(Alliance News) - The Mib fell on Tuesday, albeit mitigating losses and placing the bar in the 33,700 area, with Piazza Affari cushioning the contraction thanks to the positive performance of oil stocks.

Politically, trading desks are awaiting the French legislative elections, after President Emmanuel Macron's decision in the aftermath of the European elections increased uncertainty. The outcome of the election, whether it favors Marine Le Pen's far-right party or a left-wing alliance, could have a significant impact on financial markets, especially if it leads to major policy changes in what is the EU bloc's second-largest economy.

Also on Tuesday, the EU kicked off accession negotiations with Ukraine, setting the war-torn country on a long path to membership that Russia has sought to block.

Thus, the FTSE Mib gave up 0.4 percent to 33,707.21, the Mid-Cap gave up 1.1 percent to 47,292.60, the Small-Cap finished 0.8 percent in the red to 28,901.39, and Italy Growth gave up 0.1 percent to 8,127.70.

In Europe, London's FTSE 100 gave up 0.4 percent, Frankfurt's DAX 40 closed 0.9 percent in the red while Paris' CAC 40 gave up 0.7 percent.

On the Mib, push up of Saipem up 3.6 percent to EUR2.23 per share. Of note, HSBC raised target price to EUR3.08 from EUR2.01 with 'buy' recommendation.

Parent company Eni also up 0.8% to EUR14.23. Redburn upgraded the stock to 'buy' from 'neutral' with a target price of EUR17.30.

At the back of the pack was Leonardo, contracting 2.9 percent to EUR21.64 per share, ringing up its third session in a row in negative balance.

Banco BPM - in the red by 1.2% - has instituted a EUR2 billion plafond to support Italian companies in the transformation of structures and production processes toward an efficient, sustainable energy model based on renewable energies: with the aim of facilitating access to the facilitating opportunities that will be offered by the Transition 5.0 Plan.

The bank has thus made available, along with financial resources, the broadest medium- to long-term financing solutions for the transition from both a sustainability and digitalization perspective.

Telecom Italia -- in the red by 2.6 percent -- on Monday informed that it has set with KKR for July 1 the finalization of the sale of NetCo to Optics BidCo.

As a result of the final separation and the need to take into account the economic and equity effects of the transaction, the note released said, "it should be noted that the 2024 corporate calendar, previously published, has been modified to provide that the board of directors will meet on July 31 to examine the preliminary figures as of June 30, 2024, and on September 26 for the approval of the interim management report."

On the Mid, Fincantieri closed 9.3 percent in the red at EUR4.34, doing worse than everyone else. On the stock, Helikon Long Short Equity Fund Master limited its short to 1.65 percent from 1.7 percent previously.

For De' Longhi, on the other hand, the decline is 4.6 percent, after the 2.2 percent green in the previous session.

Maire Tecnimont, on the other hand, gave up 0.7 percent. The company announced Monday that NextChem, through its subsidiary MyRechemical, a leader in the Waste-to-Chemical segment, has signed a license agreement with DG Fuels Louisiana in connection with its proprietary NX Circular gasification technology. The plant, expected to be operational in 2028, will produce 450 million liters per year of Sustainable Aviation Fuel derived from residual biomass and a small portion of municipal waste.

d'Amico International Shipping -- in the red by 1.2 percent -- on Monday reported that it had signed a new time-charter contract, scheduled to start between the end of the second quarter of 2024 and the beginning of the third quarter of 2024, for one of its MR2 'Eco' vessels, with a reliable counterpart and at a very profitable daily freight rate, for a three-year term.

Among the positive notes, Philogen stepped up 2.0 percent to EUR20.30 per share, after declining 1.5 percent on the eve. The stock had previously come from three closed sessions with a bullish candle.

Iren's board of directors -- up 1.1 percent -- on Tuesday approved the update of its business plan to 2030. Among indicators, the company expects to achieve Ebitda of about EUR1.8 billion to 2030, up EUR600 million from 2023, with a CAGR of 6 percent.

Among smallcaps, good session for Exprivia, which trades up 3.3 percent at EUR1.89, updating its 52-week high.

Strength, among others, also on Giglio Group, which took home 1.1 percent after the previous session's 1.7 percent red.

Antares, on the other hand, gave up 1.3 percent after Monday's positive balance of 1.2 percent.

Rear-ends also for Sogefi, which left 3.3 percent on the parterre repricing to EUR3.21, its third session in the red.

Among SMEs, Innovatec advanced 3.0%. The company announced Tuesday-as part of its growth strategy in renewable energy-the start of work on two photovoltaic plants in Calabria, located in Petilia Policastro and Girifalco, and one in Puglia, in Palo del Colle.

Gambero Rosso, on the other hand, advanced 5.0 percent to EUR0.3820, closing for the fifth session in a row in surplus.

G Rent gave up 6.4% to EUR0.60 per share, on its third session with a bullish candle.

Bellini Nautica, on the other hand, gave up 4.4 percent, also on its third session in a row among the bearish. Of note, the stock has doubled its market cap since the start of 2024, up 101 percent.

In New York, the Dow is giving up 0.7 percent, the Nasdaq is advancing 1.1 percent, and the S&P 500 is advancing 0.3 percent.

Among currencies, the euro changes hands at USD1.0707 from USD1.0728 in Monday's European stock close while the pound is worth USD1.2677 from USD1.2690 on Monday evening.

Among commodities, Brent crude is trading at USD85.60 per barrel from USD85.76 per barrel at Monday's close. Gold, on the other hand, trades at USD2,318.76 an ounce from USD2,329.22 on Monday evening.

Wednesday's macroeconomic calendar includes the Gfk report on German consumers at 0800 CEST, while a six-month Italian BOT auction is scheduled at 1110 CEST. At 1200 CEST the Eurogroup meeting is scheduled.

At 1300 CEST will come the US mortgage report, while at 1630 CEST the Cushing inventory report and EIA report is expected.

At 1900 CEST, on the other hand, an auction of Treasury notes with 5-year maturity is scheduled.

On the corporate calendar, Landi Renzo's accounts are expected.

By Maurizio Carta, Alliance News reporter

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