(Alliance News) - Major European stock markets traveled in the red on Tuesday, with trading floors assessing various economic data. Among them, euro area annual inflation is expected to stand at 2.5 percent in June, down from 2.6 percent in May, according to a Eurostat flash estimate released Tuesday.

Among households, Istat on Tuesday reported that in May on a monthly basis the unemployment rate remained stable at 6.8 percent. In May, after three months of growth, employment declined by 17,000 involving temporary employees and the self-employed, while growth in permanent employees continued.

On the monetary policy front, the European Central Bank does not yet have sufficient evidence that the inflation threat has passed, said President Christine Lagarde and her top economist, fueling expectations that officials will take a break from cutting interest rates this month.

With the eurozone labor market robust, the ECB has time to assess incoming information, Lagarde said Monday in Sintra, Portugal, where she opened the ECB's annual central banking forum.

Speaking to Bloomberg TV on Tuesday, chief economist Philip Lane said the June inflation reading will not be enough to fully assess service prices, which are being closely watched.

As a result, the FTSE Mib is moving down 1.0 percent to 33,374.14, the Mid-Cap is giving up 1.0 percent to 46,599.52, the Small-Cap is in the red 0.6 percent to 28,667.81, and Italy Growth is moving in the red 0.2 percent to 8,104.79.

In Europe, London's FTSE 100 is giving up 0.3 percent, Paris' CAC 40 is giving up 0.7 percent, and Frankfurt's DAX 40 is marking minus 1.0 percent.

On the Mib, Iveco Group is giving up 3.0% to EUR10.30 per share after two sessions closed in the green.

Marked selling is also taking place on Stellantis, which is giving up 3.2% to EUR18.04 per share, after the previous session's 0.9% green. The stock had previously come from four bearish sessions.

Enel, on the other hand, is giving up 0.9 percent, after a 1.7 percent gain in the eve, with price at EUR6.54 per share. Of note, Stifel has resumed coverage on the stock with target price at EUR6.40 per share.

Prysmian - in the red by 0.1 percent - announced that it has completed the acquisition of Encore Wire Corporation. The company acquired for cash all outstanding ordinary shares of Encore Wire for USD290.00 per share.

Telecom Italia--green by 0.2 percent--announced Monday that it had completed the sale of NetCo to Kohlberg Kravis Roberts & Co through the contribution of TIM's fixed network infrastructure and wholesale business to FiberCop, a 58 percent subsidiary of TIM, and the subsequent acquisition of the entire capital of FiberCop by Optics BidCo, a subsidiary of KKR.

Also on a positive note - among the few on the list - is Saipem, which rises 1.7 percent, in position for its ninth bullish session.

In the cadet segment, Buzzi is giving up 3.6 percent to EUR35.94 per share, in its third bearish session.

Webuild is giving up 0.7 percent. Of note, Mirabella Financial Services raised its short position on the stock to 1.22 percent from 1.16 percent previously.

MARR, on the other hand, is stepping back 0.8 percent to EUR12.06 per share after eve's flat session.

OVS - in the red by 1.0 percent - reported Monday that between June 24 and June 28 it bought 754,541 ordinary shares at an average unit price of EUR2.5985 for a total value of nearly EUR2.0 million.

Maire Tecnimont -- in the green by 1.5 percent -- on Tuesday reported that NextChem has been awarded new contracts worth a total of about EUR30 million from major international clients, mainly in the Middle East and Europe.

d'Amico advances 4.9 percent to EUR7.57 per share, following a 2.2 percent red note in the previous session.

In Small-Cap, Giglio Group advances well, rising 5.2% to EUR0.3840 after 0.5% red in the previous session.

TXT e-solutions - in the green with 0.4 percent - announced the acquisition of 100 percent of the capital of Refine Direct Srl, a company born in 2016 from a project of the current selling partners that to date boasts proprietary technologies and specialized skills in the field of digital marketing, with an offer linked to a multi-channel platform based on artificial intelligence algorithms for data analysis.

Civitanavi Systems - flat at EUR6.12 - announced Monday evening that Lockheed Martin has invested USD10 million in PV-Labs, a Canadian company specializing in advanced aerial imaging solutions, to accelerate the development and production of PV-Labs' FAST technology, standing for Fifth- generation Advanced Stabilization Turret. Civitanavi Systems holds a 30 percent stake in PV-Labs purchased last year, with an option to purchase the remaining 70 percent within five years.

At the back of the pack-among the many bearishness-is Eems, which gives up 4.3 percent to EUR0.2720 per share after eve's flat session.

Among SMEs, boost on Franchetti, which goes up 4.9% to EUR7.55, heading for the ninth session to close with bullish candle.

Espe - in the red by 0.3% - announced that it has proceeded with the notarized deed of contribution inherent to the Operation & Maintenance business unit in favor of Reflow, a company active in the O&M market, mainly in the wind power plant sector based in Carmignano di Brenta in Padua, consequently assuming legal control.

Instead, Impianti gives up 5.0 percent to EUR0.34 per share, in its second bearish session.

In New York on Monday, the Dow rallied 0.1 percent, the Nasdaq advanced 0.8 percent, and the S&P was green by 0.3 percent.

In Asia, the Hang Seng closed in the green by 0.3 percent, the Nikkei rallied 1.1 percent, and the Shanghai Composite closed in the green by 0.1 percent.

Among currencies, the euro changed hands at USD1.0715 from USD1.0723 on Monday in European equities closing while the pound was worth USD1.2616 from USD1.2641 on Monday evening.

Among commodities, Brent crude is trading at USD87.22 per barrel from USD85.33 per barrel at yesterday's close. Gold, on the other hand, trades at USD2,324.19 an ounce from USD2,321.13 on Monday evening.

On Tuesday's macroeconomic calendar, focus on Federal Reserve number one Jerome Powell's speech at 1530 CEST and that of the European Central Bank president, expected at the same time.

From the US, eyes on new jobs JOLTs, due at 1600 CEST, and weekly oil stocks, expected at 2230 CEST.

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.