(Alliance News) - On Tuesday, at the end of a day with low trading volumes due to the April 25 holiday in Italy and in the wake of a depressed trend in the rest of Europe, Piazza Affari closed lower, with few stocks in positive territory.

Chris Beauchamp, chief market analyst at online trading platform IG, commented, "Investors continue to reduce exposure to equities as this week's flurry of results begins. UPS's prediction of a weaker economy is just the kind of warning investors don't want to hear, and it has likely prompted a round of selling on renewed recession fears. With so much weighing on this week's data, "caution" is still the watchword. U.S. regional banks are also under pressure again, another sign that the foundation of the rally is weakening."

"These concerns about a recession are evident in oil prices, which fell to a three-week low this afternoon. This leaves them clinging to only a slight gain from the news of OPEC's production cut and seems to suggest that traders are back to selling oil because of concerns about the global economy."

The FTSE Mib closed down 1.0 percent to 27,253.48, the Mid-Cap gave up 0.7 percent to 43,342.41, the Small-Cap fell 0.7 percent to 29,025.30, and Italy Growth closed down 0.3 percent to 9,253.82.

In Europe, London's FTSE 100 closed down 0.3 percent, Paris' CAC 40 gave up 0.5 percent while Frankfurt's DAX 40 rose 0.1.

In Milan, on the main list of Piazza Affari, only Inwit, up 1.2 percent, Enel, up 0.5 percent, Campari, up 0.8 percent, and Tenaris, up 0.2 percent, were saved.

At the bottom of the list, UniCredit closed down 2.7 percent. The bank announced Tuesday that it had purchased 10.2 million of its own shares between April 17 and April 21, 2023. The shares were purchased at an average price of EUR19.4380 for a total value of EUR199.0 million.

Banca Monte dei Paschi di Siena fell 1.1 percent, reflecting a negative day for the entire banking sector.

Iveco Group also hurt, down 1.8 percent, in the wake of declines across the Agnelli-Elkann galaxy.

Interpump Group, in the red by 0.5 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, at the bottom is Juventus FC, which gives up 7.6%, due to reports that UEFA, whatever the outcome of the sports trial in Italy, is considering exclusion from the European cups for the Bianconeri for next season.

Webuild falls 0.7 percent and Tamburi Investment Partners flexes 0.9 percent, both reeling from purchases related to their respective buyback plans.

Maire Tecnimont rises 0.4 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--declining 0.1 percent--reported last week that it had executed a contract to sell its 18.45 percent stake in Società Europea di Edizioni, publisher of the daily Il Giornale, to PBF.

Among the bullish minority shareholders are OVS by 1.6 percent and Brunello Cucinelli by 0.5 percent.

On the Small-Cap, algoWatt is up 4.6 percent. The company announced Monday that it has 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 locations throughout Italy.

Bioera is down 3.9 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. On the other hand, revenues amounted to EUR626,000 compared to EUR19.8 million in the previous year.

Among SMEs, UCapital24 closed on top with a 58 percent gain after announcing Monday night that the board of directors approved its 2022 results, reporting a net loss of EUR744,000 an improvement of 43 percent from a EUR1.3 million loss in FY2021.

The board also approved a 2023-2025 development plan, indicating total revenues between EUR5.0 and EUR6.0 million. The Ebitda margin is expected to be in the range of 33 percent to 38 percent in 2025, and the Net Financial Position as of 2025 is expected to be cash in the range of EUR1.5 million to EUR2.0 million.

Pharmacosmo drops 1.9 percent after announcing on Monday that in the first quarter of 2023 it recorded an increase in all major indicators starting with revenues, which rose to EUR18.8 million, up 6.0 percent from the same period in 2022.

Portale Sardegna gave up 2.0 percent after announcing Monday night that 2022 ended with a value of production of EUR8.9 million, up from EUR6.4 million in 2021.

In fact, the board of directors approved the consolidated financial statements as of December 31, 2022 reporting a worsened net loss to EUR500,000 from EUR230,000 in 2021.

Destination Italy drops 2.7 percent. On Monday evening, it reported that it had improved all indicators in 2022, with the loss narrowing 52 percent to EUR950,000 from EUR2.0 million in 2021.

Soaring revenues, up 266% from 2021 to EUR27.1 million from EUR7.4 million.

Esautomotion gains 2.1 percent. Saturday informed that it 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 established company.

Take Off % after reporting first quarter revenues of EUR8.3 million, up more than 34 percent from EUR6.2 million as of March 31, 2022.

In New York at the moment, the Dow falls 0.4 percent to 33,747.91, the Nasdaq is down 1.0 percent to 11,917.52 and the S&P 500 gives up 0.8 percent to 4,103.85.

U.S. President Joe Biden announced Tuesday that he will run for reelection in 2024 "to finish the job."

"Every generation has a time when it has had to defend democracy. To defend their basic freedoms," Biden wrote on Twitter, along with a video. "I believe this is ours. That's why I'm running for re-election as president of the United States. Join us. Let's finish the job."

Biden has no real challenger within the Democratic Party but, in a campaign that could result in a 2020 election rematch against Donald Trump, he is expected to face constant "scrutiny of his age."

Among currencies, the euro changed hands at USD1.0983 versus USD1.1030 at Monday's close. In contrast, the pound is worth USD1.2401 from USD1.2467 on Monday evening.

Among commodities, Brent crude is worth USD80.86 per barrel USD82.04 per barrel on Monday evening. Gold, on the other hand, trades at USD1,986.61 an ounce from USD1,995.25 an ounce at Monday's close.

Wednesday's macroeconomic calendar includes the release of the GfK report on German consumer sentiment at 0800 CEST, that of the French household confidence index at 0845 CEST, and data on job seekers in France at 1200 CEST.

For the US, mortgage market data will be released at 1300 CEST, goods order data at 1430 CEST, and crude oil stocks data at 1630 CEST. The day will end with a five-year T-Note auction at 1900 CEST.

Among companies listed on the Milan Stock Exchange, only Mittel's results are expected.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

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