(Alliance News) - The Mib moves lower Tuesday, setting the bar in the 29,200 area -- matching the trend of other European exchanges -- with trading rooms showing caution ahead of inflation data due this week, which will provide further insight into whether the Fed and ECB may actually have completed their interest rate hike cycles.
Investors assess a series of statements by ECB officials anticipating the release of upcoming inflation data. ECB policymaker Nagel on Tuesday warned that if the inflation outlook worsens, the central bank may have to consider raising interest rates again, advising against a hasty loosening of monetary policy.
At the same time, Chair Lagarde acknowledged that inflationary pressures within the eurozone are easing, but robust wage growth complicates attempts to curb price increases. Lagarde also expects inflationary pressures to continue to ease, but highlighted the possibility of a temporary increase in overall inflation in the coming months.
The FTSE Mib, therefore, marks a 0.3 percent red at 29,257.96, the Mid-Cap gives up 0.6 percent to 41,376.15, the Small-Cap is down 0.6 percent to 25,841.97, and Italy Growth is just below the parity line at 7,862.26.
In Europe, London's FTSE 100 is down 0.5 percent, Paris' CAC 40 is down 0.6 percent and Frankfurt's DAX 40 is in the red by 0.1 percent.
On the main list in Piazza Affari, Iveco Group--among the few bullish investors--signs green by 1.0 percent after announcing Monday that the European Investment Bank has granted financing of up to EUR500 million to contribute to 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.
Good buys also on ERG, which moves ahead 1.2 percent to EUR26.04 per share heading for the third session to close among the bullish.
Telecom Italia travels 1.3% in the red. Monday announced Friday evening that it had begun organizing the so-called NetCo, the business unit that will be contributed to FiberCop when the closing of the fixed-line network sale 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.
DiaSorin, meanwhile, is giving up 3.9 percent to EUR84.20 per share, in its fourth bearish session.
Moncler, on the other hand, is marking in minus 2.0 percent, in its third bearish session.
On the Mid-Cap, Sesa is giving up 3.2%, on the heels of the eve's passive close of minus 2.4%.
Brunello Cucinelli, on the other hand, is contracting 2.7 percent with price at EUR75.00. The company - which will switch to trade on the Mib in December - closed Monday's session down 0.8 percent.
Lottomatica, a wholly owned subsidiary of Lottomatica Group, which rises 0.2%, announced Monday its intention to issue and place bonds for a total aggregate amount of EUR500.0 million.
Green also for Antares Group, which advances 1.4 percent to EUR2.51 after falling 2.8 percent on the eve.
On the Small-Cap, Olidata ranks at the top with a rise of 6.4 percent. The company announced Monday that it had signed a deal with Snam - in the red 0.1 percent on the Mib - worth EUR25 million. The deal provides for Olidata's support - through its Sferanet controlalta - for most of the Data Center, Data Management and Security and Network Security components, and Snam's option to purchase according to its own plans.
FNM rises 1.7 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.
Netweek, on the other hand, is giving up 8.0 percent with price at EUR0.1595, following up viglia's decline with 1.2 percent.
Mondo TV, meanwhile, is giving up 3.9% at EUR0.25 per share, in its sixth straight session on the bearish side.
Among PMIs, Italia Independent advances more than 10 percent, after closing down 7.9 percent in the previous session.
In contrast, expert.ai advances 7.3% to EUR0.9430, heading for its fifth session on the bullish side.
Circle - with price at EUR6.10 - does not trade. 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.
Giglio.Com, on the other hand, is giving up 3.8 percent, on its seventh session in negative balance.
In New York, the Dow closed down 0.2 percent at 35,333.47, the Nasdaq fell 0.1 percent to 14,241.02, and the S&P 500 finished 0.2 percent in the red at 4,550.43.
Among currencies, the euro changed hands at USD1.0948 against USD1.0937 recorded in Monday's European stock close, while the pound was worth USD1.2631 from USD1.2610 on Monday evening.
Brent crude is worth USD81.01 per barrel from USD80.68 per barrel at Monday's close. Gold, meanwhile, trades at USD2,013.77 an ounce from USD2,012.80 an ounce on Monday evening.
Tuesday's macroeconomic calendar includes, at 1500 CET, and on consumer confidence, due out at 1600 CET.
By Maurizio Carta, Alliance News reporter
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