(Alliance News) - Mid-session Tuesday, major European indexes remain in the bearish area, awaiting the release of the latest U.S. inflation data this afternoon, which will give indications on the Fed's next monetary policy moves.

Thus, the FTSE Mib is in the red by 0.4 percent to 31,344.84, the Mid-Cap gives up 0.7 percent to 45,246.80, the Small-Cap leaves 0.1 percent to 27,497.40 on the parterre, while Italy Growth is in the red by 01 percent to 8,116.94.

In Europe, Paris' CAC 40 is in the red by 0.3%, London's FTSE 100 gives up 0.2%, while Frankfurt's DAX 40 is in the red by 0.5%.

Among the morning's few macro reports is that the ZEW indicator of economic sentiment for Germany released Tuesday rose for the seventh consecutive month to plus 19.9 in February, reaching the highest level in a year and surpassing market expectations of 17.5, amid hopes that major central banks will begin cutting interest rates this year.

The ZEW indicator of economic sentiment for the euro area, on the other hand, rose 2.3 points to 25 in February, the highest in a year and surpassing market expectations of 20.1.

On the Mib, Pirelli & C remains on top as at the opening and advances 2.7 percent. Hera, Eni and Saipem also do well, rising 1.3%, 1.2 and 0.8% respectively.

Snam reverses course and now gains 0.6% after opening down 0.1%. The company announced on Monday that it had successfully completed a dual tranche bond issue - totaling EUR1.50 billion - under the Sustainable Finance Framework published in recent days, with Second Party Opinion from ISS Corporate.

Banca Monte dei Paschi di Siena is up 0.7 percent while BPER Banca, up 0.6 percent, and Intesa Sanpaolo, up 0.2 percent, are also resisting among the bullish minority.

Banco BPM remains in the rear with a 1.7 percent decline. It reported Thursday that it ended 2023 with a net profit of EUR1.26 billion, up 85 percent from EUR685.0 million a year earlier.

In the fourth quarter alone, the bank posted a net income of EUR321.1 million, which compares with EUR319.0 million in the previous quarter.

Net interest income rose to EUR3.29 billion from EUR2.31 billion a year earlier while, in the fourth quarter alone, it touched EUR867.7 million, stable on a sequential basis.

The credit institution's CET 1 ratio is 14.2 percent and compares with 12.8 percent as of Dec. 31, 2022.

On the cadet segment, Intercos Group leads, rising 4.8 percent followed by Industrie De Nora, up 2.8 percent. Webuild, in the green by 2.2 percent, closes the podium.

Saras remains in the red by 0.4 percent after announcing that Massimo Moratti Sapa of Massimo Moratti, Angel Capital Management Spa and Stella Holding Spa, and Vitol BV, a Dutch company, have entered into a sale and purchase agreement under which the Moratti family has agreed to sell shares in Saras representing about 35 percent of the company's share capital to Vitol at a price of EUR1.75 per share. The price per share implies a capitalization of Saras around EUR1.7 billion.

Tod's gives up 0.1 percent after rising about 18 percent at Monday's close, after the company and L Catterton announced Saturday that the Italian listed company's majority shareholders-Diego and Andrea Della Valle through their vehicles-have signed a framework agreement with Crown Bidco for the latter to buy 11.9 million shares at EUR43.00 each, or 46 percent of the share capital, aimed at delisting from the Italian stock exchange. Crown Bidco's share capital is wholly owned by LC10 International AIV, a fund managed by affiliates of L Catterton Management, formed through a partnership between Catterton and LVMH.

Credito Emiliano leaves 0.1 percent on the parterre after reporting Thursday that it ended 2023 with a net profit of EUR562.1 million, which compares with a net profit of EUR326.1 million in 2022.

The sharp increase in net income prompted the bank's board to propose the distribution of an annual doubled dividend of EUR0.65 compared to EUR0.33 paid last year.

Pre-tax profit improved to EUR825.1 million from EUR475.2 million while profit from finance and insurance operations rose to EUR1.8 million from EUR1.4 million.

Among smallcaps, Edison climbs 4.3 percent after announcing Tuesday that it closed 2023 with a profit of EUR515 million from EUR151 million recorded in 2022, which was burdened with a tax rate of 74 percent due to the effect of the application of the "extra-profits" decrees.

Ebitda is EUR1.80 billion, a "record" figure up 71% from EUR1.05 billion in 2022.

Sales revenues amounted to EUR18.43 billion, down from EUR30.30 billion in the previous year. The reduction, the company says, is attributable, in particular, to the Gas Activity Branch, due to the evolution of the price scenario and the contraction of sales volumes, and to the Electric Power Branch with revenues down 16 percent to EUR8.34 billion, mainly due to lower thermoelectric production down 9.3 percent.

Also doing well were Antares Vision and Tessellis, both up 5.2%.

Banca Sistema gives up 1.7 percent. The board of directors on Friday approved the consolidated financial statements as of December 31, which closed with a net profit of EUR16.5 million compared to EUR22.0 million in 2022. Net interest income, at EUR67.0 million, is down 22 percent year-on-year.

Among SMEs, Alfonsino rises 8.7 percent after announcing Tuesday the completion of the process of integrating the proprietary Rushers platform within its business model.

Doing better is only AATech, which advances 10 percent.

Comal - in the red by 1.1 percent - announced Monday that it had signed a contract worth about EUR27.5 million with a leading Italian energy company for the turnkey, EPC-M formula supply of a photovoltaic plant in southern Italy. The contract also includes the sale of the "SUN HUNTER" tracker, a proprietary product designed and manufactured by Comal in its Montalto di Castro factory.

Almawave -- down 0.7 percent -- let it know Monday that it has obtained "prestigious certifications related to the use of Artificial Intelligence" in healthcare, a sector "that requires strict compliance with authorities' standards." Almawave, over the past two years, has worked to obtain two prestigious certifications in the healthcare field-issued by the DNV certifying body-synonymous with authority and quality of offerings, it noted in a note.

In New York, the Dow closed in the green by 0.3 percent at 38,797.38, the Nasdaq finished down 0.4 percent at 15,942.55, and the S&P 500 closed fractionally in the red at 5,021.84.

Among currencies, the euro changed hands at USD1.0772 against USD1.0776 recorded in Monday's European stock close, while the pound was worth USD1.2666 from USD1.2628 on Monday evening.

Brent crude is worth USD82.87 per barrel versus USD81.73 per barrel at Monday's close. Gold, meanwhile, trades at USD2,027.44 an ounce from USD2,016.30 an ounce last night.

Tuesday's calendar includes at 1430 CET, from the US, the Consumer Price Index while at 2230 CET it will be the turn of weekly oil stocks.

By Chiara Bruschi, Alliance News reporter

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