(Alliance News) - Piazza Affari closed lower on Tuesday's session, in a week-at least for the Milanese center-marked by several half-yearly reports from companies listed on the lower-capitalization listings.

Axel Rudolph, senior market analyst at IG, said, "Aggressive comments by Fed officials mentioning a further rate hike, some USD134 billion in new public debt sales this week and the risk of a U.S. government shutdown are excessive for equity investors. The drop in global stock indexes toward key technical support during the seasonally weakest period of the year points to further declines. New home sales in the U.S. bore the brunt of the rapid rate hike and fell the most in 11 months."

"The scenario of "higher rates for a longer period of time" greatly benefits the U.S. dollar, with the dollar basket rising to levels last traded in November 2022, after posting 10 consecutive weeks of rises so far. Risk-averse sentiment and flight-to-safety flows into the greenback helped push the U.S. currency to its highest in 10 months this week."

The FTSE Mib closed Tuesday down 1.0 percent to 28,098.88, the Mid-Cap fell 1.5 percent to 38,936.73, the Small-Cap gave up 0.7 percent to 25,596.21, and Italy Growth finished 1.1 percent in the red to 8,358.38.

In Europe, London's FTSE 100 closed around parity, Paris' CAC 40 fell 0.7 percent and Frankfurt's DAX 40 gave up 0.9 percent.

On the main list in Piazza Affari, Banca Generali did well, up 0.5 percent to EUR33.64 after three bearish sessions.

Iveco Group reverses course, which, after a positive start, closes 0.9% in the red

UniCredit - down 2.4% - announced Tuesday that it had bought back 4.3 million of its own shares between Sept. 18 and 22. The shares were taken over at an average price of EUR22.6367 for a total value of EUR98.2 million.

Price target cut for Nexi, with Goldman Sachs raising it to EUR9.00 from the previous EUR10.00. The shares give up 2.8 percent to EUR5.7140.

On the Mid-Cap, good boost on OVS, which moves up 0.4% after seven straight sessions ended among the bearish.

Alerion Clean Power - up 0.8 percent - informed that it has purchased 4,250 of its own shares for a total value of EUR116,000 or so.

Tinexta, on the other hand, gave up 6.4 percent, closing at the bottom of the list.

GVS lost 3.2 percent, ending the sixth session in a row among the bearish. It should be mentioned that the board of directors on Monday approved the group's 2023-2025 economic and financial forecast. Consolidated revenues are expected to be in the range of EUR425 million to EUR430 million in fiscal year 2023, are expected to grow over the 2023-2025 period at a CAGR of between 4.5 percent and 5.5 percent.

Webuild - down 1.1 percent - informed on Tuesday that it purchased - in the week of Sept. 18-22 - 275,000 of its own ordinary shares, as per its business plan. The countervalue was about EUR474,000.

On the Small-Cap, boost on algoWatt, up 11 percent after spending much of the session in the volatility auction, with shares up as much as 22 percent during the day. The stock had previously come off five bearish sessions.

In contrast, Bialetti rises 4.0%, rearing its head again after four bearish sessions.

Somec gives up 3.6% after two sessions closed higher

PLC System, a subsidiary of PLC, on Monday finalized the sale of its entire stake in Idroelettrica 2014 Srl Unipersonale--owner of a hydroelectric power plant located in Località Brotano in the municipality of Pergola and San Lorenzo in Campo in the province of Pesaro-Urbino--to an operator already present in the market for hydroelectric power plants. The consideration for the sale of Hydro 2014, net of the costs of its restoration, is EUR400,000.00. The stock gained 1.7 percent.

CY4Gate, on the other hand, gives up 5.9 percent, continuing the downtrend of the previous session.

Among SMEs, strength on Agatos, which went into the volatility auction after rising more than 42 percent, the same with which it closed the session.

Sia - unchanged - reported Tuesday that its board of directors approved the half-year report as of June 30 reporting a profit of EUR241,000 up 77 percent from a net profit of EUR136,000 recorded in the first half of 2022. In addition, the backlog as of June 30 was EUR36.9 million, up 36 percent from EUR27.1 million in the same period last year.

In New York, the Dow is down 0.9% to 33,716.94, the Nasdaq gives up 1.2% to 13,114.44, and the S&P 500 loses 1.1% to 4,289.51.

Among currencies, the euro changes hands at USD1.0576 versus USD1.0666 in Monday's European equities close while the pound is worth USD1.2163 from USD1.2279 on Monday evening.

Among commodities, Brent crude is worth USD93.59 per barrel versus USD92.88 per barrel at Monday's close. Gold, meanwhile, trades at USD1,903.29 an ounce from USD1,918.19 an ounce on Monday evening.

Wednesday's macroeconomic calendar opens with the Bank of Japan meeting minutes, which will be released at 0150 CEST, and then moves on to Europe where, at 0800 CEST, the GfK report on German consumer confidence will be released.

At 0845 CEST, space will be given to French household confidence while, at 1000 CEST, will come data on money supply and loans to individuals from the Eurozone.

In the US, focus on mortgage data, at 1300 CEST, and durable goods orders data, at 1430 CEST. Crude oil stocks and refinery numbers will be released at 1630 CEST.

On the bond front, auctions of six-month Italian BOTs, 10-year German BUnds, and and five-year US Treasury notes will be held.

Among the companies in Piazza Affari, the results of Bellini Nautica, Digital Bros, Relatech and Intred, among others, will be announced.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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