(Alliance News) - Major European stock markets continue to follow a bullish trajectory, mid-day Monday, with the European Commission cutting its Eurozone economic growth forecast for 2023 by 0.3 points to 0.8 percent, mainly due to Germany's poor performance.

The Eurozone's inflation forecast was also revised downward: it is expected to remain well above target in 2023, at 5.6 percent, compared to 5.8 percent in the previous analysis.

In addition, Istat let it be known on Monday that it estimates, for Italy, a decline in industrial production in July on a monthly basis -- by 0.7 percent from June's 0.5 increase -- and yearly basis. Adjusted for calendar effects, in fact, in July the overall index declines in trend terms by 2.1 percent from a 0.7 percent decline in June.

Thus, the FTSE Mib is up 0.7 percent to 28,432.59, the Mid-Cap is in fractional green at 41,317.59, the Small-Cap rises 0.2 percent to 26,773.40, and Italy Growth advances 0.1 percent to 8,763.17.

In Europe, London's FTSE 100 is in the green by 0.3 percent, the CAC 40 is up 0.5 percent and Frankfurt's DAX 40 is up 0.6 percent.

On the main index in Piazza Affari, Saipem rallies 3.1 percent and does better than all, followed by Banca Monte dei Paschi di Siena, up 2.9 percent, and Intesa Sanpaolo, up 2.4 percent.

Intesa Sanpaolo announced on Friday the final results of its cash repurchase offer for all or part of its EUR750 million Additional Tier 1 Notes perpetual bond.

As of the expiration of the offer, the total nominal amount of existing securities validly offered for repurchase amounted to EUR503.1 million, representing approximately 67 percent of the total nominal amount of EUR750.0 million of existing securities outstanding.

Of note, Saipem announced that it had been awarded two new contracts for offshore activities in Côte d'Ivoire and Italy, with a total value of EUR850 million. Also of note, Capital Fund Management raised its short position on Saipem to 1.12% from 1.0%.

Other banks also did well, with Banco BPM up 2.3% and BPER Banca rising 2.0%.

Banca Generali--up 0.3%--reported Friday that net inflows for August were EUR247 million, up 20% from the same period last year. Since the beginning of the year, inflows stand at EUR3.9 billion.

Eni is up 1.0 percent after announcing that it successfully placed an offering with a total face value of EUR1 billion of senior unsecured sustainability-linked convertible bonds.

FinecoBank rises 1.0%. In August, the company posted robust net inflows of EUR648 million from EUR343 million a year ago, confirming the acceleration of the bank's growth path thanks to both new customer acquisition and a solid push into investments.

On the Mid-Cap, the top is BFF Bank, which rises with 3.22 percent, followed by Saras, with 3.1 percent.

ENAV rises 0.1 percent after it disclosed Friday that it has signed four new contracts through its subsidiaries IDS AirNav and Techno Sky to supply systems to optimize flight data and improve airspace efficiency, with India, Norway, Romania, and Kosovo.

The total amount is about EUR11 million.

Webuild advances 0.4 percent after it reported Thursday that it continues to grow in Australia and expand into segments new to the group. Australian subsidiary Clough won the AUD420 million contract to build the Shiplift at the Port of Darwin on Australia's north coast. The project involves the construction of a modern system for the lifting, ground handling and launching of small and large vessels, which will consolidate the coastal city's role as a major hub for ship maintenance and support services in the region.

On the Small-Cap segment, Olidata is up more than 20 percent, followed by ePrice with 7.1 percent.

The board of directors of Eurotech -- in the green by 1.1 percent -- reviewed and approved the results for the first six months, a period that ended with a net result of a loss of EUR940,000, compared with a negative EUR4.26 million for the first six months of 2022.

Revenues for the first six months of 2023 stood at EUR47.9 million compared to EUR34.74 million in the first six months of 2022.

Among SMEs, NVP is not yet trading. The company announced Saturday that it has obtained a medium- to long-term KPI ESG Linked loan in the total amount of EUR1 million from Crédit Agricole Italia and guaranteed by SACE.

The transaction, the company specifies in a note, aims "to support investments for the production of images related to international events of WTA Media and Dazn Group Limited UK, as well as to boost production capacity to meet the demands of foreign clients."

Italian Wine Brands gives up 0.5 percent. The company announced Friday the start of a new share buyback program, in execution of the resolution passed at the April 27 ordinary shareholders' meeting.

The purchases, the company specifies in a note, will be for a maximum of 30,000 ordinary shares, with no indication of par value, for a maximum value set at EUR900,000.

Ecosuntek moves ahead 5.6 percent after announcing Friday that it reported first-half production value of EUR253.0 million from EUR286.3 million in the same period of 2022, down about 12 percent.

In New York on Friday, the Dow closed up 0.2% at 34,576.59, the Nasdaq finished above par at 13,761.53 and the S&P 500 up 0.1% at 4,457.49.

Among currencies, the euro changed hands at USD1.0731 versus USD1.0712 in Friday's European equities close, while the pound was worth USD1.2529 instead, from USD1.2476 on Friday evening.

Among commodities, Brent crude is worth USD90.35 per barrel versus USD90.91 per barrel at Friday's close. Gold, on the other hand, trades at USD1,925.41 an ounce from USD1,945.15 an ounce Friday evening.

On Monday afternoon's economic calendar from overseas comes data on U.S. consumer inflation expectations.

By Chiara Bruschi, Alliance News reporter

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