(Alliance News) - On Tuesday, Piazza Affari moved bullishly, albeit marginally, above 29,900, mirroring the performance of other European exchanges, where London alone saw selling prevail on the buy side, while bond yields in Europe fell after ECB official Isabel Schnabel said further rate hikes are rather unlikely.

On the data front, the Italian and euro area services PMI showed a weaker-than-expected contraction in services activity in November.

As reported Tuesday by Eurostat, Eurozone industrial producer prices increased in October from the previous month and decreased year-on-year. Compared with the previous month, October producer prices rose 0.2 percent in the Eurozone and EU, slowing from September's 0.5 percent increase. On a year-on-year basis, compared to October 2022, industrial producer prices fell 9.4 percent in the eurozone -- compared to a 12.4 percent decline in September -- and 8.7 percent in the EU.

Thus, the FTSE Mib is in fractional green at 29,917.91, the Mid-Cap is in the green 0.3% at 41,933.54, the Small-Cap advances 0.3% to 26,198.92 while Italy Growth advances 0.1% to 7,992.27.

In Europe, Paris' CAC 40 is in the green by 0.2 percent, Frankfurt's DAX 40 advances with 0.1 percent, while London's FTSE100 gives up 0.7 percent.

On the main list in Piazza Affari, Pirelli & C leads, up 5.4 percent to EUR4.66. Of note, UBS upgraded the stock to 'buy' from 'neutral' and raised its target price to EUR5.70 from EUR5.00.

Good session also for Saipem, up 1.7 percent after giving up 2.2 percent Monday evening. On Friday Capital Fund Management cut its short on the stock to 0.93% from the previous 1.09%, while Voleon Capital Management reduced it to 0.49% from the previous 0.62%.

Buying also prevails for parent Eni -- in the green by 0.8 percent -- which announced Monday that it had signed a new EUR3 billion five-year sustainability-linked revolving credit facility linked to the achievement of two targets in its Sustainability-Linked Financing Framework updated in April. The new facility will further strengthen the company's financial flexibility, complementing the similar EUR6 billion sustainability-linked credit facility signed in 2022.

On the bearish side, Leonardo is giving up 1.6 percent, priced at EUR13.90 per share. The stock in 2023 currently registers assets close to 73%.

Mediobanca, on the other hand, is giving up 0.7 percent, following a 0.6 percent red finish in the previous session.

On the Mid-Cap, Maire Tecnimont is advancing 4.4 percent, after a 1.5 percent decline on the eve of the session.

Saras is also performing well, following the bullish trend of the barrel price. The stock marks a positive balance of 3.2 percent after Monday's 1.7 percent decline. The stock came in precdence from five sessions closed in a bullish trend.

Brembo advances 0.7 percent after announcing Monday that it will proceed with a capital reduction as no opposition has been received from any claimant. The capital will fall to EUR3.3 million from EUR34.7 million. The proceeding is part of the company's cross-border transformation.

Piaggio--declining 0.4 percent--reported Monday that the Vespa brand was valued at EUR1.08 billion, a 19 percent increase over the brand's value obtained in the previous valuation of EUR906 million in 2021. This, the company says, is the result of the study commissioned by the Piaggio Group from global brand consultancy Interbrand on Vespa.

Seco, on the other hand, is giving up 1.4 percent, on the heels of Monday's 2.6 percent loss at the close.

On the small-cap side, Unieuro is advancing 5.4 percent. The company announced Monday that it had closed its acquisition of Covercare Spa, a leading player in Italy in the cell phone repair services market as well as in air conditioner and boiler installation.

Following the determination of the Provisional Net Financial Position, the price is EUR72.5 million, including cash of EUR12.5 million, which will be subject to adjustment according to actual cash. In addition, an amount of up to EUR10 million is expected to be paid as an earn-out, by June 30, 2026, subject to the achievement of a specific profitability target in terms of Ebitda in fiscal year 2025-26.

Itway advances 3.0 percent after announcing Tuesday that subsidiary 4Science Spa has signed a binding agreement to acquire a 60 percent stake in Seacom Srl, an ICT player with more than 20 years of experience in open source innovation with significant expertise in Big Data architecture. Concurrently with the execution of the transaction, a paid capital increase in the total amount of EUR450,000 is expected to be subscribed.

Mondo TV - down 0.6 percent - reported that it has strengthened its partnership with Canal+ Thematiques, operator of pay-TV channels in France and part of the Vivendi group, by reaching a preliminary agreement to license the Monster Loving Maniac series.

Netweek instead retreats 8.6 percent to EUR0.1230, its new 52-week low.

Among SMEs, GEL moves ahead 6.1 percent, reversing course after two bearish sessions.

Ulysses Biomed rises 6.5 percent to EUR1.80 after announcing Monday that it has signed a binding framework agreement relating to the acquisition of 100 percent of Hyris Limited for EUR26.2 million in UBM ordinary shares, derived from a special capital increase. Hyris is a hi-tech company under English law that heads the eponymous group operating in the biotech and cloud computing sectors.

eVISO - up 2.0 percent - reports Tuesday that it has signed a contract with the Imperia Energia Consortium, established in July 2000 at the initiative of Confindustria Imperia and its major member companies, for the supply of energy and related services, for a plafond of 52 GWh, equivalent to an estimated turnover of about EUR12 million.

Among the bearish performers was ESI, which marked a minus 7.1 percent at EUR1.77 per share, subject to profit taking after three sessions of double-digit gains.

In New York, the Dow Jones Monday night closed down 0.1 percent, the S&P contracted 0.5 percent, and the Nasdaq fell 0.8 percent.

Among currencies, the euro changed hands at USD1.0832 against USD1.0820 recorded in Monday's European stock close while the pound is worth USD1.2630 from USD1.2620 on Monday evening.

Brent crude is worth USD78.26 per barrel versus USD78.52 per barrel at Monday's close. Gold, meanwhile, trades at USD2,024.36 an ounce from USD2,025.16 an ounce on Monday evening.

Tuesday's macroeconomic calendar includes at 1545 CET the release of the tertiary sector PMI while, at 1600 CET, the JOLTs report for October will be released. Finally, at 2230 CET, the weekly oil stocks figure will arrive.

By Maurizio Carta, Alliance News reporter

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