(Alliance News) - Piazza Affari closed lower on Monday, with the Mib setting the bar at the 28,300 area, mirroring the performance of other European financial markets, as traders worried that interest rates could remain higher for a prolonged period, beyond what was previously expected, pushing the single currency down to the USD1.05 area.

ECB Chairwoman Lagarde said Monday that Eurotower members believe the bank's official rates have reached levels that, if maintained for a prolonged period, would contribute significantly to the achievement of the inflation target. In addition, ECB board member Villeroy de Galhau suggested that pushing the economy "to the point of collapse" should be avoided, hinting at his preference not to raise rates further.

Schnabel - another board member - also warned that it is too early to conclude that the Eurozone's battle against high inflation is over.

Thus, the FTSE Mib gave up 0.7 percent to 28,382.19, the Mid-Cap fell with 1.5 percent to 39,520.11, the Small-Cap closed 1.0 percent in the red to 25,779.89, and Italy Growth retreated with 0.8 percent to 8,447.93.

In Europe, London's FTSE 100 gave up 0.8 percent, Paris' CAC 40 closed 0.9 percent in the red, and Frankfurt's DAX 40 lost 1.0 percent.

On the main list of Piazza Affari, good session for Banco BPM, which remained afloat in an almost completely bearish list. The stock marked a plus 2.0% at EUR4.72 and touched a new 52-week high at EUR4.80 per share.

Good buying also on Iveco, which moved ahead 0.9 percent with new price at EUR9.19 per share on the heels of Friday night's 0.4 percent green.

Amplifon, on the other hand, led the large bearish group, giving up 3.9% to EUR28.00. Of note, Millennium International Management revised its short position on the stock to 0.68 percent from 0.7 percent previously.

Nexi, on the other hand, left 3.7% on the parterre, after a 0.9% loss on the eve.

Prysmian, on the other hand, gives up 0.8%, in its third bearish session.

Telecom Italia--declining 3.2%--on Friday reported that, as part of its ongoing negotiations with Kohlberg Kravis Roberts & Co LP, it has received a request from KKR for an extension to October 15 of the exclusivity period to conclude preparatory activities and submit the binding offer on Netco. TIM's board of directors will consider the request received at its meeting on September 27.

On the Mid-Cap, the rear end saw Tinexta, which gave up 6.7 percent, closing at a loss for the third consecutive session.

Antares, on the other hand, left 6.6 percent on the parterre, closing negative for the tenth consecutive session.

MARR, on the other hand, posted minus 5.4 percent, in its third straight session among the bearish.

Significant selling also on Saras, which closes down 4.2 percent. Of note, Marshall Wace raised its short position on the stock to 1.5% from 1.43%.

Anima Holding, on the other hand, advanced 3.6 percent, with new price at EUR4.05 per share. The company reported Monday that it bought back its own ordinary shares between Sept. 18 and Sept. 22, with a total value of nearly EUR2.5 million.

On the small-cap side, CSP International--down 0.6 percent--reported Friday evening that its board of directors approved its half-year financial report as of June 30, reporting a loss down to EUR1.9 million from a negative EUR2.3 in the first half of 2022.

algoWatt, on the other hand, gave up 6.5 percent to EUR0.36. The stock hit a new 52-week low at EUR0.35.

Avio, on the other hand, steps back 4.8 percent to EUR8.20 per share, in its fourth bearish session.

PLC, on the other hand, gave up 1.0 percent to EUR1.46 per share after announcing on Friday that one of the group's companies, PLC System Srl, has signed a contract with wpd constructions for the construction of the utility substation serving a wind farm with a capacity of more than 30.1 MWp, located in Licata, in the province of Agrigento. The total consideration for the contract amounts to more than EUR3.8 million.

Itway rises 3.1%, after closing up 4.7% Friday evening.

SIT, on the other hand, advances 4.2%, after closing down 0.8% Friday.

Netweek rallied 6.7% to EUR0.3170, after closing 0.7% green Friday night.

Among PMIs, Ambromobiliare advanced 5.3%, rebounding after three sessions in the red.

Also doing well was H-Farm, which took home 3.3%, with the stock not closing positive for several sessions.

Valtecne gave up 1.2%, despite announcing that it closed the half-year with a profit of EUR2.4 million, up 46% from the first half of 2022, when the result was EUR1.6 million.

Trendevice, however, gives up 6.9 percent, with new price at EUR0.2420. The liability, on the weekly time frame is 26 percent.

In New York, the Dow is giving up 0.1%, the Nasdaq is in the green by 0.3%, and the S&P 500 is in the green by 0.2%.

Among currencies, the euro changes hands at USD1.0586 versus USD1.0666 in Friday's European stock close while the pound is instead worth USD1.2209 from USD1.2279 on Friday evening.

Among commodities, Brent crude is worth USD92.88 per barrel versus USD94.40 per barrel at Friday's close. Gold, on the other hand, trades at USD1,918.19 an ounce from USD1,928.01 an ounce on Friday evening.

On Tuesday's calendar, from the US, at 1400 CEST, building permits released are expected, while at 1600 CEST it will be the turn of the new home sales data. At 1900 CEST, FOMC member Bowman's speech is scheduled, while at 2230 CEST come weekly oil inventories.

On the corporate calendar, ABP Nocivelli Company of the Caribbean, Danieli & C, Doxee, ErreDue, eVISO, Frendy Energy and Gambero Rosso and iVision Tech are among the many half-year results coming in.

By Maurizio Carta, Alliance News reporter

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