Indices underwhelmed; Iveco tops on Mib.

(Alliance News) - European stock markets open subdued on Tuesday as investors remain cautious ahead of the on inflation expected later this week, which will help to understand whether the Fed and ECB have really concluded their interest rate hikes.

As a result, the FTSE Mib opens in the red 0.1 percent to 29,320.38, the Mid-Cap gives up 0.4 percent to 41,462.28, the Small-Cap is down 0.1 percent to 25,960.14, and Italy Growth rises 0.3 percent to 7,885.69.

In Europe, London's FTSE 100 is down 0.5 percent, Paris' CAC 40 gives up 0.4 percent and Frankfurt's DAX 40 is in the red by 0.1 percent.

Of note, the GfK consumer sentiment indicator for Germany released Tuesday rose to minus 27.8 in December, compared with November's downwardly revised minus 28.3 and market forecasts of minus 27.9.

After declines in the previous three months, consumer sentiment remains very weak and characterized by uncertainty and worry, with no signs of a sustainable recovery in the coming months.

On the main list in Piazza Affari, Iveco Group takes the top spot with a 2.7 percent rise after announcing Monday that the European Investment Bank has granted financing of up to EUR500 million to help electrification, efficiency and safety in the transport sector through investment in research, development and innovation.

In detail, the EUR450 million loan signed in Turin represents the first tranche of the total EUR500 million approved by the EIB's board of directors. The loan, with an eight-year amortization profile, "will be fully drawn down in the short term," the company note says.

The investments will be made, by the end of 2025, mainly in Italy, but also in Germany, France, Spain, the Czech Republic and Switzerland.

Telecom Italia opens in the red by 0.9 percent. Monday announced Friday evening that it had begun the organization of the so-called NetCo, the business unit that will be contributed to FiberCop upon the closing of the transaction to sell the fixed-line network to Kohlberg Kravis Roberts & Co. L.P., scheduled for the summer of 2024.

The business "will include the fixed network infrastructure and relevant real estate, the management of which it will be in charge of, the wholesale business and the entire stake in the subsidiary Telenergia," the company specified in a note.

At the bottom are DiaSorin, Moncler, and Campari, which give up 3.6 percent, 1.8 percent, and 1.5 percent, respectively.

Eni rises 0.3% while other oil stocks end up in the bearish area.

Tenaris -- down 0.2 percent -- announced Saturday that it bought nearly 2.0 million of its own shares between Nov. 20 and Nov. 24. The shares were purchased at an average price of EUR15.4806 for a total value of EUR30.6 million.

Saipem - down 0.3 percent - announced on Monday the final results of the buyback offer promoted by Saipem Finance aimed at holders of the EUR500.0 million bond, with a coupon of 2.625 percent and maturing on January 7, 2025. The maturity date of the offer - which began on Nov. 20 - was 1700 CET on Nov. 24, and a total amount of EUR120.1 million of bonds was submitted during the period.

Banco BPM rises 0.6 percent after announcing Monday the final results of the cash repurchase offer for its EUR300.0 million perpetual bond.

When the offer expired, the total nominal amount of existing securities validly offered for repurchase amounted to EUR223.3 million, representing approximately 74 percent of the total nominal amount of existing securities outstanding.

The repurchase of the existing securities was carried out simultaneously with the issuance of a new perpetual bond with a total nominal amount of EUR300.0 million.

On the Mid-Cap, Juventus Football Club is just below par. The company announced Thursday that the shareholders' meeting approved proposals to increase its share capital and regroup shares in the ratio of one for every 10 shares held.

In detail, the shareholders' meeting resolved to reduce the share capital to EUR50,000 from EUR23.4 million and to approve the proposed share capital increase, for cash, to be carried out by December 31, 2024, for a maximum total amount of EUR200 million, including share premium, through the issuance of new ordinary shares with no par value.

Lottomatica, a wholly owned subsidiary of Lottomatica Group, which rises 0.5 percent, announced Monday its intention to issue and place bonds for a total aggregate amount of EUR500.0 million.

