(Alliance News) - European stock markets, with only Milan bearish, continued in the green on Monday, with trading rooms putting various macro data under the lens to try to interpret the global economic and monetary policy outlook. Investors weigh hawkish comments made by ECB President Lagarde and their implications for the future path of monetary policy.
Lagarde said Eurozone inflation has remained too high, underscoring the need for further tightening of monetary policy by the ECB.
In the markets, crude oil prices are being carefully assessed for increases following Saudi Arabia's commitment to further production cuts of 1 million barrels per day starting in July.
The Eurozone Services PMI was revised downward to 55.1 in May from a preliminary of 55.9, but continued to indicate strong growth in the services sector. It followed a reading of 56.2 in April. The data were released Monday by S&P Global.
On the domestic front, Italy's services activity slowed in May while remaining in the expansion area, S&P Global reported Monday. May's HCOB PMI Headline Index of Tertiary Activity in Italy stood at 54.0, marking a slowdown from April's 57.6 and falling to its lowest value in three months.
Thus, the FTSE Mib, marks a decline of 0.2 percent to 27,015.81.
In Europe, London's FTSE 100 is advancing 0.5 percent, Paris' CAC 40 is giving up 0.2 percent, and Frankfurt's DAX 40 is floating just above parity.
Among the smaller lists Friday evening, the Mid-Cap is giving up 0.2 percent to 42,732.00, the Small-Cap is in fractional red at 27,493.89, while Italy Growth is giving up 0.2 percent to 9,145.65.
On Milan's main list, Banca Monte dei Paschi is advancing 2.3%, in its fifth bullish session.
Saipem advances 1.8% to EUR1.3010, on the heels of the previous two bullish sessions, supported by strength in the barrel price after the Saudis' decision to cut production from July.
Parent company Eni also did well, posting a plus 1.2 percent.
Moncler, on the other hand, gives up 1.4 percent. As noted in a ProiezioniDiBorsa focus Thursday regarding Moncler stock, "a buy signal has been triggered on this stock. A new bullish phase may be coming," the analyst team writes. "For this to happen, in fact, it is crucial that resistance in the EUR64.41 area is broken to the upside," the analysis on the stock concludes.
Prysmian, on the other hand, gives up 1.2 percent, with price at EUR36.08 after two bullish sessions.
On the cadet segment, Carel Industries advances 4.1 percent to EUR28.10 per share, touching a new 52-week high at EUR28.30.
Maire Tecnimont - up 0.2% - announced Thursday that its subsidiary KT-Kinetics Technology, part of the Integrated E&C Solutions business unit, has been awarded preliminary engineering work for a new green fertilizer complex in North America by a group of private investors.
Seco -- up 2.4 percent -- announced Monday that it will contribute to the development of "an innovative as-a-service solution" by Itema Group, among the world's leading manufacturers of advanced weaving machinery and solutions.
Instead, Banca Popolare di Sondrio gives up 2.5 percent, after two sessions ended among the bullish.
Also at the back of the pack is Brunello Cucinelli, which gives up 1.9 percent to EUR81.225 after last session's gain closed with a plus 3.4 percent.
On the Small-Cap, Somec makes room, which scores a plus 3.8% after two sessions ended in the red.
Good buys also on BasicNet, which is picking up 3.6 percent with new price at EUR5.69, following up Friday's timid active close with 0.2 percent.
Among the bearish, Neodecortech is positioned at the back of the pack, contracting 4.1 percent to EUR2.80 following Friday night's 0.7 percent green. The stock is in position for the ninth session to end on the sell side.
Among PMIs, Italia Independent advances 2.7 percent to EUR0.76, rebounding after Friday's 9.8 percent red.
The top is for Fenix Enetrtainment, which marks a plus 10% although the high volatility of the stock should be remembered, which is priced at EUR0.0880.
Also doing well is Clabo, which marks a plus 3.6%, after two sessions ended among the bearish.
At the back of the pack we see ISCC Fintech gives up 5.9 percent to EUR3.80 per share.
TMP Group - unchanged at EUR8.30 per share - on Monday announced its participation in two events organized by Banca Profilo: the first edition of Iberian MidCap Event 2023 on June 8, 2023, in virtual mode and the 15th edition of Spring MidCap Event on June 13, 2023, in Geneva at the Fairmont Grand Hotel.
On the occasion, Roberto Rosati - CEO of TMP Group - will meet with the financial community to share the group's recent financial results and growth strategies.
In New York on Friday night, the Dow rose 2.1 percent, the Nasdaq 1.1 percent, and the S&P 500 rallied 1.5 percent.
In Asia, the Nikkei closed up 2.1 percent, the Hang Seng was up 0.8 percent, and the Shanghai Composite rallied 0.1 percent.
Among currencies, the euro changed hands at USD1.0703 against USD1.0726 at Friday's European equities close. In contrast, the pound is worth USD1.2434 from USD1.2475 on Friday evening.
Among commodities, Brent crude is worth USD77.65 per barrel versus USD75.83 per barrel Friday night. Gold, on the other hand, trades at USD1,940.09 an ounce from USD1,981.55 an ounce Friday night.
On Monday's macroeconomic calendar, the U.S. composite PMI and purchasing managers' index for the United States are released at 1545 CEST.
By Maurizio Carta, Alliance News reporter
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