(Alliance News) - Major European exchanges are headed for a cautious opening on Tuesday, with futures just above parity as investors await the Federal Reserve's latest interest rate decision and key U.S. inflation data.

Indeed, the Fed begins its two-day meeting today "and is expected to reduce its rate cut projections for this year due to sticky inflation and a still tight labor market," comments Ipek Ozkardeskaya, Senior Analyst at Swissquote Bank.

"The U.S. dollar index sprang above its 50-DMA after last Friday's surprisingly strong jobs data and is consolidating gains above this level ahead of tomorrow's stronger CPI data and Fed announcement. Provided the economic data and inflation are in line with market trends, the Fed is more likely to come out favorably than not," the analyst concluded.

Thus, IG futures give the Mib in fractional green, up 15.2 points after closing 0.3 percent in the red at 34,542.01.

In Europe, London's FTSE 100 is given just above par, Paris' CAC 40 advances 0.3 percent and Frankfurt's DAX 40 is expected to rise slightly.

Among Italy's smaller lists Monday evening, the Mid-Cap advanced 0.1 percent to 48,106.93, the Small-Cap was in the red 0.4 percent to 29,280.56 while Italy Growth closed just below par at 8,198.39.

On the Mib A2A gave up 0.4 percent to EUR1.92 per share, in its third bearish session.

Amplifon, on the other hand, left 1.1 percent on the parterre, with its price at EUR33.63 per share, while on a weekly basis it recorded a slight gain.

The board of directors of Prysmian -- in the red by 1.1 percent -- on Friday resolved to exercise the early redemption option for the entire outstanding amount of the EUR750.0 million convertible bond denominated "Equity Linked Bonds due 2026" issued in February 2021. The board of directors also resolved to start a share buyback program that will be implemented starting June 10 and will last until March 10, 2025, for a maximum of 8.0 million shares and a countervalue not exceeding EUR375 million.

Among the bullish few, Leonardo advanced 1.0 percent to EUR24.40 per share, after updating its 52-week high at EUR24.59.

ERG, on the other hand, rallied 0.1 percent. The company reported that Fitch Ratings agency confirmed a Long Term Issuer Default Rating of BBB- stable outlook and a senior unsecured rating of BBB- for the company.

On the cadet segment, active for SAES Getters, which advanced 1.7 percent after 0.2 percent on Friday night. In this regard, SGG Holding announced that it has raised the offer on SAES Getters shares as part of the tender offer launched last month.

The new consideration for the takeover bid is EUR28.00, up from EUR26.30 per share offered earlier.

OVS--up 2.5 percent--reported that in the period between June 3 and June 7, it purchased its own ordinary shares for a total consideration of nearly EUR1.3 million.

Among the bearish - also a majority on this list - Moltiply Group gave up 3.3 percent, heading for its third bearish session.

Salvatore Ferragamo, on the other hand, left 1.6 percent on the parterre, following up the previous session's 1.0 percent drop.

On the Small-Cap, Tessellis gave up more than 10 percent, with new price at EUR0.7250 per share. The stock-which on a weekly basis has increased market cap by nearly 25%- veers lower after three sessions of significant gains.

CIA gave up 6.7 percent, following an 8.5 percent green Friday night.

Piquadro -- up 2.7 percent -- on Monday approved its draft financial statements for the fiscal year running from April 1, 2023 to March 31, 2024 and its consolidated financial statements to March 31, 2024, reporting a 62 percent increase in profit to EUR10.5 million from EUR6.5 million a year earlier. Revenues amounted to EUR185.5 million up from EUR177.6 million a year earlier.

CSP International, on the other hand, advanced 2.1 percent to EUR0.3470, in its fifth bullish session.

Among SMEs, Franchi Umberto Marmi advanced 2.5 percent bringing the price to EUR6.05 per share.

For Emma Villas, on the other hand, the rise was 2.5 percent, extending an 11-session bullish trend.

Iervolino & Lady Bacardi Entertainment gave up 0.6 percent after approving final group results for the first quarter to March 31, which closed with a net profit of EUR400,000 from EUR2.5 million in the same period a year earlier, as a result of lower Ebit but also due to the triple-digit increase in financial expenses associated with higher interest rates. Revenues amounted to EUR29.6 million from EUR32.5 million in the same period a year earlier.

Franchetti gave up 5.7 percent to EUR6.65 per share, in its fifth bearish session.

Illa, which was suspended from trading, announced Sunday that its board of directors had taken note of "the impossibility of approving the financial statements and the consolidated financial statements as of December 31, 2023 by the deadline of June 30, 2024." The reason, the company explained, is the uncertainties regarding continuity brought about, as part of the ongoing negotiated crisis settlement procedure, "by Negma's failure to disburse a prededuction loan of EUR1 million and the failure to subscribe to a tranche of the convertible bond for EUR500,000," resulting in the "suspension from trading of the shares issued by the company" as per the Euronext Growth Milan Issuers' Regulations, "as well as concrete risks regarding the objective of a favorable outcome of the negotiated settlement."

In Asia, the Nikkei closed in the green 0.2 percent to 39,109.17, the Hang Seng was in the red 1.1 percent to 18,175.79 and the Shanghai Composite was down 0.9 percent to 3,023.14.

In New York on European night, the Dow closed up 0.2 percent to 38,868.04, the Nasdaq gained 0.4 percent to 17,192.53, and the S&P 500 is in the green 0.3 percent to 5,360.79.

Among currencies, the euro changed hands at USD1.299.31 from USD1.0746 in Monday's European stock close while the pound is worth USD1.2726 from USD1.2727 on Monday evening.

Among commodities, Brent crude is trading at USD81.51 per barrel from USD81.12 per barrel at Monday's close. Gold, on the other hand, trades at USD2,299.31 an ounce from USD2,304.60 on Monday evening.

On Tuesday's macroeconomic calendar, the monthly OPEC report will be released at 1300 CEST while a 10-year US Treasury note auction is scheduled at 1900 CEST.

Finally, at 2230 CEST, coming up is the weekly oil stocks data.

Among the companies in the Piazza Affari, the accounts of Caribbean Company and Homizy are expected.

By Chiara Bruschi, Alliance News reporter

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