(Alliance News) - Major European stock markets continued positive on Tuesday, except for London, on a quiet day from the perspective of macro economic data.

Meanwhile, investors await the latest inflation data expected this week for clues on the European Central Bank's monetary policy outlook.

Expectations of falling inflation increase the likelihood of a rate cut in June, supported by recent comments from ECB Governing Council members Olli Rehn and Philip Lane suggesting that a rate cut next week is almost certain.

Thus, the FTSE Mib is in the green 0.2 percent to 34,828.66, the Mid-Cap is up 0.4 percent to 48,472.93, the Small-Cap advances 0.8 percent to 29,354.06 while Italy Growth is up 0.2 percent to 8,279.84.

In Europe, Paris' CAC 40 gives up 0.3 percent, London's FTSE100 is in the fractional red and Frankfurt's DAX 40 rises 0.3 percent.

On the main list in Piazza Affari, BPER Banca does best of all and rises 2.3 percent. The rating agency Moody's revised its major ratings upward on Monday.

The agency, in particular, revised upward in the Investment Grade area the standalone Baseline Credit Assesment rating from "ba1" to "baa3" and the long-term ratings on senior unsecured debt and the issuer rating both rising from "Ba1" to "Baa3."

The outlook was changed to stable from positive.

Banca Monte dei Paschi di Siena, Intesa Sanpaolo and Banco BPM follow, with gains between 2.3 percent and 1.1 percent.

Snam gives up 0.3 percent after announcing Tuesday that it has signed a new EUR1 billion Sustainability-linked credit facility that complies with the group's new Sustainable Finance Framework published last February.

The revolving credit facility has a maturity of three years and is linked to specific sustainability targets whose achievement by Snam determines the margin applicable to the financing.

Leonardo is also in the red by 0.4 percent after announcing Friday that it has signed a framework agreement with operator PHI Group for 12 AW189 helicopters to support the global energy market starting in 2025. The agreement, which consists of orders and options, also includes a support partnership, with a service contract, an MRO contract - maintenance, repair and overhaul - and training solutions for the AW139 and AW189 models.

On the cadet segment, Juventus FC takes the top spot with a 4.0% rise followed by De' Longhi, in the green by 3.0%.

Fincantieri rises 0.3 percent after announcing Friday that the U.S. Department of Defense awarded the U.S. subsidiary, Fincantieri Marinette Marine, the EUR1.00 billion-plus contract to build the fifth and sixth "Constellation" class frigates for the U.S. Navy.

The contract for the first frigate and option for an additional nine ships, signed in 2020, has a total value of about EUR5.5 billion and includes after-sales support and crew training.

Maire Tecnimont gives up 0.6 percent. The company announced Thursday that a consortium composed of its subsidiary Tecnimont - Integrated E&C Solutions and Baker Hughes has been awarded an engineering, procurement and construction contract by Sonatrach for the construction of three compressor stations, as well as the upgrading of the gas gathering system, at the Hassi R'mel gas field, 550 kilometers south of Algiers.

The total value of the contract is approximately USD2.3 billion, of which Tecnimont is responsible for USD1.7 billion.

Among smallcaps, Newlat Food rises 12 percent the day after it announced that it has signed an agreement to purchase 100 percent of the share capital of Princes Limited, a historic UK-based food group founded in Liverpool in 1880 and currently owned by Mitsubishi Corporation.

The consideration set on a debt free and cash free basis is GBP700 million, including GBP650 million to be paid in cash and GBP50 million to be paid in Newlat Food shares. The transaction will be financed through the company's available cash, shareholder financing and a EUR300 million loan to be provided by a pool of leading international banks. The pool, led by Unicredit and BNL BNP Paribas as Global Coordinator and Bookrunner, includes Rabobank, Commerzbank, Banco BPM and BPER.

Triboo gives up 1.3 percent. The company said Tuesday that Triboo Shanghai and East Media, a group company, supported Italian luxury footwear brand P448 in its entry into the Chinese market.

Antares Vision gives up 5.1 percent after reporting Monday that it closed 2023 with a loss of EUR99.6 million, worsening from a loss of EUR503,000 in 2022.

The company points out that operating income is negative EUR2.8 million from a positive EUR5.5 million a year earlier. This result is affected by higher depreciation and amortization charges related to the capitalization of development costs and usage rights for the company's various locations, as well as higher provisions of a prudential nature for credit risks and product warranty fund. The financial component is negative by EUR5.2 million and is influenced by EUR5.4 million in interest and financial charges on loans, EUR1.4 million by the negative balance of foreign exchange gains and losses, offset by EUR1.7 million from the recognition of income from the fair value valuation of warrants.

Among SMEs, the board of Promotica -- in the red by 1.6 percent -- approved the completion of a transaction by its subsidiary, Grani & Partners, in which Promotica holds an 80 percent stake.

Lindbergh rises 3.7 percent after it announced Tuesday that it has signed a three-year agreement with LVMH Italy to manage circular economy services and projects in Italy.

Casta Diva Group -- in the red by 2.5 percent -- on Tuesday reported that it ended 2023 with revenues of EUR110.8 million, up 33 percent to EUR83.6 million as of Dec. 31, 2022.

Value of production is EUR111.5 million, up 33% from EUR83.9 million.

Rocket Sharing Co - down 2.8 percent - reported ending 2023 with sales revenue of EUR3.5 million from EUR3.1 million in 2022.

Loss for the period amounted to EUR1.2 million, stable from the previous year.

In Asia, the Nikkei closed in the red 0.1 percent to 38,855.37, the Hang Seng gave up 0.1 percent to 18,821.16, and the Shanghai Composite finished down 0.5 percent to 3,109.57.

Among currencies, the euro changed hands at USD1.0875 from USD1.0857 on Monday in European equities closing while the pound was worth USD1.2771 from USD1.2774 on Monday evening.

Among commodities, Brent crude is trading at USD83.21 per barrel from USD83.06 per barrel on Monday. Gold, on the other hand, trades at USD2,344.57 an ounce from USD2,356.42 an ounce on Monday evening.

On Tuesday afternoon's macroeconomic calendar from the U.S., the M2 money supply data is due at 1900 CEST while several Federal Reserve members will speak later in the day.

Canadian wholesale sales are expected at 1430 CEST.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.