(Alliance News) - On Tuesday, Piazza Affari closed lower, with the Mib contracting around the 33,800-point level, underperforming most other European exchanges, which were also equally bearish.

Trading floors continue to assess the election result for the European Parliament and the resulting political uncertainty across the Old Continent, focusing on the outlook for monetary policy and the Fed's decision, scheduled for tomorrow. Meanwhile, the banking sector suffered from rising yields and spreads, closing in the red by 3.2 percent with the spread closing the session higher at 142 and with a high that caressed 150 basis points.

Thus, the Mib gave up 1.9 percent to 33,874.48, the Mid-Cap retreated 1.7 percent to 47,269.28, the Small-Cap was in the red 1.2 percent to 28,936.72 while Italy Growth closed 1.1 percent lower at 8,106.29.

In Europe, London's FTSE 100 is in the red by 0.5 percent, while Paris' CAC 40 gives up 0.4 percent as does Frankfurt's DAX 40.

On the Mib, among the few bullish performers, Amplifon advanced 0.6 percent with new price at EUR33.83 per share, after declining 1.1 percent on the eve of the meeting. Of note, Grantham, Mayo, Van Otterloo & Co. has a net short position on the stock of 0.92 percent.

Good buys also on Brunello Cucinelli, which posted a plus 0.9%, rearing its head after three sessions closed with bearish candles.

At the back of the pack, Banco BPM gave up 4.4 percent, following up the eve's decline with 1 percent. It is worth noting that the stock in the annual time frame registers an increase close to 70 percent.

Also hanging on was Banca Monte dei Paschi, which gave up 4.9 percent, in its third bearish session and closing as the worst.

Poste Italiane gave up 1.6 percent after 0.3 percent red in the previous session. It should be noted that the company announced Monday that it had bought back its own shares during the day for a total value of EUR3.0 million. Poste thus concluded a first tranche of the share buyback program, implemented under the authorization resolved by the shareholders' meeting on May 31, 2024.

On the cadet segment, The Italian Sea Group moved up 2.0 percent. The company announced that its board of directors has resolved to co-opt Simona Del Re, appointing her as company president until the next shareholders' meeting.

For Carel Industries, on the other hand, the rise was 0.2 percent, in its third session in a row closed with a bullish candle.

SAES Getters, on the other hand, closed 0.5 percent in the red at EUR27.55. 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.

Iren gave up 2.5 percent. The company announced on Monday that it and the Council of Europe Development Bank had signed a EUR80 million green-format Public Finance Facility loan, usable in several tranches with a term of up to 16 years, which will be used to finance part of Iren's water infrastructure investment plan in the provinces of Genoa and La Spezia.

Backwardation also for Italmobiliare, which slipped 4.6 percent to EUR29.25 per share, in the aftermath of the 3.4 percent green.

On the Small-Cap, Conafi advanced 6.0%, with new price at EUR0.2310 after two bearish sessions.

Tessellis, on the other hand, rallied 4.4%, rebounding after a 10% decline in the previous session.

doValue - in the green by 0.7 percent - reported Tuesday that the Madrid High Court of Justice ruled in its favor, rejecting Altamira Asset Management Holding SL's attempt to annul an earlier decision requiring it to make a payment to doValue related to a tax claim. As a result of this decision, the doValue group will record financial income of EUR22.7 million, the company's note says, which will have a positive impact on first-half net income of about EUR0.28 per share

Piquadro, on the other hand, fell 4.0 percent after two sessions closed with bullish candlestick. The company on Monday approved the draft financial statements for the fiscal year from April 1, 2023 to March 31, 2024 and the 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.

Newlat Food, on the other hand, contracted 4.6 percent, subject to profit taking after six sessions closed with bullish candlestick.

Among SMEs, Clabo advanced 1.9 percent to EUR2.14 per share, following two sessions closed among the bearish.

Bellini Nautica, on the other hand, advanced 5.7 percent, ringing up its sixth session in a row with a positive balance.

SolidWorld Group gave up 8.3 percent. The company announced Monday evening that its board of directors has approved a capital increase by issuing a maximum of 811,250 new ordinary shares at EUR2.8 each and a maximum of EUR2.3 million.

Ecomembrane, on the other hand, gave up 5.6 percent, pricing itself at EUR5.90. The stock in the 52-week interval has moved in a price range between EUR4.96 touched last April, and a high of EUR10.15 recorded in July 2023.

In New York, the Dow is surrendering 0.6 percent, the Nasdaq is in the fractional red, and the S&P 500 is flexing 0.3 percent.

Among currencies, the euro changes hands at USD1.0728 from USD1.0746 in Monday's European stock close while the pound is worth USD1.2723 from USD1.2727 on Monday evening.

Among commodities, Brent crude trades at USD82.00 per barrel from USD81.12 per barrel at Monday's close. Gold, on the other hand, trades at USD2,311.21 an ounce from USD2,304.60 on Monday evening.

On Wednesday's macroeconomic calendar, coming in overnight, at 0330 CEST, is inflation from China while, at 0800 CEST, is Gross Domestic Product, manufacturing output and the UK trade balance. From Germany, at the same time, will come the inflation figure.

At 1110 CEST, an auction of Italian 12-month BOTs is scheduled. At 1130 CEST, a speech by Schnabel of the European Central Bank is scheduled instead.

At 1300 CEST, from the US, will come the mortgage report. At 1430 CEST, on the other hand, again from the U.S., the inflation figure is due. At 1630 CEST, eyes on the crude oil stocks report, the EIA report and the Cushing inventory.

At 2000 CEST, focus on the announcement of the FOMC interest rate decision, with Powell's press conference expected at 2030 CEST.

Among the companies in the Square, no particular announcements are scheduled.

By Maurizio Carta, Alliance News reporter

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