(Alliance News) - On Tuesday, European stock markets closed higher -- with the exception of Milan, which finished just below parity -- following the release of solid U.S. data, while German investor morale unexpectedly hit a six-month high, according to the ZEW economic indicator.

"European markets struggled for gains today," comments Michael Hewson, Chief Market Analyst at CMC Markets, "even though they are far from their daily lows, as pressure from rising short- and long-term yields keeps investors cautious about the effect higher rates could have on margins. The additional factor of ongoing uncertainty in the Middle East is also not helping, although the FTSE100 is outperforming thanks to strong performance in the healthcare and energy sectors, along with a slightly weaker pound."

As a result, the FTSE Mib closes just below par at 28,367.36, the Mid-Cap up 0.2 percent to 38,913.67, the Small-Cap is in the green 0.4 percent to 25,253.83, and Italy Growth ends in the red 0.2 percent to 7,929.40.

In Europe, London's FTSE 100 closed up 0.6 percent, Paris' CAC 40 up 0.1 percent and Frankfurt's DAX 40 in fractional green.

Of note, according to new data released Tuesday by the Federal Reserve, U.S. industrial production rose 0.3 percent month-on-month in September, slowing from August's 0.4 percent increase over July.

According to the FXStreet consensus, industrial production was expected to remain stable on a monthly basis in September.

An upward trend in industrial production is considered inflationary and may anticipate a rise in interest rates.

On the main list in Piazza Affari, Telecom Italia finished up 3.7 percent, followed by FinecoBank, in the green by 1.7 percent, and Tenaris, which closed up 1.4 percent.

Among the bearish performers, Mediobanca ended near the bottom and gave up 2.1 percent after it announced that Compass, the group's consumer credit company, has finalized the acquisition of 100 percent of HeidiPay Switzerland AG, a Swiss fintech specializing in Buy Now Pay Later.

The deal signed last June strengthens the partnership with HeidiPay AG, a holding company specializing in the development of fintech platforms to support BNPL in the world of e-commerce and for physical points of sale, in which Compass already holds a 19.5 percent stake as of August 2022.

Italgas closed up 0.9 percent. The company announced Monday that it had completed the acquisition from Veolia Environnement SA Group of the business unit to which the concessions held in Italy in the water sector belong. For the purchase, the company will be able to pay the Veolia group a total of up to EUR115 million -- in terms of equity value --, partly contingent on the achievement of certain targets of the operating companies.

On the Mid-Cap, Credito Emiliano -- in the green by 1.2 percent -- reported Monday that rating agency Fitch confirmed the long-term issuer default rating at 'BBB', with stable outlook, and the Viability Rating at 'bbb'.

MFE-MediaForEurope let it be known on Monday that on Oct. 23, the regrouping of class A ordinary shares -- in the red by 1.2 percent -- and class B ordinary shares -- in the green by 1.9 percent -- will be carried out, according to which every 5 A shares will be regrouped into 1 new A ordinary share with maintenance of the par value per unit of each new A ordinary share at the pre-grouping amount, i.e. EUR0.06.

On the Small-Cap, Seri Industrial took the top spot with a rise of nearly 12 percent.

Aeffe finished down 0.3 percent. On Monday it announced that it had appointed Davide Renne as Moschino's new creative director.

Renne, who for the past two decades led Gucci's women's style office, serving as head designer for Womenswear, will oversee Moschino's womenswear, menswear and accessories collections, reporting to Massimo Ferretti, executive chairman of Aeffe. He will officially assume the new role on Nov. 1.

Itway--in the red by 1.6 percent--reported Monday that it has signed a strategic partnership with identity governance company One Identity.

One Identity's products are needed to manage identities and access to corporate resources. One Identity, part of the Quest Software Group, an IT security company based in California, USA, designs and develops identity governance, access management and identity-as-a-service software solutions that help organizations counter security threats.

Among the SMEs, the board of ESI-which closed up 9.4 percent-on Monday evening approved the industrial development plan for the period 2024-2026, "aimed at capturing the strong growth trend in installed PV capacity globally, and with the objective of continuing to create value for the company and shareholders," the memo released said.

Upon completion of the plan, ESI expects to achieve a value of production of EUR69.3 million, with a CAGR (2022A-2026E) of 23 percent. Expected Ebitda at the end of 2026 is EUR6 million with an Ebitda margin of 8.7 percent.

Pattern - which finished in the green by 5.3% - reported that the shareholders' meeting of S.M.T. Srl - 80% owned - was held, which approved the merger by incorporation of Zanni Srl a company from Emilia specializing in engineering and production of seamless Wholegarment knitwear.

Among the bearish, E-Globe closed 4.8 percent in the red. It announced Monday that it had signed turnkey contracts worth a total of about EUR2.7 million to be completed by 2023.

In New York, the Dow is in fractional green, the Nasdaq gives up 0.1 percent while the S&P 500 is just above the pairtà%.

Among currencies, the euro changes hands at USD1.0582 versus USD1.0549 recorded at Monday's European equity close, while the pound is worth USD1.2190 from USD1.2195 on Monday evening.

Among commodities, Brent crude is worth USD89.77 per barrel from USD90.26 per barrel at Monday's close. Gold, meanwhile, trades at USD1,925.01 an ounce from USD1,934.75 an ounce on Monday evening.

Wednesday's macroeconomic calendar opens with Chinese GDP, industrial production and unemployment at 0400 CEST.

At 0800 CEST will come some UK macros including inflation while at 1000 CEST, from Italy, the trade balance is expected.

From the Eurozone, inflation and construction production data will come out at 1100 CEST.

In the afternoon, as usual, will come US mortgages at 1300 CEST and building permits at 1430 CEST.

At 1630 CEST, US oil stocks will come out.

On the Piazza Affari calendar, no special events are scheduled.

By Chiara Bruschi, Alliance News reporter

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