Aulenti in fact exits Webuild four years after saving Astaldi, on which it had EUR390 million exposure. The Andrea Orcel-led bank is selling 4.99% of the Italian construction giant and the stock is skidding in Milan today. While Intesa Sanpaolo, with its 4.6%, remains alongside Webuild, engaged in the construction of the Ponte sullo Stretto bridge.

On the Small-Cap, algoWatt rallied 9.0% to EUR0.1580, rebounding after a four-session losing streak.

doValue rose 6.8 percent after approving preliminary results as of Dec. 31 on Thursday, closing with a net loss, including nonrecurring items, of EUR17.8 million, compared to a EUR16.5 million profit in 2022. The company also approved the plan to 2026, which forecasts gross revenues in the range of EUR480-490 million, of which 35-40% are non-NPL. Gross Book Value in 2026 is expected to be about EUR110 billion with a funding rate of about 5.5%; Ebitda ex-NRI is given in the range of EUR185-195 million, with an Ebitda margin of about 39%.

Gabetti Property Solutions advanced 2.7 percent after announcing Thursday that the group's service company, Treere, has entered into an agreement with Hubique - a proptech company specializing in creating digital solutions in AI, AR and VR - for the use of HUB Agency, the app supporting real estate consulting work. The app, new to the Toolbox - the digital suite of tools and conventions promoted by Treere - is available to professionals at Gabetti Franchising, Gabetti Home Value and Santandrea Luxury House & Top Properties.

At the tail end, Conafi left 5.9 percent on the parterre, with results expected on Tuesday.

Antares Vision, on the other hand, gave up 3.9 percent, the subject of profit-taking after six sessions closed with a bullish candle.

Among SMEs, Gambero Rosso gave up 6.8 percent. On Thursday, the board of directors reviewed the consolidated financial statements as of December 31, 2023, which closed with consolidated net income amounting to about EUR1.2 million, up from EUR1.6 million in 2022. Net sales revenue as of Dec. 31, 2023 reached EUR18.2 million compared to EUR17.3 million in the previous year.

Comal rallied 0.6 percent after it announced Friday that it had signed a EUR1.3 million contract to supply the "Sun Hunter" tracker with an Italian operator.

Bellini Nautica--up 1.2 percent--reported Thursday that the board approved the draft financial statements, which closed with a net result as of Dec. 31 of EUR241,000, compared with the year ended Dec. 31, 2022, for which a net result of EUR674,000 had been reported. Sales revenue as of December 31, 2023 was EUR11.1 million compared to the figure reported as of December 31, 2022, of EUR12.1 million.

Altea Green Power gave up 5.3 percent after announcing Thursday that a co-development agreement for electricity storage systems "BESS Storage" was signed with a major North American investment fund specializing in alternative energy. The value of the sale is more than EUR68 million plus a success fee of up to EUR15 million that will be defined in relation to the achievement of performance ratios agreed between the parties, the company explained in a note.

In New York on Friday evening, the Dow gave up 0.8 percent, the Nasdaq advanced 0.2 percent, and the S&P 500 posted minus 0.1 percent.

Among Asian exchanges, the Nikkei left 1.2 percent on the parterre, the Hang Seng gave up 0.2 percent, while the Shanghai Composite marked a minus 0.7 percent.

Among currencies, the euro changes hands at USD1.0817 against USD1.0808, recorded at Friday's European stock close while the pound is worth USD1.2602 from USD1.2599 on Friday evening.

Brent crude is worth USD85.72 per barrel versus USD85.53 per barrel at Friday's close. Gold, on the other hand, trades at USD2,165.37 an ounce from USD2,163.06 an ounce Friday night.

Monday's macroeconomic calendar, after a morning poor in macroeconomic news, includes from the US, at 1300 CET, the data on building permits, followed at 1500 CET by the report on new home sales.

At 1630 CET, an auction of 3-month, 6-month and 2-year Treasury bonds is scheduled.

Among the many annual reports in the Square are expected from Alllcore, CrowdFundMe, DBA Group, Dotstay, E-Globe, ESI, Green Oleo, Grifal, Marzocchi Pumps, Medica, MIT SIM, Mondo TV, Radici Pietro Industries & Brands, and Rai Way.

By Maurizio Carta, Alliance News reporter

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