(Alliance News) - Piazza Affari closed lower below 27,300 Monday, as the outlook for robust growth for most European economies weighed against expectations of further monetary tightening by the European Central Bank.

The European Commission's new forecast reflects some optimism for the euro area economy, as GDP growth expectations were revised upward by 0.2 percent to 1.1 percent this year and up 0.1 percent from the previous forecast to 1.6 percent next year.

For Italy, European Economy Commissioner Gentiloni spoke out, describing rosier-than-expected future scenarios for our country and Europe, with GDP he 2023 growth in Italy of 1.2 percent according to models developed by the European Commission.

The FTSE Mib gave up 0.4 percent to 27,245.46. The Mid-Cap closed in fractional green at 43,189.74, the Small-Cap gave up 0.5 percent to 28,060.51, and Italy Growth closed down 0.2 percent to 9,115.05.

In Europe, London's FTSE 100 advanced 0.3 percent, Paris' CAC 40 was above par, and Frankfurt's DAX 40 closed just below par.

On the Mib, Recordati was at the top, up 4.1 percent. The company closed the first quarter with a net profit of EUR124.0 million as a percentage of revenues of 23 percent. This shows a 28 percent increase over the same period last year. Consolidated net revenues in the first quarter of 2023 amounted to EUR551.4 million, up 32 percent from the first quarter of the previous year.

ERG rose 1.7 percent to EUR27.82. The board of directors on Thursday evening approved the consolidated results for the first quarter, which ended with a group net income of EUR76 million, down from EUR388 million in the first quarter of 2022.

Terna - down 0.6 percent - reported that it has signed an ESG-linked revolving credit facility for a total amount of EUR1.8 billion, aimed at refinancing the ESG revolving credit facility signed in 2019 worth EUR1.5 billion.

Pirelli, on the other hand, gave up 2.2 percent, after a 3.3 percent gain last session.

Interpump, on the other hand, contracted 1.7 percent, despite good first-quarter numbers. The company announced Monday that its board of directors approved results as of March 31, 2023, reporting profit up to EUR86.0 million from EUR66.1 million. Revenues also rose to EUR592.3 million from EUR488.7 million in the first quarter of 2022. Detailing the group's operating segments, the Oil division grew by 22 percent while the Water division grew by about 18 percent.

It lost 0.3 percent Eni, which announced Monday that it plans to place new four- and 10-year fixed-rate bonds today as part of its EMTN program. The bond issues-which are expected to be listed in Luxembourg-are taking place in execution of a resolution passed by the board of directors on April 7, 2022, and are aimed at financing Eni's future needs and maintaining a balanced financial structure, the company explained.

On the Mid-Cap, doValue gives up 9.7 percent to EUR4.02 per share, closing for the sixth session in a row on the bearish side.

The board of directors of GVS -- down 9.3 percent -- approved the interim report as of March 31, 2023 reporting revenues up 28 percent to EUR104.0 million from EUR81.1 million in the first quarter of 2022, thanks to the contribution of the latest acquisitions made during the previous year of the STT and Haemotronic groups. Net income amounted to EUR2.5 million from EUR13.0 million in the same period of 2022.

LU-VE, on the other hand, gives up 6.0 percent. It reported Friday that it reported first quarter sales of EUR151.4 million, up 3.9% from EUR148.8 million as of March 31, 2022. Profit was EUR6.8 million from EUR21.4 million as of March 31, 2022.

MARR, on the other hand, rises more than 12 percent. On Friday, it announced that in the first quarter of the year it reported total consolidated revenues of EUR426.6 million, up from EUR325.8 million as of March 31, 2022. Profit stands at EUR1.5 million from a loss of EUR2.9 million in 2022.

Cembre, on the other hand, advances more than 13 percent, benefiting from good numbers for the first quarter. The company reported a profit of EUR10.9 million, up 32 percent from EUR8.2 million in Q1 2023. Sales revenues amounted to EUR57.8 million up 19% from EUR48.6 million in Q1 2022.

On Small-Cap, Gabetti contracted more than 11% after disappointing numbers in the first three months of the year. The company approved interim results as of March 31, 2023, reporting operating revenues of EUR26.4 million down 38 percent from EUR42.7 million in the same period last year, due to the regulatory change on tax incentives affecting Gabetti Lab's redevelopment-related revenues. The group's gross loss amounts to EUR65,000 from a profit of EUR2.3 million in the first quarter of 2022.

Landi Renzo gives up 6.2 percent after announcing that it approved results as of March 31, having reported consolidated revenues of EUR71.1 million, up 6.4 percent from EUR66.9 million in the same period last year. The company worsens its first quarter loss to EUR9.9 million from a loss of EUR3.1 million as of March 31, 2022.

Gas Plus did well, which closed 3.8 percent higher after a 1.6 percent decline in the previous session.

Fidia, on the other hand, took home 5.2 percent after the eve's 2.6 percent decline.

Among SMEs, purchases on Altea Green Power brings home 6.5 percent to EUR3.44 per share, tacking down after two bullish sessions.

OSAI Automation System - up 3.8 percent - announced that it has been awarded a contract for a significant project worth a total of EUR6.8 million for an assembly and testing line for a leading European carmaker by a well-established multinational client, a strategic industrial player in the automotive sector.

Renergetica gives up 3.3 percent after announcing Thursday that it approved results for the year ended Dec. 31, 2022, which reported a net profit of EUR2.5 million from EUR2.7 million a year earlier and a value of production of EUR10.9 million from EUR11.9 million in 2021.

In New York, the Dow moves just below par, the Nasdaq advances 0.4 percent, and the S&P 500 is in the green by 0.1 percent.

Among currencies, the euro changes hands at USD1.0874 versus USD1.0856 at Friday's close. In contrast, the pound is worth USD1.2523 from USD1.2460 on Friday evening.

Among commodities, Brent crude is worth USD75.41 per barrel versus USD74.50 per barrel Friday night. Gold, on the other hand, trades at USD2,017.44 an ounce from USD2,016.00 an ounce at Friday's European stock close.

On Tuesday's macroeconomic calendar, Chinese industrial production comes in at 0400 CEST, along with the unemployment rate. At 0800 CEST, it is the turn of the unemployment rate from the United Kingdom.

At 1000 CEST is the Italian inflation figure, while an hour later, from the Eurozone, comes the GDP and trade balance.

At 1430 CEST, from the U.S., retail sales are released, while at 1515 CEST the figure from industrial production is due, followed forty-five minutes later by manufacturing.

At 1600 CEST a speech by ECB President Christine Lagarde is scheduled, while at 2230 CEST from the U.S. comes the figure on weekly oil stocks.

Among the companies, reuslts from Beewize, Circle and Innovatec are expected.

By Maurizio Carta, Alliance News senior reporter

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