(Alliance News) - On Monday, major European stock markets suffered and closed in negative territory, except for London, while luxury stocks did well in Piazza Affari and global markets.

Thus, the FTSE Mib closes down 0.8 percent to 27,310.70, Mid-Cap down 1.0 percent to 43,026.12, Small-Cap gives up 0.2 percent to 27,946.98, while Italy Growth rises 0.5 percent to 9,174.07.

In Europe, London's FTSE 100 ends up 0.2 percent, Paris' CAC 40 gives up 0.2 percent, and Frankfurt's DAX 40 gives up 0.3 percent.

In macroeconomic news, European consumer confidence improved in May while it remained almost unchanged in the Eurozone, the European Commission reported Monday.

In May, the flash estimate of the consumer confidence index improved further in the EU by 0.6 percent but remained broadly stable -- rising just 0.1 percent in the Eurozone.

At minus 18.3 points in the EU and minus 17.4 points for the Eurozone, consumer confidence remains well below its long-term average.

On the Mib, noteworthy is the performance of luxury stocks in Piazza Affari, where Moncler was the second best stock on the list, up 2.3 percent.

As Alliance News columnist writes in his Affari in Piazza, "Even on a day marked by coupon detachment for many biggies on the Milan list, luxury stocks confirm all their strength. The year 2023 seems to promise even better results than last year, also and especially thanks to the strong recovery of the Chinese market."

"The big international brands are running, both on the stock market and on global markets, showing that they are more than holding up well even to inflation and rising rates in much of the West. According to industry experts, the spending appetite of the wealthiest consumers, who have not batted an eyelid in the face of even double-digit price increases, has not diminished in recent months. While there are more difficulties in dealing with the clientele of so-called accessible luxury, which is more exposed and sensitive to the economy and the decline in disposable income."

At the top is Banca Monte dei Paschi, which rallied 3.6 percent at the close, while buying also prevails on Banco BPM, which is up 1.7 percent. Last week JPMorgan raised its target price to EUR4.90 from EUR4.40 with a 'neutral' recommendation.

At the bottom sits CNH Industrial, down 1.3 percent. Of the other stocks in the Agnelli Galaxy, Ferrari closes in the green by 1.1 percent, Iveco in the red by 1.1 percent while Stellantis leaves 0.7 percent on the parterre. On the mid, Juventus is in the red by 0.6 percent.

On the cadet segment, Brunello Cucinelli rises 2.0%, Salvatore Ferragamo gains 1.6% and Tod's 0.2%.

Good buys also on Banca Ifis, which gathers 3.8%. The stock since the beginning of 2023 marks an asset of almost 10%. The bank announced Monday that it has signed a long-term partnership with Mediobanca to manage impaired loans.

According to the agreement, Banca Ifis will take over from Mediobanca, for a consideration of EUR100 million, Revalea Spa, a company created in 2022 from the spin-off of NPLs resulting from the acquisition of non-performing loan portfolios, a business that is no longer among Mediobanca Group's core activities.

Fincantieri -- in the red by 1.0 percent -- on Friday reported that the U.S. Department of Defense awarded Fincantieri's U.S. subsidiary, Marinette Marine, a contract to build the fourth "Constellation" class frigate, worth about USD526 million, for the U.S. Navy.

The contract for the first frigate and option for 9 additional ships, signed in 2020, has a total value of about USD5.5 billion and includes after-sales support and crew training.

Industrie De Nora -- in the green by 2.9 percent -- announced Monday that Massimiliano Moi will assume the role of the company's chief financial officer as of May 29.

Moi will also assume the position of chief financial officer.

On the Small-Cap, Giglio Group is flying with assets up more than 35 percent to EUR0.83 per share. The company reported last week that it reported consolidated revenues of EUR7.8 million in the first quarter, down from EUR11.5 million recorded in the same period last year. As of March 31, the company is in a loss of EUR974,000 from a profit of EUR463,000 in 2022. In addition, it informed on Wednesday evening that it had received a communication by PEC from the auditing firm BDO Italia Spa by which the latter had "irrevocably resigned" from its statutory audit assignment.

TXT e-solutions continues its buyback program. The company announced Friday that between May 8 and May 12, 2023, it bought back 26,200 of its own shares for a total value of about EUR512,000. The stock is floating in the green by 0.6 percent at EUR19.18.

Itway - in the green by 0.6 percent - announced Tuesday that the shareholders' meeting appointed a new board of directors.

The board of directors, is thus composed of Giovanni Andrea Farina, Cesare Valenti, Piera Magnatti, Valentino Bravi, and Viola Ferretti.

The meeting also confirmed Giovanni Andrea Farina as chairman of the board of directors.

On the SME segment, LBM Next announced Monday that it has launched a tender offer aimed at delisting the shares of Labomar, which closes in the green by about 12 percent, together with CCP NO. 7.2, a vehicle controlled by Charterhouse GP.

LBM Next is a company controlled by Walter Bertin, chairman and CEO of Labomar as well as controlling shareholder of LBM Next through the holding company LBM Holding Srl.

The takeover bid concerns nearly 6.0 million shares of Labomar, or about 32 percent of Labomar's capital, for which EUR10 per share is being offered, representing a premium of 14 percent over last Friday's closing. If the takeover bid is fully subscribed, the promoters of the offer would spend EUR59.9 million.

Sebino - in the green by 0.3 percent - announced Friday that the transfer of an 85.33 percent stake in the share capital of Sebino Spa to Sebino Holding Spa, a company in turn indirectly controlled by Seta Holding SA, was finalized with the closing procedures, as provided for in the preliminary sale and purchase agreement signed on April 4, 2023.

As a result of the above, Sebino's board of directors, held on May 19, 2023, acknowledged the resignations of board chairman Franco Amigoni and Simona Barbu.

The same board appointed board member Davide Jarach as new chairman and co-opted Jean Francois Aron and Fabrizio Rescigno as new board members, assigning the latter as vice chairman.

Enrico Sauro and Marco Birolini also resigned as standing auditors, replaced by alternate auditors Gian Paolo Covati and Federico Della Chiesa.

In New York, at the height of trading Monday, the Dow is down 0.3 percent, the Nasdaq is up 0.4 percent, and the S&P 500 is in fractional green.

Among currencies, the euro changes hands at USD1.0800 versus USD1.0815 at Friday's close. In contrast, the pound is worth USD1.2424 from USD1.2433 on Friday evening.

Among commodities, Brent crude is worth USD76.00 per barrel versus USD75.78 per barrel Friday night. Gold, on the other hand, trades at USD1,974.15 an ounce from USD1,983.17 Friday night.

On Tuesday's macroeconomic calendar, Japan's services PMI index and manufacturing PMI index are due at 0230 CEST.

At 0800 CEST the Swiss trade balance is expected, while between 0915 CEST and 1030 CEST the composite, manufacturing and services PMI index from France, Germany, the Eurozone and the UK are expected.

Also arriving at 1000 CEST are Eurozone current account and current account.

Overseas, at 1545 CEST, it is the turn of the U.S. composite, services and manufacturing PMI index.

Among the companies listed in Piazza Affari, results from Ki Group, MFE-MediaForEurope and Solutions Capital Management SIM are expected.

By Claudia Cavaliere, Alliance News reporter

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