(Alliance News) - Piazza Affari closed higher on Monday's session, with Prysmian doing best of all after announcing a new acquisition in the morning.

Axel Rudolph, senior market analyst at IG, said, "After two consecutive weeks of declining equity prices, European and U.S. indexes closed the session in positive territory amid hopes of easing tension in the Middle East, a rebound in Eurozone industrial production, much stronger-than-expected U.S. retail sales, and Goldman Sachs' solid quarterly report."

"The equity rally occurred despite the yield on 10-year U.S. Treasury bonds rising above 4.6 percent, leading to further appreciation of the U.S. dollar to five-month highs. The USD/JPY reached another 34-year high and is rapidly approaching the psychological level of JPY155 around which the Bank of Japan could intervene."

The FTSE Mib closed Monday up 0.6 percent to 33,954.28, the Mid-Cap gained 0.2 percent to 46,941.30, the Small-Cap fell 0.1 percent to 28,051.69 and Italy Growth lost 0.1 percent to 8,087.93.

In Europe, London's FTSE 100 closed down 0.5 percent, Paris' CAC 40 rose 0.3 percent and Frankfurt's DAX 40 gained 0.4 percent.

On the Mib, Leonardo confirmed its good start, closing up 2.3% for the fourth bullish session in a row, with tensions in the Middle East pushing up the defense giant's price.

Prysmian -- up 4.5 percent -- announced Monday that it had entered into a merger agreement under which it will acquire Encore Wire for USD290.00 per share. The USD290.00 price per share represents a premium of about 20 percent over the 30-day weighted average as of Friday's date and about 29 percent over the 90-day weighted average as of the same reporting date. The transaction values Encore Wire at about EUR3.9 billion.

UniCredit - up 0.9 percent - reported that the board confirmed Pietro Carlo Padoan as chairman and Andrea Orcel as chief executive officer, with all the necessary powers and proxies to do so. The board also appointed Elena Carletti as vice chairman, with vicarious functions.

Deutsche Bank cut Enel's target price to EUR6.30 from EUR6.70. The stock lost 0.4 percent.

Tenaris, on the other hand, gave up 1.5 percent after a 0.4 percent rise in the previous session, following the downward trend in the barrel price.

On the Mid-Cap, Fincantieri did well, rising 0.9% to EUR0.77, following Friday night's bullish candle.

Double target price cut for Salvatore Ferragamo by JP Morgan and Barclays. The stock closed trading in the red by 1.9 percent.

Arnoldo Mondadori Editore closed down 0.9 percent after announcing Monday that an agreement was signed for the acquisition by subsidiary Rizzoli International Pubblications of 100 percent of Chelsea Green Publishing in Vermont in the U.S. and, in the U.K., through its subsidiary Chelsea Green Publishing UK.

As stated in a note released by the company, the publishing house's editorial line focuses on sustainability issues, declined in the areas of green, health and wellness and the enhancement of cultural diversity.

"The strengthening of the Mondadori group's presence in the U.S. and UK through the acquisition of Chelsea Green Publishing and the launch of Rizzoli's new U.K. branch represents a further step in our path of growth outside the domestic trade market as well," commented Antonio Porro, managing director of the Mondadori group.

On the Small-Cap, sales on Alkemy, which lost 1.7 percent to EUR11.55 per share, in its third bearish session in a row.

algoWatt contracted 6.1%, on the heels of a 3.9% decline in the previous session.

Bastogi -- up 3.6 percent -- reported Friday that it ended 2023 with a net profit of EUR2.9 million, which compares with the previous year's figure of EUR32.4 million. Italy's oldest company still in business posted an EBITDA of EUR16.5 million from EUR54.5 million a year earlier.

Among SMEs, Alfio Bardolla closed up 10 percent to EUR2.37 per share after falling 1.4 percent on Friday night.

Energy, on the other hand, rose 3.2 percent, bringing its share price to EUR1.29, reversing course after four sessions with a bearish candle.

Vimi Fasteners--down 1.5 percent to EUR1.35--reported Friday that it ended the first quarter with revenues of EUR14.6 million compared with revenues of EUR14.4 million in the same period last year. The value of the group's order backlog as of March 31, 2024, based on the current fiscal year and net of the value of revenues, was EUR31.8 million, down slightly in line with market trends from an order backlog of EUR32.8 million recorded as of March 31, 2023.

In New York, the Dow is up 0.2 percent to 38,047.15, the Nasdaq is down 0.2 percent to 16,150.93 and the S&P 500 is up slightly to 5,125.91.

Among currencies, the euro changes hands at USD1.0627 from USD1.0636 on Friday in closing European equities while the pound is worth USD1.2450 from USD1.2440 on Friday evening.

Among commodities, Brent crude is worth USD89.29 per barrel from USD91.55 on Friday evening and gold trades at USD2,338.38 from USD2,407.76 on Friday evening.

Tuesday's macroeconomic calendar opens with China's Gross Domestic Product, due at 0400 CEST, the same time as China's industrial production, retail sales and unemployment rate.

In Europe, eyes on UK income and unemployment data, coming at 0800 CEST, along with Germany's wholesale prices, while Italian inflation will arrive at 1000 CEST. An hour later, eyes on Italy's trade balance and the Zew index on economic sentiment in Germany.

Also at 1100 CEST, eyes on the Eurozone trade balance.

From the U.S., the catalysts of the day will be data on building permits, due at 1430 CEST, and data on industrial production, expected at 1515 CEST on a day packed with incoming comments from several Federal Reserve members. At 2230 CEST, it closes with weekly oil stocks.

Among companies in the Piazza Affari, the results of Saccheria F.lli Franceschetti are expected.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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