(Alliance News) - European stock markets - with only Milan bullish - veered lower on Monday, following the bullish trend with which they began trading, with profit-taking after yet another bullish week, as the growing expectation of potential rate cuts by major central banks in the summer looms on the horizon.

In the United States, investors' attention this week will be on PCE prices, personal income and spending, and speeches by Fed officials, including Chairman Powell.

"Traders may be cautious in anticipation of one of the week's most important data points, the U.S. February PCE price index report due on Friday," Daniel Takieddine of BDSwiss commented Monday.

"This report is the main indicator of Federal Reserve inflation. The market consensus expects the February core PCE price index to fall to 0.3 percent from 0.4 percent in January. This expected decline suggests moderation in inflationary pressures, potentially impacting the performance of the greenback in the near term," Takieddine pointed out.

Thus, the FTSE Mib advances 0.4 percent to 34,468.82 points, the Mid-Cap rises 0.3 percent to 47,951.68, the Small-Cap is in the green 0.6 percent to 28,148.98 while Italy Growth is giving up 0.2 percent to 8,157.22.

In Europe, Paris's CAC 40 is giving up 0.4 percent, London's FTSE 100 is retreating 0.3 percent, while Frankfurt's DAX 40 is just below par.

On the Mib, Saipem takes the top spot, advancing 4.4 percent to EUR2.11 per share. Of note, Beremberg raised the target price on the stock to EUR3.00 from the previous EUR2.85 per share.

Advancing well is Leonardo, which is up 1.3% to EUR22.93 per share, touching a new high in the yearly range at EUR23.02.

Ferrari is advancing 0.7 percent, updating its 52-week high at EUR406.80.

Inwit - in the narrow group of bearish stocks - is giving up 1.3 percent, following a 0.2 percent drop in the previous session.

Telecom Italia - up 2.3% - announced Monday a new non-exclusive distribution agreement with Dazn that will allow TimVision customers to continue watching the ten matches of every day of the Serie A championship for the next five seasons until 2029, In addition, users will have access to the entire sports offering of the global entertainment and live streaming platform.

Pirelli -- down 0.4 percent -- announced Friday that it has signed an agreement with a select pool of international banks for a EUR600 million term loan facility maturing in October 2028. The new line, reads the press release, was "entered into as part of the usual activity of managing and optimizing the financial structure" and "will enable early repayment of a portion of the debt maturing in 2025, strengthen the liquidity margin and lengthen debt maturities."

ERG, on the other hand, is giving up 1.0 percent, following Friday night's 1.3 percent gain.

In the cadet segment, SAES Getters is marking a plus 2.4 percent, after 0.6 percent red in the previous session.

Cementir Holding, on the other hand, marks a 4.0% gain, in its third bullish session.

Caltagirone, on the other hand, advances 3.5 percent, bringing its price to EUR4.89 per share, bringing its assets on a weekly basis to 7.8 percent.

Maire Tecnimont--green by 1.4 percent--reported Friday that it purchased 960,000 of its own ordinary shares between March 19 and 21. The shares were taken over at an average price per unit of EUR7.1350, for a total value of EUR6.8 million.

The tail end of the list is for Juventus FC, which gives up 5.9 percent, after rising 4.8 percent on Friday evening.

Sales also on Fincantieri, which marks minus 2.4 percent in the wake of the previous two bearish sessions.

On the Small-Cap, algoWatt advances over 13%, after 9.0% in the previous session.

High quarters also for PLC, which is advancing double digits over 11%, in position for its third bullish daily candle.

Good buying also on Conafi, which is advancing 2.4% on the eve of the release of results.

Seri Industrial, on the other hand, advances 4.5%, on its third bullish session. The stock on the weekly frame advances more than 25 percent.

Beewize, on the other hand, is giving up 6.3 percent, after the 8.4 percent gain with which it closed Friday night.

Fidia, on the other hand, is giving up 5.4 percent, with price at EUR0.3310, in position to chalk up its fourth losing session.

Among SMEs, ILBE is advancing more than 9 percent. The board of directors of Iervolino & Lady Bacardi Entertaiment Spa on Friday reviewed and approved the draft financial statements for the 2023 fiscal year, which closes with a net profit for the period of EUR4.7 million showing an increase of EUR1.2 million compared to the comparable 2022 period of EUR3.5 million.

Convergences advances 6.3 percent, after 2.7 percent red in the previous session.

Red for DHH, bearish with 4.0% on the heels of the previous two bearish candle sessions. The company reported Thursday that the board approved its financial results for 2023, closing with a net profit of EUR2.2 million, up from EUR900,000 in the previous year. Total consolidated group revenues were EUR34.6 million with an increase of EUR5.0 million. Recurring revenues accounted for 94% of the total.

Plants--in the red by 3.1 percent--reported that the board of directors on Friday reviewed its financial statements as of December 31, 2023, in which it reported a loss of EUR1.3 million, compared to a loss of EUR54,000 as of December 31, 2022. Production value stood at EUR7.8 million compared to EUR10.4 million in the previous year, a decrease of about 26 percent.

In New York, the Dow gave up 0.8 percent, the Nasdaq advanced 0.2 percent, and the S&P 500 posted a minus 0.1 percent.

Among Asian exchanges, the Nikkei left 1.2 percent on the sidelines, the Hang Seng gave up 0.2 percent, and the Shanghai Composite finished 0.7 percent in the red.

Among currencies, the euro changed hands at USD1.0817 against USD1.0808, recorded at Friday's European stock close while the pound is worth USD1.2623 from USD1.2599 on Friday evening.

Brent crude is worth USD85.97 per barrel versus USD85.53 per barrel at Friday's close. Gold, on the other hand, trades at USD2,168.31 an ounce from USD2,163.06 an ounce Friday night.

Monday's macroeconomic calendar, after a morning poor in macroeconomic news, includes from the US, at 1300 CET, the data on building permits, followed at 1500 CET by the report on new home sales.

At 1630 CET, an auction of 3-month, 6-month and 2-year Treasury bonds is scheduled.

By Maurizio Carta, Alliance News reporter

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