(Alliance News) - European stock markets open above par on Tuesday, with banking stocks recovering on the Mib while oil stocks suffer and finish at the bottom.

Thus, the FTSE Mib opens in the green by 0.5 percent at 27,205.01.

The Mid-Cap is up 0.3% to 43,564.60, the Small-Cap is in the fractional red at 43,564.60, and Italy Growth rises 0.3% to 9,285.36.

In Europe, Paris' CAC 40 is in the fractional red, London's FTSE 100 is up 0.2 percent while Frankfurt's DAX 40 is up 0.1 percent.

On the macro front, it is worth noting that retail sales in Germany unexpectedly fell 2.4 percent month-on-month in March 2023, after a downwardly revised 0.3 percent decline in February and compared to market forecasts of a 0.4 percent increase. This was released by the Federal Statistical Office on Tuesday.

The figure marks the fourth consecutive month of declining retail sales as high prices weigh on consumer affordability.

On the predominantly bullish main list in Piazza Affari, banking led the way with BPER Bank rising 2.5 percent followed by STMicroelectronics in the green by 2.3 percent.

Also doing well are UniCredit, up 2.2%, and Banca Monte dei Paschi di Siena, in the green by 1.8%.

Oil stocks are hurting, with Saipem trailing, giving up 0.9%, while Eni loses 0.1% and Tenaris is tied.

Eni's board of directors announced Friday that it had approved consolidated results for the first quarter, having reported adjusted pre-tax profit of EUR4.98 billion, down 5.0% from the same period last year when it was EUR5.23 billion.

On the Mid-Cap, Tamburi Investment Partners -- up 1.2 percent -- announced Monday that it had reached an agreement to acquire 51 percent of Investindesign Spa, a company that currently holds a majority stake in Italian Design Brands Spa.

TIP, for the purchase of 50.7 percent of Investindesign's capital will invest EUR72 million, giving IDB an economic capital value of EUR220 million.

At the top is Alerion, up 2.2 percent, as is CIR.

At the bottom, however, is Saras, which gives up 2.6 percent.

On the Small-Cap, PLC is still not trading. On Friday the board of directors approved the financial statements for the year to December 31, 2022, reporting revenues down to EUR60.6 million from EUR67.6 million in 2021.

It reported a loss of more than EUR15.8 million in 2022 from a profit of nearly EUR3.0 million in 2021.

Seri Industrial rises with 1.2 percent after it reported revenues of EUR45.0 million in the first three months of the year from EUR44.0 million in the same period of the previous year.

Elica's board of directors -- in the red by 1.1 percent -- approved results for the first quarter of 2023, which closed with a net profit of EUR3.4 million compared to EUR4.7 million in the first quarter of 2022. The normalized result was EUR3.9 million. In the first quarter of 2023, Elica posted revenues of EUR129.0 million, "in a market characterized by shrinking demand and affected by destocking measures implemented by OEM customers," the company's note says. Last year in the first quarter it was EUR144 million.

Finally, among SMEs, Officina Stellare is still not trading. The board of directors approved Friday the consolidated financial statements as of December 31, 2022 reporting a net profit of EUR610,000 down 55 percent from EUR1.3 million recorded in the full year 2021.

Value of production is EUR13.0 million up 37 percent from EUR9.5 million in 2021.

Fenix Entertainment opens up 8.2% after announcing Friday that the value of production for the first quarter of 2023 is EUR7.5 million from EUR4.6 million in the first quarter of 2022.

Franchi Umberto Marmi does not price, after announcing Thursday that total revenues as of March 31 amounted to EUR22.7 million, up 7 percent from EUR21.1 million recorded in the same period last year, with a significant contribution from sales in Turkey, South Korea and India. Sales in the Italian market, as of March 31, 2023, increased by 4%, compared to the first three months of 2022, reaching EUR12.3 million or 54% of total revenues, confirming the good health of the domestic market.

OSAI Automation System still does not trade. The company announced Friday that it has signed a preliminary contract with the owner Immobiliare Besa Srl to purchase the Parella operating headquarters, totaling approximately EUR5.4 million and with closing expected by October 31.

MeglioThis still does not trade. The company reported that the board has resolved to initiate a EUR7.0 million capital increase reserved for Pierluigi Ghiani and Francesco Simula. The transaction will be developed through the issuance of 4.0 million ordinary shares at a subscription price of EUR1.75 each. Of the amount of the capital increase, EUR400,000 will go to increase the company's share capital while EUR6.6 million will be allocated to share premium reserve.

In Asia, Shanghai is closed for Labor Day while the Nikkei finished in the green by 0.1 percent at 29,157.95 and the Hang Seng is up 0.3 percent at 19,960.37.

In New York, the Dow Jones closed in the red by 0.1 percent to 34,051.70, the Nasdaq finished in the red by 0.1 percent to 12,212.60 and the S&P 500 finished the day in the fractional red at 4,167.87.

Among currencies, the euro changed hands at USD1.0994 versus USD1.0942 at Friday's close. In contrast, the pound is worth USD1.2504 from USD1.2577 on Friday evening.

Among commodities, Brent crude is worth USD79.53 per barrel versus USD80.30 per barrel on Friday night. Gold, on the other hand, trades at USD1,982.21 an ounce from USD1,991.95 an ounce at Friday's close.

On Tuesday's macroeconomic calendar, at 1100 CEST, again from Italy, the inflation figure, along with the Eurozone figure.

At 1200 CEST, from Italy, the consumer price index.

In the afternoon, from the US, orders from factories and at 1600 CEST, the JOLTs report. At 2230 CEST it will be the turn of weekly oil stocks.

On the corporate calendar, expected results from Amplifon, Conafi, Campari, and UniCredit.

By Chiara Bruschi, Alliance News reporter

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