On the Small-Cap, Olidata takes the top spot with a 7.3 percent rise. The company announced Monday that it has signed a deal with Snam - in fractional green on the Mib - worth EUR25 million.

The deal involves Olidata's support-through its Sferanet controlalta-for most of its Data Center, Data Management and Security and Network Security components, and Snam's option to buy in as its own programs require.

FNM rises 3.2 percent after letting it be known that Morningstar Sustainalytics rated the ESG risk profile the group is exposed to as negligible, assigning a score of 6.6 on a scale of 0 to minus 40, where 0 indicates the best rating and minus 40 the worst, an improvement over 2022, when it was 7.4.

ePrice rises 4.5 percent after plummeting 20 percent last night. The company informed that - in execution of commitments made to Negma Group - it has appointed Pedro Palau as Chief Restructuring Officer for a 12-month period.

Monrif still does not trade after the red on eve, in which it gave up 2.1 percent. The company announced that it has appointed Luca Ceroni as its new chief executive officer.

Luca Ceroni has been general manager of subsidiary Editoriale Nazionale, the publishing company of "Il Resto del Carlino," "La Nazione" and "Il Giorno," since March 2014.

Banco Di Desio e della Brianza cedes 0.5 percent after the board of directors approved the 2024-2026 "Beyond 2026" business plan, which rests on strategic pillars represented by "the optimization of the commercial bank and the creation of growth opportunities through specialization in the Small Business and POE segment, Wealth Management and Personal Finance."

Specifically, as of 2026, the bank expects an ROE of more than 8 percent, a Cost/Income ratio of about 55 percent, and a CET 1 of more than 15 percent.

In addition, it expects solid revenue generation with 2023-2026 CAGR of about 4.5 percent in net banking income and gross NPL ratio of less than 4 percent over the plan period, with growth in Wealth Management to exceed EUR10 billion in assets under management.

Among SMEs, in a still uneventful list, Circle is not yet trading. The company announced Monday evening the approval by FILSE on behalf of Regione Liguria of the "TULIP" project, an acronym for Terminal and mUltimodal Logistic Innovations for the Port and hinterland environment. The 18-month project awards Circle a grant of about EUR220,000 and will have a positive impact on several logistics sectors, starting with port terminals and inland nodes.

RedFish LongTerm Capital still does not trade after closing down 5.5 percent. On Monday, it announced that it had approved the subscription of a par value capital increase in PureLabs, a company active in clinical diagnostics, for a total of EUR4 million, against a total approved capital increase of EUR15 million.

To date, taking into account the subscriptions already completed by the pre-existing shareholders of PureLabs totaling EUR8.5 million and the additional subscription by RFLTC for EUR4 million, the total capital increase in PureLabs will amount to EUR12.5 million; RFLTC as a result of the above subscription will therefore hold a minority stake of approximately 32 percent.

In Asia, the Nikkei closed 0.1 percent in the red at 33,410.00, the Hang Seng was down 0.8 percent at 17,383.50, and the Shanghai Composite finished up 0.2 percent at 3,038.55.

In New York, the Dow closed down 0.2 percent to 35,333.47, the Nasdaq fell 0.1 percent to 14,241.02 and the S&P 500 finished in the red 0.2 percent to 4,550.43.

Among currencies, the euro changed hands at USD1.0945 against USD1.0937 recorded at Monday's European stock close, while the pound was worth USD1.2621 from USD1.2610 on Monday evening.

Brent crude is worth USD80.34 per barrel from USD80.68 per barrel at Monday's close. Gold, meanwhile, trades at USD2,013.48 an ounce from USD2,012.80 an ounce on Monday evening.

Tuesday's macroeconomic calendar features data on Eurozone money supply and loans to individuals at 1000 CET.

In the U.S., eye points on house price data, at 1500 CET, and consumer confidence, due out at 1600 CET.

Among the companies in the Piazza Affari, no special events are expected.

By Chiara Bruschi, Alliance News reporter

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