(Alliance News) - Major European stock markets are expected to fall on Tuesday as traders continue to assess the future outlook for monetary policy.

Earlier in the day yesterday, a number of ECB Governing Council members argued for multiple further rate hikes in the coming months. "While it was no surprise that German MP Isabel Schnabel argued for further tightening, saying it was too early to declare victory on inflation, we also had Irishman Gabriel Makhlouf saying it was too early for a rate pause. Frenchman Francois Villeroy also said that the ECB should provide "a few more hikes" to help bring the euro back above 1.1000 against the U.S. dollar," comments Michael Hewson, Chief Market Analyst at CMC Markets UK.

Thus, the FTSE Mib is expected to fall 130 points or 0.5 percent after closing down 0.8 percent at 27,537.07.

In Europe, London's FTSE 100 is given to be down 26.5 points or 0.3 percent, Paris' CAC 40 is expected to open down 18.8 points or 0.3 percent, and Frankfurt's DAX 40 is given to be down 24.0 points or 0.2 percent.

Among the smaller lists on Monday, the Mid-Cap closed down 0.5 percent to 43,651.27, the Small-Cap gave up 0.9 percent to 29,221.58, while Italy Growth gained 0.5 percent to 9,279.14.

In Milan, on the main list of Piazza Affari, Monday evening at the bottom ended ERG, down 2.0 percent.

It was followed by Leonardo, which gave up 1.9 percent. The company announced Friday that it had delivered the prototype ECRS Mk2-European Common Radar System Mk2-radar to BAE Systems, marking the latest stage in the development program for the UK fleet of Typhoon aircraft.

The company, Leonardo explained in a note, "is developing the ECRS Mk2 in Edinburgh, a site of excellence for combat radar, and in Luton, where the company conducts advanced electronic warfare research, development and production activities."

At the top, however, was Stellantis, up 2.3 percent. Other stocks in the Agnelli Galaxy closed mixed, with CNH Industrial in the green by 0.8 percent, Ferrari up 1.7 percent while Iveco gave up 1.0 percent.

Dragging on were the banks, with BPM in the green by 2.2 percent, BPER up 1.4 percent while among the exceptions MPS gave up 1.7 percent, after letting it be known that it has appointed board members.

Chairman Nicola Maione and deputy Gianluca Brancadoro join the board, in addition to Luigi Lovaglio, Paola Lucantoni, Anna Paola Negri-Clementi, Laura Martiniello, Donatella Visconti, Lucia Foti Belligambi, Domenico Lombardi, Paolo Fabris De Fabris, Renato Sala, Stefano Di Stefano, Marco Giorgino, Alessandra Giuseppina Barzaghi and Paola De Martini.

The board then decided that Luigi Lovaglio remain CEO.

Intesa Sanpaolo--green by 0.9 percent--and Salcef Group--up by 0.5 percent--reported Friday that they have signed an agreement to recapture tax credits related to building bonuses and Superbonus with a tax value of EUR40 million.

Interpump Group, in the green by 0.4 percent, announced the acquisition of a 70 percent stake in I.Mec.

The value of the transaction was set at about EUR14 million.

On the Mid-Cap, Maire Tecnimont closed up 2.2 percent.

The company announced Friday that its subsidiary NextChem, part of the Sustainable Technology Solutions business unit, after completing the advanced engineering study for methanation for the Salamandre project in Normandy, has been awarded a new contract by Storengy to perform an additional advanced engineering study for gasification of wood waste and purification of synthesis gas system to produce biomethane.

Arnoldo Mondadori Editore ended flat at EUR1.96 after announcing Thursday that it had executed a contract to sell to PBF its 18.45 percent stake in Società Europea di Edizioni, publisher of the daily newspaper Il Giornale.

Cementir Holding--down 0.9 percent--reported that the shareholders' meeting renewed the board of directors, which will serve a three-year term, reducing the number of members to eight, including one executive director, Francesco Caltagirone, and seven nonexecutive directors.

Webuild -- up 0.5 percent -- announced Saturday that it had purchased 237,689 of its own ordinary shares for a total value of EUR463,022.52.

On the Small-Cap, algoWatt - in the green by 14 percent - announced Monday that it had entered into an "important framework agreement with a leading Italian credit institution," for the evolutionary and corrective maintenance of remote control solutions for technological systems and the management of maintenance teams at offices throughout Italy.

Bioera gave up 9.1 percent after announcing Friday evening that the board of directors approved the financial statements as of December 31, 2022 reporting a group loss of EUR4.1 million compared to a profit of EUR15.3 million in fiscal year 2021.

Revenues, on the other hand, were EUR626,000 compared to EUR19.8 million in the previous year.

Sogefi gave up 1.2 percent. The company announced Friday that it had revenues of EUR431.6 million in the first quarter of 2023, up 13 percent from EUR381.1 million in the same period of 2022.

Net income for the period amounted to EUR13.2 million up from EUR10.7 million in the first quarter of 2022.

Caltagirone - in the green by1.0% - announced Friday that its ordinary shareholders' meeting appointed a new board of statutory auditors for the three-year period 2023 - 2025.

Among SMEs, ESI closed flat after announcing that with regard to the EUR2.8 million capital increase, shareholder Integra is committed to subscribe for 100,000 shares.

The countervalue of this commitment by the shareholder is EUR220,000.

Innovatec -- down 1.7 percent --, on the other hand, subscribed for nearly 30 percent of the aucap, or 2.1 million shares for EUR827,000.

Esautomotion rose 3.1 percent after announcing Saturday that it had signed a EUR10.0 million investment agreement and a shareholders' agreement to acquire the business of Sangalli Servomotori, a company active in the electric motors market, through the purchase of the entire share capital of a newly formed company.

SolidWorld Group did well, picking up 9.6 percent after announcing Monday that the first example of Electrospider, a 3D bioprinter capable of making reproductions of human cells and tissues using additive technology, will be delivered in September, with mass production announced for Feb. 16, 2023.

Take Off gained 6.3 percent, on the strength of first-quarter revenues announced Monday, which rose to EUR8.3 million, up more than 34 percent from EUR6.2 million as of March 31, 2022.

Finlogic gave up 0.4 percent after reporting Thursday that first quarter revenues rose 34 percent year-on-year to EUR20.3 million from EUR15.1 million in the same quarter a year earlier.

Without including the two companies taken over during 2022 in the accounts, revenues would mark a 12 percent increase to EUR16.9 million from EUR15.1 million.

In Asia, the Nikkei closed in fractional green at 28,620.07 and the Hang Seng is giving up 1.7 percent, while the Shanghai Composite is down 0.6 percent.

In New York on Friday, the Dow Jones closed up 0.2 percent, the S&P finished in fractional green while the Nasdaq finished in the red by 0.3 percent.

Among currencies, the euro changed hands at USD1.1049 versus USD1.1030 at Monday's close. In contrast, the pound is worth USD1.2477 from USD1.2467 on Monday evening.

Among commodities, Brent crude is worth USD82.70 per barrel USD82.04 per barrel on Monday night. Gold, on the other hand, trades at USD1,994.71 an ounce from USD1,995.25 an ounce on Monday n close.

On Tuesday's economic calendar, at 1200 CEST from the UK comes data on industrial order trends.

Overseas, at 1500 CEST, the US house price index is released while, half an hour later, it is the turn of building permits issued. At 1600 CEST, the consumer confidence report is released.

Among companies listed on the Stock Exchange, no particular announcements are expected.

By Chiara Bruschi, Alliance News reporter

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