(Alliance News) - Major European stock exchanges open slightly higher on Tuesday as traders continue to assess the outlook for monetary policy in anticipation of the first interest rate cuts next year, although many officials continue to dismiss such expectations.

In this regard, the latest on inflation for the Eurozone is expected at 1100 CET. "ECB Chairwoman Lagarde was very aggressive, insisting that rate cuts had not yet been discussed, which in itself is very revealing given that the U.S. Federal Reserve has discussed cutting rates amid GDP growth of 5.2 percent, unemployment of 3.7 percent and CPI at 3.1 percent," commented Michael Hewson, Chief Market Analyst at CMC Markets.

"Ostensibly, the ECB would have us believe that the economy is not on its knees. The reality is that the data speak for themselves, and the region appears to be headed toward recession, if not already there. With the flash CPI data slowing sharply to 2.4 percent earlier this month, down from 2.9 percent, today's final CPI data is expected to remain unchanged from the flash numbers, while the core CPI is also slowing, albeit at a slower pace, to 3.6 percent," the analyst concludes.

As a result, the FTSE Mib opens up 0.3 percent to 30,329.00, the Mid-Cap rises 0.7 percent to 43,729.25, the Small-Cap advances 1.0 percent, and Italy Growth is in the green 0.2 percent to 8,126.59.

In Europe, London's FTSE 100 opens up 0.3%, Paris' CAC 40 is just above par and Frankfurt's DAX 40 advances 0.2%.

On the Mib, the podium sees Amplifon up 2.3 percent, Banca Monte dei Paschi di Siena in the green by 1.7 percent and Prysmian up 1.6 percent.

ERG--which opens in the green by 0.4 percent--reported Monday that it purchased 330,000 of its own ordinary shares between Dec. 11 and 15.

The shares were taken over at an average price per share of EUR27.0960, for a total consideration of EUR8.9 million.

Iveco Group rises 0.9 percent. The company announced Monday that it purchased 139,805 of its own ordinary shares between Dec. 11 and 15.

The shares were taken over at an average unit price of EUR7.8869, for a total value of EUR1.1 million.

Leonardo -- in fractional green -- announced Monday that Southwest Airlines, among the largest airlines in the U.S. with some 127 million passengers carried annually, has chosen its to redefine the baggage handling system for the transit area at Denver International Airport.

The contract, worth more than EUR25 million, includes a custom-developed solution for Southwest to better manage operational, manual baggage handling and transfer activities.

Among the minority bearers, Stellantis gives up 0.7 percent while Telecom Italia opens down 0.1 percent.

On the Mid-Cap, Industrie De Nora -- up 1.7 percent -- and H2U Technologies, a developer of next-generation electrolyzers, announced Monday a research agreement to identify and develop low-cost, high-performance electro-catalysts for the production of hydrogen by water electrolysis.

Fincantieri opens up 0.6 percent. It reported Friday that Vard--Norwegian subsidiary--has signed an agreement with an international customer to build a cable-laying ship. Delivery is scheduled for the fourth quarter of 2026.

The value of the contract is between EUR200 and EUR250 million.

The Piaggio group -- in the green by 0.9 percent -- on Friday presented its "Decarbonization Plan," in which it pledges to implement concrete actions to contribute to the achievement of the climate goals set by the European Union.

In continuity with the path taken so far, the Piaggio group's plan, developed with advice from the European Investment Bank, in line with the EIB PATH framework and the support of the consulting firm EY - contracted by the EIB - will allow the group to articulate actions to reduce Scope 1, 2 and 3 emissions over two time horizons: 2030 and 2050.

The tail end of the list is for Salvatore Ferragamo, in the red by 1.1 percent. SocGen cut its target price to EUR8.00 from EUR10.00 with a 'sell' recommendation.

Among small-cap companies, Greenthesis rises 4.1 percent after announcing Monday that it has finalized a new EUR50 million financing agreement with banks Natixis SA, Milan branch, and Intesa Sanpaolo Spa, the former as agent bank and both as lending banks and Mandated Lead Arrangers & Bookrunners. This transaction, reads the company's statement, is aimed "at broadening the financial base in order to be able to support organic investments and acquisitions by external lines."

TXT e-solutions - up 1.2 percent - on Monday disclosed that it sold 176,471 of its own shares to the "PIPE" fund - private investment in public equity - managed by Alkemia SGR Spa, at a price of EUR17.00 per share, higher than their average carrying value and compared to the average market value of the last 3 months of EUR16.23.

Biesse - up 1.7 percent - announced on Monday that Pierre La Tour has resigned from his role as chief financial officer and from the positions of manager in charge of drafting corporate accounting documents and investor relator to take on a new professional challenge.

Among SMEs, Cofle opens up 9.0 percent after announcing on Tuesday that it is continuing its collaboration with Ineos Automotive, which has led to the creation and customization of advanced reduced gear engagement and disengagement and differential lock and unlock systems, directly developed by Cofle's engineering center, for its new 4x4 off-road vehicle, the INEOS Grenadier. Cofle expects that in 2023, turnover related to the order with Ineos will close at EUR1.6 million, while projections for 2024 indicate a significant increase to EUR3.8 million.

Edil San Felice - tied at EUR2.71 - on Monday announced that it had signed the first two contracts implementing the framework agreement with Anas Sardegna for the maintenance and installation of new road safety barriers.

The agreement, with a total economic value of EUR5 million, was signed in May, will last four years, and will allow Edil San Felice to make its entry into a new region, continuing its territorial expansion path, the company explained in a note.

High Quality Food--in the red by 3.1 percent--reported on Monday that it had purchased the minority shares of its subsidiary Gourmade Srl from shareholders Massimiliano Del Brusco and Riccardo Pacifici, who held 30 percent and 15 percent, respectively, increasing from 55 percent to 100 percent of the subsidiary's capital, for a total consideration of EUR4,500.

Radici Pietro Industries & Brands opens in the red by 2.6 percent after closing in the green by 3.6 percent after reporting Monday that it will close 2023 with revenues of EUR56 million, according to preliminary estimates reviewed by the board.

The figure is lower than the previously expected EUR59.7 million but is 4.6 percent higher than the 2022 figure.

In Asia, the Nikkei closed in the green by 1.3 percent at 33,219.39, the Shanghai Composite finished just above par at 2,932.39, and the Hang Seng closed in the red by 0.7 percent at 16,522.00.

In New York on European night, the Dow closed in fractional green at 37,306.02, the Nasdaq finished up 0.6 percent at 14,905.19 and the S&P 500 closed ahead 0.5 percent at 4,740.56.

Among currencies, the euro changed hands at USD1.0935 against USD1.0920 recorded in Monday's European stock close while the pound was worth USD1.2673 from USD1.2643 on Monday evening.

Brent crude is worth USD77.96 per barrel versus USD78.45 per barrel at Monday's close. Gold, meanwhile, trades at USD2,027.43 an ounce from USD2,023.93 an ounce on Monday evening.

Tuesday's macroeconomic calendar includes, at 1100 CET, the Eurozone consumer price index.

At 1430 CET, from the U.S., building permits and new residential construction will come out.

At the same time, from Canada, will come the annual CPI, raw material price index and industrial goods price index.

At Piazza Affari, Sesa's half-year results are expected.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.