(Alliance News) - On Monday, the Mib closed in a bearish trend, settling around the 34,300 level, after far-right parties gained significant ground in the European elections.

Georgia Meloni's Fratelli d'Italia garnered more than 28 percent of the vote, more than four times that obtained in the last European elections in 2019 and surpassing the 26 percent obtained in the national vote in 2022. Also, in a surprise move, French President Macron called early elections after Marine Le Pen's National Front won more than 30 percent of the vote.

In the Federal Reserve week, in the CME Group platform FedWatch Tool, using futures also based on the actual federal funds rate or EFFR, the rate confirmation in the June meeting has a 99% probability for confirmation in the 525/550 bp range.

For the July meeting, futures indicate a rate of a 25 bps cut of 9% and around 49% for September.

Thus, the Mib trades in the red 0.3% to 34,542.01, the Mid-Cap advances 0.1% to 48,106.93, the Small-Cap is in the red 0.4% to 29,280.56 while Italy Growth closed just below par at 8,198.39.

In Europe, London's FTSE 100 closed 0.3 percent in the red, Paris' CAC 40 lost 1.6 percent and Frankfurt's DAX 40 closed 0.4 percent in the red.

On the Mib A2A gave up 0.4 percent to EUR1.92 per share, in its third bearish session.

Amplifon, on the other hand, left 1.1 percent on the parterre, with price at EUR33.63 per share, while on a weekly basis registering a slight gain.

The board of directors of Prysmian -- in the red by 1.1 percent -- on Friday resolved to exercise the early redemption option for the entire outstanding amount of the EUR750.0 million convertible bond denominated "Equity Linked Bonds due 2026" issued in February 2021. The board of directors also resolved to start a share buyback program to be implemented starting June 10 and lasting until March 10, 2025, for a maximum of 8.0 million shares and a countervalue not exceeding EUR375 million.

Among the bullish few, Leonardo advanced 1.0 percent to EUR24.40 per share, after updating its 52-week high at EUR24.59.

ERG, on the other hand, rallied 0.1 percent. The company reported that Fitch Ratings agency confirmed a Long Term Issuer Default Rating of BBB- stable outlook and a senior unsecured rating of BBB- for the company.

On the cadet segment, active for Saes Getters, which advanced 1.7 percent after 0.2 percent on Friday evening.

OVS - up 2.5 percent - reported that in the period between June 3 and June 7, it purchased its own ordinary shares for a total consideration of nearly EUR1.3 million.

Among the bearish - also a majority on this list - Moltiply Group gave up 3.3 percent, heading for its third bearish session.

Salvatore Ferragamo, on the other hand, left 1.6 percent on the parterre, following up the previous session's 1.0 percent drop.

On the Small-Cap, Tessellis gave up more than 10 percent, with new price at EUR0.7250 per share. The stock-which on a weekly basis has increased market cap by nearly 25%- veers lower after three sessions of significant gains.

CIA gave up 6.7 percent, following an 8.5 percent green Friday night.

Piquadro -- up 2.7 percent -- on Monday approved its draft financial statements for the fiscal year running from April 1, 2023 to March 31, 2024 and its consolidated financial statements to March 31, 2024, reporting a 62 percent increase in profit to EUR10.5 million from EUR6.5 million a year earlier. Revenues amounted to EUR185.5 million up from EUR177.6 million a year earlier.

CSP International, on the other hand, advanced 2.1 percent to EUR0.3470, in its fifth bullish session.

Among SMEs, Franchi Umberto Marmi advanced 2.5 percent bringing the price to EUR6.05 per share.

For Emma Villas, on the other hand, the rise was 2.5 percent, extending an 11-session bullish trend.

Iervolino & Lady Bacardi Entertainment gave up 0.6 percent after approving final group results for the first quarter to March 31, which closed with a net profit of EUR400,000 from EUR2.5 million in the same period a year earlier, as a result of lower Ebit but also due to the triple-digit increase in financial expenses associated with higher interest rates. Revenues amounted to EUR29.6 million from EUR32.5 million in the same period a year earlier.

Franchetti gave up 5.7 percent to EUR6.65 per share, in its fifth bearish session.

Illa, which was suspended from trading, announced Sunday that its board of directors had taken note of "the impossibility of approving the financial statements and the consolidated financial statements as of December 31, 2023 by the deadline of June 30, 2024." The reason, the company explained, is the uncertainties about continuity brought about, as part of the ongoing negotiated crisis settlement procedure, "by Negma's failure to provide a prededuction loan of EUR1 million and the failure to subscribe to a tranche of the convertible bond in the amount of EUR500,000," resulting in the "suspension from trading of the shares issued by the company" as per the Euronext Growth Milan Issuers' Regulations, "as well as concrete risks regarding the objective of a favorable outcome of the negotiated settlement."

In New York on Friday, the Dow is traveling in the red by 0.1 percent, the Nasdaq is advancing 0.3 percent, and the S&P 500 is in the green by 0.1 percent.

Among currencies, the euro changes hands at USD1.0746 from USD1.0806 on Friday in closing European equities while the pound is worth USD1.2727 from USD1.2723 on Friday evening.

Among commodities, Brent crude trades at USD81.12 per barrel from USD79.98 per barrel at Friday's close. Gold, on the other hand, trades at USD2,304.60 an ounce from USD2,313.00 on Friday evening.

On Tuesday's macroeconomic calendar - in a morning poor in macro data -, from the United Kingdom will come the unemployment rate figure.

At 1300 CEST, OPEC's monthly report will be released while, at 1900 CEST, an auction of US 10-year Treasury notes is scheduled.

Finally, at 2230 CEST, coming up is the weekly oil stocks data.

Among the companies in the Piazza Affari, the accounts of Caribbean Company and Homizy are expected.

By Maurizio Carta, Alliance News reporter

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