(Alliance News) - Piazza Affari confirmed futures forecasts and opened down for Monday's session, during which no particular economic and corporate events are expected from the Eurozone and the US.

Meanwhile, Scope confirmed Italy's long-term credit rating at 'BBB+' with Stable outlook. Short-term ratings were confirmed at 'S-2'.

Italy's public finances benefit from the EU's support mechanisms, economic diversity and recent political stability and fiscal prudence, Scope Ratings GmbH said last Friday, which confirmed the Bel Paese's public debt ratings.

Meanwhile, Asia has been orphaned by Tokyo and Hong Kong. While the Japanese stock exchange was scheduled to close due to Navy Day, trading in Hong Kong was not held due to a warning from Typhoon Talim. Among the Asian biggies, therefore, only the Shanghai Composite traded, which closed down 0.9 percent at 3,209.63 after Chinese Gross Domestic Product data.

China's economy grew 6.3 percent year-on-year in the second quarter, a figure that belies the country's slowing post-pandemic recovery and which analysts warn is inflated given the low base of comparison with 2022 "devastated" by anti-Covid measures.

In Piazza Affari, the FTSE Mib falls 0.3 percent to 28,565.30 at the start, the Mid-Cap gives up 0.7 percent to 42,475.49, the Small-Cap loses 0.1 percent to 26,596.03 while Italy Growth rises 0.2 percent to 9,102.77.

In Europe, London's FTSE 100 is just below par at 7,433.13, Paris' CAC 40 falls 0.8% to 7,319.45 and Frankfurt's DAX 40 is down 0.3% to 16,057.09.

On the main list of the Italian Stock Exchange, Generali rises 0.4 percent after Barclays raised its target price to EUR18.70 from EUR17.00, but confirmed its 'underweight' recommendation.

Banco BPM rises 1.4 percent after it signed a binding agreement on Friday with Gruppo BCC Iccrea and FSI to form a strategic partnership aimed at developing a new Italian and independent company in the digital payments sector.

The new company "will be a point of reference in the fintech landscape and with an approach oriented to innovation and the growth of digitization in our country," the joint note reads.

Following the contribution of Banco BPM's e-money activities, the joint venture will represent the second largest national operator with a market share of more than 10 percent in the e-money sector, with about 9 million cards, 400,000 POS and about EUR110 billion in intermediated transactions.

Cassa Depositi e Prestiti has granted Intesa Sanpaolo--up 0.2%--a EUR1 billion loan aimed at promoting joint initiatives for Italian companies. The aim is to facilitate access to credit for smaller companies to help them implement their projects, supporting their growth and competitiveness.

At the bottom of the basket, Moncler gives up 2.9 percent while profit-taking does not help STMicroelectronics, down 1.2 percent shortly after the open.

On the Mid-Cap, Juventus rises 0.1% after reaching an agreement with UEFA in relation to penalties for the capital gains case and - most importantly - for exiting the Superleague project.

Brunello Cucinelli does not benefit from UBS's target price increase and gives up 3.9%, reflecting a compressed start for the entire fashion and luxury sector. In fact, Salvatore Ferragamo gives up 1.8 percent and Tod's drops 0.7 percent in early trading.

Worst of all, however, is Eurogroup Laminations, in the red by 9.4 percent and with more than 240,000 pieces changed hands in just a few minutes.

Among the lower-capitalization companies, Sabaf Group climbs 2.9 percent after it, through its subsidiary Sabaf America, signed a deal on Friday to purchase 51 percent of Mansfield Engineered Components, a leading North American manufacturer of hinges for home appliances, designed and manufactured to meet the high quality and exacting standards demanded by the U.S. market.

The agreements reached provide for a valuation of MEC of USD21 million. The payment of the price for the acquisition of 51% of the share capital, amounting to EUR10.5 million, was made in one lump sum.

Banca Profilo is on a par. The institution announced on Friday that it has implemented the guidelines that parent company Arepo BP has identified as strategic directions for the development of the group's activities over the next three years, which will be translated into a new business plan 2024-2026 expected by the end of the year.

The main goals of the new plan are to leapfrog the size of Private and Investment Banking activities aimed at optimizing the profitability of the businesses, to consolidate the low-volatility earnings capacity developed by finance, to strengthen the investments made in fintech, with a focus on artificial intelligence and digital assets, and to further increase shareholder remuneration by leveraging soundness and profitability.

Restart leads the list with a 5.3 percent rise while the worst performer in the startup is Olidata, down 18 percent.

On the Italian stock exchange's alternative capital market, GEL does best at startup, up 13 percent, followed by Fenix Entertainment, which gains 8.3 percent.

Also doing well is Svas Biosana, up 12 percent. PMI has finalized the issuance of two bonds for a total amount of EUR13 million.

The two bonds, non-convertible and non-subordinated, are instrumental in supporting the group's investment plan and were underwritten by Crédit Agricole Italia, in the role of anchor investor, Iccrea Banca, Banca di Credito Popolare and Finest.

Specifically, the transaction totaling EUR13 million involved the issuance of two bonds, by the parent company Svas Biosana for EUR10 million and by the subsidiary Mark Medical for EUR3 million, both maturing on December 31, 2029, totally unsecured.

In New York, the Dow Jones closed Friday up 0.3 percent to 34,509.03, the Nasdaq lost 0.2 percent to 14,113.70 and the S&P 500 fell 0.1 percent to 4,505.42.

Among currencies, the euro changed hands at USD1.1239 against USD1.1242 in Friday's European equities close while the pound was instead worth USD1.3087 from USD1.3121 on Friday evening.

Among commodities, Brent crude is worth USD78.72 per barrel versus USD79.96 per barrel at Friday's close. Gold, on the other hand, trades at USD1,952.81 an ounce from USD1,958.73 an ounce Friday night.

On Monday's macroeconomic calendar, at 1000 CEST, from Italy, will come the trade balance.

In the afternoon, from the US, an auction of three- and six-month Treasury bonds will be held at 1730.

Among companies in the Piazza Affari, no particular announcements are expected.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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