(Alliance News) - Milan's bluechip list travels in negative territory Tuesday -- in the 29,300-point area -- with major European listings in a bearish trend and only Frankfurt marking a positive balance in the main list. Trading rooms await the release of minutes from the latest Federal Reserve meeting later in the day, looking for signals on the direction of interest rates.

In the CME Group platform's FedWatch Tool, using futures also based on the actual federal funds rate or EFFR, the rate confirmation in the December meeting has a 100 percent probability for the 525/550 bp range confirmation.

Also on the monetary policy front, the governor of the Bank of England warned on Monday that it is "too early" to say inflation has been beaten, despite last week's data showing that the prime minister's goal of halving inflation has been achieved. In a speech, Bailey said it was also premature to start talking about an interest rate cut.

The dollar weakened against other major currencies as investors await the final minutes of the U.S. Federal Reserve meeting earlier this month.

Thus, the FTSE Mib is marking a 0.8 percent red at 29,320.59.

London's FTSE 100 is giving up 0.4 percent, Paris' CAC 40 0.2 percent, while the DAX 40 is advancing 0.2 percent.

Among the smaller lists, the Mid-Cap is giving up 0.4 percent to 41,719.59, the Small-Cap is in the red 0.5 percent to 25,894.11, and Italy Growth is rising marginally to 7,780.90.

On the main list of Piazza Affari, among the few bullish stocks, good trades for Nexi, which marks a plus 1.0% pointing to the third session to close with a bullish daily candle.

Good trades also on Ferrari, which ranks bullish with 0.4%, also heading for the third session to close on a positive trend.

At the tail end is Banca Monte dei Paschi di Siena, which gives up 7.3 percent. The Ministry of Economy and Finance announced that it has successfully completed the sale of nearly 315 million ordinary shares of Banca Monte dei Paschi di Siena - equal to 25 percent of the share capital - through an "Accelerated Book Building - ABB" reserved for Italian and foreign institutional investors. Due to the demand raised of more than 5 times the initial amount, the offer was increased from 20 percent to 25 percent of BMPS' share capital.

The consideration per share is EUR2.92 for a total consideration of approximately EUR920 million. The consideration incorporates a discount of 4.9 percent from the closing price of the bank's shares recorded on November 20, 2023, and is nearly 50 percent higher than the subscription price of the bank's share capital increase made in November 2022. As a result of the transaction, the MEF's stake in BMPS will fall from 64.23 percent to about 39.23 percent of the share capital.

UniCredit - down 1.3 percent - reported Tuesday that it had purchased 4.4 million of its own ordinary shares between Nov. 13 and 17 for a total value of EUR109.3 million.

Stellantis sales -- in the red by 0.8 percent -- in October increased in Europe, along with the positive trend in the performance of the European market, where registrations grew by 15 percent. As data from ACEA, the European Automobile Manufacturers' Association, showed Wednesday, the merged giant of PSA Groupe and Fiat Chrysler Automobiles reported an 11 percent increase in sales in October, having registered 180,327 cars compared to 162,815 in October 2022, with market share, however, falling to 17.4 percent from 17.9 percent in 2022.

BPER Bank, on the other hand, is giving up 0.9 percent. Of note, Deutsche Bank raised its target price to EUR3.90 from EUR3.60.

On the cadet segment, Webuild is advancing with 1.0 percent, after 0.1 percent red on eve.

Buzzi, on the other hand, is advancing with 2.0 percent, after the eve's decline closed with minus 0.7 percent, doing better than all and bringing the price to EUR27.52.

Ferretti, on the other hand, is leaving 4.0% on the parterre after two sessions closed with a positive balance.

Technogym - in the red with 0.3% - announced Tuesday that it had purchased 146,026 of its own shares in the period between November 13 and 17. The shares were taken over at a daily weighted average price of EUR7.82 for a value of EUR1.1 million.

Carel Industries, on the other hand, is leaving 2.6 percent on the parterre. Luigi Rossi Luciani Sapa and Athena FH announced Monday evening that they have successfully completed the accelerated bookbuilding procedure involving valid option rights for the subscription of Carel Industries ordinary shares arising from the capital increase. As a result of the placement, which was reserved for Italian and foreign institutional investors, a total of 31.2 million option rights were placed. The unit price was EUR0.50, for a total consideration of approximately EUR15.6 million.

On the Small-Cap, Gabetti moves ahead by 4.5 percent pointing to its third bullish session after two sessions closed in the red.

Openjobmetis, on the other hand, marks a plus 4.1 percent, after declining 1.9 percent in the eve.

Weekly buyback for CIR - down 1.6 percent - which took over just over 1 million shares for a total value of EUR425,000 in the period from November 13 to 17.

Unidata - in the red by 3.1 percent to EUR38.00 - on Monday reported that its board of directors reviewed and approved an updated business plan with extended targets to 2026. Among them, the company expects total revenues between EUR130 million and EUR140 million, with Ebitda between EUR37 million and EUR41 million, with margins between 28% and 29%. Unidata expects cumulative capex of about EUR56 million and net debt of about EUR23 million.

Among SMEs, good session for GEL, which moves ahead 6.1 percent after two bearish sessions.

IMD International Medical Devices - up 8.2 percent - reported Monday evening that, taking into account the information available to date, the group's growth trends remain unchanged at the moment. Turnover and Ebitda targets of around EUR50 million and EUR8 million respectively are planned for 2024. In addition, the CEO disclosed the unaudited management figure of net financial debt, which as of September 30, 2023 shows a net cash position of about EUR5.1 million.

Convergences, meanwhile, advances more than 10 percent, in its third session on the bullish side.

Among the bearish side, at the tail end is Bellini Nautica, which flexes 3.1 percent after a 7.5 percent gain on the eve of the session.

In New York on European night, the Dow rose 0.6 percent, the Nasdaq picked up 1.1 percent, and the S&P 500 rallied 0.7 percent.

Among currencies, the euro changed hands at USD1.0954 against USD1.0941 recorded in Monday night's European stock close while the pound was worth USD1.2532 from USD1.2496 on Monday night.

Among commodities, Brent crude is worth USD82.17 per barrel from USD82.86 per barrel at Monday's close. Gold, meanwhile, trades at USD1,989.04 an ounce from USD1,974.01 an ounce on Monday evening.

On Tuesday's macroeconomic calendar, in the afternoon, at 1600 CET, the home sales report arrives from the US, while at 2000 CET the FOMC minutes from the latest monetary policy meeting will be released.

By Maurizio Carta, Alliance News reporter

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