Stock exchanges in the red after macro from the Eurozone

(Alliance News) - Major European stock markets continued trading in negative territory on Tuesday after the release of some data from the Eurozone.

In fact, among the macroeconomic news, in April compared to March, seasonally adjusted output in the construction sector fell by 0.4 percent in both the Eurozone and the EU, according to early Eurostat estimates released Tuesday.

In March, output in the construction sector fell 1.7 percent in the eurozone and 1.6 percent in the EU.

In April, compared to April 2022, output in the construction sector increased by 0.2 percent in the euro area and decreased by 0.1 percent in the EU.

In addition, the eurozone's current account posted a surplus of EUR4 billion in April, down from EUR31 billion in the previous month, the European Central Bank reported Tuesday.

Surpluses were recorded in goods of EUR16 billion and services of EUR4 billion, while deficits were recorded in secondary income of EUR15 billion and primary income of EUR2 billion.

In Milan, the FTSE Mib is down 0.6 percent to 27,584.50, the Mid-Cap gives up 0.5 percent to 43,032.72, the Small-Cap is in the red 0.3 percent to 27,332.13, as is Italy Growth at 9,101.95.

In Europe, Paris' CAC 40 is down 0.4 percent, London's FTSE 100 is in the fractional red, while Frankfurt's DAX gives up 0.7 percent.

On the main basket in Piazza Affari, Telecom Italia rises 0.5 percent, after reporting that the board of directors met Monday to review, as part of the competitive process related to Netco, the two non-binding bids submitted, respectively, by the consortium formed by CdP Equity Spa and Macquarie Infrastructure and Real Assets (Europe) Limited, acting on behalf of a group of investment funds managed or advised by the Macquarie Group, and Kohlberg Kravis Roberts & Co LP, also known as KKR.

TIM's board of directors will complete its review of the bids on June 22.

Terna rises 0.5% after announcing Monday that a share buyback program will be launched on June 22, for a maximum outlay of EUR7 million and a total number of ordinary shares not exceeding 1.4 million, representing about 0.1% of the company's share capital.

Leonardo gains 0.2 percent after news that the NATO Support and Procurement Agency awarded Leonardo a contract to supply a new RAT 31 DL/M long-range air defense radar.

This is the first time since the 1990s that the NATO agency has purchased a complete radar system.

Mediobanca is in the red by 0.5 percent after it reported Monday that Compass, the group's consumer credit company, has signed an agreement to take over 100 percent of HeidiPay Switzerland from HeidiPay, a fast-growing Swiss financial company specializing in Buy Now Pay Later, with more than 400 commercial agreements with major distributors, luxury brands and technology operators, active in the territory.

On the Mid-Cap, Maire Tecnimont is down 1.1 percent after announcing Tuesday that its subsidiaries part of the Integrated E&C Solutions and Sustainable Technology Solutions business units were awarded new contracts worth a total of about USD260 million from international clients mainly in Europe, Asia and South America.

In particular, KT-Kinetics Technology was awarded a contract in the IE&CS BU for a pre-treatment plant by PKN Orlen, a Polish multinational company operating in the field of fuel refining and sales mainly in Central Europe.

The project has a duration of 24 months.

Technogym loses 1.0 percent after reporting Monday that it unveiled its medium-term profitable and sustainable growth targets.

Revenues are expected to grow at an average annual rate of about 10 percent due to the launch of new products, digital and AI solutions, entry into new markets, and growing interest in exercise protocols targeting health. Adjusted Ebitda margin is expected to grow between 40 and 70 basis points annually due to economies of scale, quality improvement, logistics optimization and supply chain control.

Fincantieri is in the red by 0.4 percent after it signed a contract on Monday to build its second ultra-luxury cruise ship with Marc-Henry Cruise Holdings LTD, co-owner and operator of Four Seasons Yachts.

The order is worth more than EUR400 million and the ship will be delivered in 2026.

In 2022 Fincantieri won the order for the first unit of the class, which will be delivered in the fourth quarter of 2025.

Sesa gives up 0.3 percent, after announcing Monday that it closed the year to April 30 with consolidated revenues and other income of about EUR2.9 million according to preliminary data, up 21 percent annually from EUR2.4 million as of April 30, 2022.

On the Small-Cap, Somec is down 0.7 percent. On Friday, it reported that its U.S. subsidiary Fabbrica was awarded a new contract for a 34-story building in New York City. The contract is valued at more than USD23 million and consists of the design, manufacture and installation of more than 12,000 square meters of custom curtain walling intended for a new building to be constructed on Ninth Avenue, an artery on Manhattan's West Side, a few blocks from Madison Square Garden and the Empire State Building.

algoWatt gives up 16 percent. The company announced Monday that it has approved its new business plan to 2025, consistent with the proposed updated financial maneuver announced earlier to the market and to "exit the current state of financial stress through the modification of the business model and a review of the company's strategic and financial objectives," as specified in a note.

The plan estimates production value growth of 51 percent, with cumulative revenues of about EUR134 million, with intermediate revenue targets of about EUR18 million in 2023, EUR42 million in 2024 and EUR64 million in 2025.

Among SMEs, Alfonsino yields 1.5 percent, after announcing Monday that it has reached a cooperation agreement with SIDI Piccolo Srl, a historic family-owned business associated with the VéGé group and active in the large-scale retail sector under the Supermercati Piccolo banner, for fast home grocery delivery, further extending the scope of operations of the Groceries business unit.

The board of GO internet -- down 8.7 percent -- on Friday approved the new business plan 2023-2027 drafted in line and continuity with the previous plan approved on June 8, 2020. The plan forecast revenues between EUR15.5 million and EUR16.5 million, Ebitda between EUR2.5 million and EUR3.0 million, an Ebitda margin between 17 percent and 18 percent, and a negative Net Financial Position between EUR2.8 million and EUR2.0 million.

In Asia, the Nikkei closed in the green 0.1 percent to 33,388.91, the Shanghai Composite gave up 0.5 percent to 3,240.36 and the Hang Seng lost 1.5 percent to 19,607.08.

Among currencies, the euro changed hands at USD1.0926 against USD1.0924 in Monday's European equities close. In contrast, the pound is worth USD1.2776 from USD1.2799 last night.

Among commodities, Brent crude is worth USD76.97 per barrel versus USD76.41 per barrel at Monday's close. Gold, meanwhile, trades at USD1,965.30 an ounce from USD1,955.70 an ounce last night.

On Tuesday's macroeconomic calendar, from the U.S., at 1430 CEST, will come building permits while, at 1745 CEST, a speech by FOMC's Williams is scheduled.

By Claudia Cavaliere, Alliance News reporter

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