(Alliance News) - The Mib closed down 1 percent and hovered around the 34,450 level on Tuesday, underperforming its European peers, as traders continue to assess the monetary policy outlook and digest comments from several policymakers.

Federal Reserve Governor Christopher Waller said he needs to see more "good numbers" on inflation to begin cutting interest rates, adding that holding rates steady for "three or four" months will not bankrupt the economy.

Waller said April's consumer price data are a reassuring sign that price pressures are not accelerating and suggest that progress toward the central bank's 2 percent target has likely resumed.

"In the absence of a significant weakening in the labor market, I need to see another few months of good inflation data before I can support an easing of monetary policy," Waller said Tuesday at the Peterson Institute for International Economics.

"At the moment, we see nothing to suggest that a three- or four-month stay would precipitate the economy," he added.

Thus, the FTSE Mib closed in the red 0.6 percent to 34,603.61, the Mid-Cap gave up 0.4 percent to 47,738.91, the Small-Cap lost 0.9 percent to 29,021.52 while Italy Growth closed in the green 0.1 percent to 8,244.73.

In Europe, Paris' CAC 40 ends in the red by 0.7 percent, London's FTSE 100 is in the red by 0.1 percent, while Frankfurt's DAX 40 closes down 0.2 percent.

On the Mib, Saipem, among the very few bullish performers, did better than all by advancing 4.0% after announcing Tuesday that it has been awarded three new contracts by TotalEnergies EP Angola Block 20 subsidiary TotalEnergies for the Kaminho project related to the development of the Cameia and Golfinho oil fields, located about 100 kilometers off the coast of Angola. The total amount of the contracts is EUR3.7 billion.

Good session also for Unipol, which closed in the green by 1.6 percent at EUR9.15 per share. Of note, Berenberg on Monday raised its target price to EUR11.50 from EUR8.00 with a 'buy' recommendation.

Assicurazioni Generali is among the bearish giving up 1.6 percent after announcing Tuesday that it closed the first quarter with a net profit of EUR1.26 billion, up from EUR1.20 billion as of March 31, 2023. The group's gross premiums rose 21 percent to EUR26.4 billion from EUR22.16 billion, driven by strong performance in both life and non-life segments.

STMicrolectronics, on the other hand, closed down 2.7 percent. Of note, Barclays, UBS and Goldman Sachs cut their target prices on the stock.

Amplifon, on the other hand, gave up 4.0%, after a 0.5% green light on the eve.

In the cadet segment, Fincantieri -- in the green by 0.3 percent to EUR0.60 per share -- announced Monday that it had signed an agreement with Edge, one of the world's leading advanced technology and defense groups, formalizing the launch of Maestral, the joint venture created between the two companies in the Abu Dhabi-based shipbuilding business. The signing of the agreement was followed by the announcement of a major order for 10 technologically advanced 51-meter OPV offshore patrol vessels by the UAE Coast Guard Forces, worth EUR400 million.

d'Amico is advancing 1.3 percent to EUR7.01 per share, in its third bullish session.

Acea Ambiente, a subsidiary of Acea - in the red by 0.5 percent - submitted a bid by the deadline for the call for tenders published by Roma Capitale for the award of the concession of the plant hub relating to the design, authorization to operate, construction and management of a waste-to-energy plant and related ancillary plant engineering.

Caltagirone, on the other hand, closed down 3.0 percent, following the 0.7 percent bearish candle on the eve.

On the Small-Cap, EEMS Italia closed up 19 percent, with the stock halted several times in volatility auctions. The company announced Monday that the board of directors has taken note of the resignation of Giuseppe De Giovanni from his position as director and chief executive officer of the company and from all positions held within EEMS group companies effective today for personal reasons. Stefano Modena was then appointed as the company's new chief executive officer.

Boost also on Fidia, which closed bullish by 9.3 percent after a 1.2 percent decline in the previous session.

CY4Gate, on the other hand, advanced 3.5 percent, rearing its head again after four sessions among the bearish. The company announced Tuesday that it has been awarded three international research calls under the European Defense Fund and Digital Europe Program worth a total of about EUR1.7 million over three years from 2025, boosting the group's backlog.

Biesse closed down 2.0 percent. Citadel Advisors limned short position on Biesse to 0.6% from 0.59% previously.

Banca Sistema gave up 0.9%. On Monday it announced that it had approved its three-year strategic plan through 2026. Among targets, expected net interest and other banking income CAGR 23-26 up 12.9%. As for cost/income ratios, the estimate is for 61 percent in 2023 to rise to 57 percent in 2026.

Among SMEs, Eprcomunication rose over 14 percent after reporting Monday that Justbit, the group's digital factory, received news of a new assignment. Specifically, Justbit has been contracted by a public company to manage advertising services and carry out communication support activities for the duration of nine months and in the amount of EUR125,000.00 plus VAT in 2024 and EUR17,000 plus VAT in the first part of 2025.

Bellini Nautica, on the other hand, rallied 4.9 percent, following up on the 1.9 percent green on the eve.

ICF Group closed flat at EUR4.90 per share, after announcing Monday the launch of a new buyback plan for a maximum of 1 million shares and a total value of EUR8 million.

In contrast, iVision rallied 0.7 percent to EUR1.41 per share, after closing in the green by 7.7 percent. The company reported that its board of directors has approved the issuance of two bonds with a total countervalue of EUR7.0 million.

In New York on Friday, the Dow is advancing 0.1 percent, the Nasdaq is on the parity line, and the S&P is advancing 0.1 percent.

Among currencies, the euro changes hands at USD1.0855 from USD1.0861 on Monday's European stock close while the pound is worth USD1.2711 from USD1.2704 on Monday evening.

Among commodities, Brent crude is trading at USD82.44 per barrel from USD83.68 per barrel on Monday evening. Gold, on the other hand, trades at USD2,421.50 an ounce from USD2,422.07 an ounce on Monday evening.

Among Wednesday's economic data is scheduled at 0150 CEST for Japan's trade balance, while at 0800 CEST from the UK will come UK inflation data along with producer price data.

Still at 0800 CEST is coming the data on car registrations in Italy, while at 1000 CEST a speech by ECB number one Christine Lagarde is expected.

From the U.S., at 1300 CEST will come the report on the mortgage market, while at 1600 CEST that on existing home sales, followed half an hour later by crude oil stocks, the EIA report and the Cushing inventory.

Finally, at 2000 CEST, the minutes of the FOMC meeting will be released.

On the corporate calendar, coming up are the results of Bertolotti, DHH and MFE-MediaForEurope.

By Maurizio Carta, Alliance News reporter

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