(Alliance News) - The major financial markets of the Old Continent closed tepidly higher on Tuesday, albeit with the permanent climate of uncertainty stemming from the recent fears related to the resilience of banks, and with Piazza Affari positioning the point bar at 26,300.

The trading rooms thus still show some perplexity, slowing the lunge on the buy side, although the takeover of Svb's assets by First Citizens has calmed - to some extent - investors' spirits, raising hopes that tensions over the sector have now eased.

Attention, of course, also returns to central banks. On Tuesday, in the CME Group platform's FedWatch Tool, using futures also based on the actual federal funds rate, or EFFR, the main rate hike for the May 3 meeting has a 53 percent probability predicted for confirmation in the 475/500 bps range. In contrast, the probability of an increase in the 500/525 bps area, an increase equivalent to 25 bps, is at 47%. The current target is between 475 and 500 bps.

The European Central Bank's chief supervisor said that "opaque" trading regarding the credit default swap segment is hurting banks' share prices and could threaten, and consequently trigger, a run on deposits.

Andrea Enria -- chairman of the ECB's supervisory board -- is pushing for an overhaul of the market after sharp movements in CDS prices preceded a sudden drop in shares of Deutsche Bank and other European lenders last Friday.

"With a few million you can move the CDS spread of a bank that has trillion-euro assets and contaminate obviously the share prices and probably also the deposit outflows," Enria said at a conference in Frankfurt. "It's something that worried me a lot," the Frankfurt official stressed.

Thus, the FTSE Mib, closed in the green by 0.5 percent to 26,329.46, the Mid-Cap lost 0.1 percent to 42,251.35, the Small-Cap gave up 0.2 percent to 29,557.35, and Italy Growth finished just above par at 9,332.74.

In Europe, Paris' CAC 40 closed in the green by 0.1 percent, London's FTSE 100 up 0.2 percent while Frankfurt's DAX 40 picked up 0.1 percent.

On the Mib, good session for banks. Among them, UniCredit advanced 4.4 percent to EUR17.15. The Milanese bank reported Tuesday that the European Central Bank has authorized a EUR3.34 billion share buyback program. Now, the ball is in the shareholders' court, who will decide on March 31 whether to give the go-ahead to the program, which, if so, will be executed in two tranches of EUR2.34 billion and EUR1.0 billion, with the latter expected to start in the second half of 2023, shortly after the completion of the first tranche.

Intesa Sanpaolo -- up 1.0 percent -- reported Monday that it had purchased 128.2 million of its own ordinary shares between March 20 and March 24. The shares were taken over at an average price per share of EUR2.3054, for a total value of EUR295.6 million.

Tenaris, on the other hand, advanced 3.0 percent, following eve's green with 0.9 percent.

Eni closed well, picking up 1.9%. Worth mentioning that on the stock on Tuesday, ODDO BHF raised the fair value to EUR16.00 from EUR15.50.

DiaSorin rose 2.0 percent after announcing Monday that the board of directors approved 2022 results reporting a net profit of EUR240.1 million down from the EUR310.7 million recorded in 2021. In contrast, adjusted profit amounted to EUR318.7 million down from EUR356.9 million in 2021. The board approved, inotre, the proposed distribution of an ordinary dividend totaling EUR61.5 million, or EUR1.10 per share.

On the mostly bullish Mid-Cap, Carel Industries closed 4.2 percent ahead at EUR24.80 after two sessions ended among the bearish.

Danieli & C, on the other hand, rallied 1.5 percent on the heels of eve's 1.1 percent green.

Juventus Football Club gave up 1.7 percent. On Friday, the company reviewed and approved the consolidated half-year financial report as of December 31, 2022 reporting revenues of EUR276.2 million up from EUR223.1 million in the same six-month period of 2021/2022. Loss amounted to EUR29.5 million down from a loss of EUR112.1 in the first half of last year.

Industrie De Nora, on the other hand, gave up 4.6 percent to EUR17.16 per share, placing it on the bearish side for the fourth consecutive session.

On the Small-Cap side, Pierrel marked a 3.3 percent rise, after two sessions ended in losses.

Borgosesia advanced 0.8%, pending the release of results due tomorrow.

Itway -- up 0.6 percent -- reported Monday that it closed 2022 with a net profit of EUR230,000 from EUR330,000, while value of production stood at EUR3.1 million from EUR2.4 million in the same period last year.

Among the biggest bearers was Bioera, which gave up 6.7 percent to EUR0.1540 touching a 52-week low.

Among SMEs, the board of Powersoft -- up 26 percent -- on Tuesday approved its consolidated financial statements as of December 31, 2022, which closed with a positive consolidated net profit of EUR6.3 million, up 181 percent from the EUR2.3 million profit recorded in fiscal year 2021 and accounting for 13 percent of sales.

The board of directors is proposing to the shareholders' meeting an ordinary dividend of EUR0.48 per share compared to EUR0.15 in the previous year. An extraordinary dividend - from the extraordinary reserve - of EUR0.34 per share will also be proposed.

Strong purchases were also made on Vimi Fasteners, which closed ahead 14 percent pending results due to be published on Wednesday.

Radici Pietro Industries & Brands gained 8.1 percent. Net income for 2022 is EUR187,000 positive and compares with a loss of EUR860,000 in the previous year. Revenues were EUR53.5 million, up 21 percent from EUR44.23 million as of Dec. 31, 2021.

Convergences closed in the red by 7.8 percent after reporting Monday that net income for 2022 was a negative EUR800,000 versus profit of EUR200,000. Revenues as of December 31, 2022 stood at EUR28.1 million, up 53 percent from EUR18.4 million at the end of 2021.

Go Internet, on the other hand, closed down 4.6 percent at EUR0.1650 and closing on the bearish side for the seventh time.

In New York on Monday, the Dow Jones is in the green by 0.2 percent, the S&P is giving up 0.1 percent, and the Nasdaq is in the red by 0.6 percent.

Among currencies, the euro changes hands at USD1.0845 versus USD1.0784 at Monday's close. In contrast, the pound is worth USD1.2345 from USD1.2273 on Monday evening.

Among commodities, Brent crude is worth USD79.02 per barrel versus USD76.47 per barrel on Monday evening. Gold, on the other hand, trades at USD1,967.25 an ounce from USD1,956.52 an ounce at Monday's close.

On Wednesday's economic calendar, at 1000 CET, the Italian unemployment rate is due while, at 1110 CET, a 6- and 12-month BOT auction is scheduled.

At 1300 CET, from the US, eyes on the 30-year mortgage rate, at 1630 CET on crude oil stocks, the EIA refinery report and the Cushing inventory.

At 1900 CET, a seven-year US Treasury bond auction is scheduled.

On the corporate calendar, upcoming results numbers include those of Borgosesia, Buzzi Unicem, Comal, EdiliziAcrobatica, Health Italia, Poste Italiane, Racong Force, Technogym, and Websolute.

By Maurizio Carta, Alliance News reporter

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