(Alliance News) - The major European stock markets close below par on Monday, with the Mib following a bearish trend on the day when Istat reported that Italian inflation slowed sharply in March, more markedly than initially expected.

In fact, consumer prices in Italy rose 7.6 percent in March on an annual basis after rising 9.1 percent in February. Istat's initial estimate gave an increase of 7.7 percent.

Meanwhile, oil stocks are suffering as Brent crude declines sharply since Friday and traders await China's GDP due tomorrow. "China's appetite for oil is expected to grow as recovery from the pandemic freeze continues apace," said Susannah Streeter, analyst at Hargreaves Lansdown.

Thus, the FTSE Mib closed in the green by 0.9 percent at 27,872.24.

Among the smaller listings, the Mid-Cap closed 0.6 percent in the red at 43,919.90, the Small-Cap up 0.1 percent to 29,973.09, and Italy Growth closed 0.2 percent in the red at 9,335.84.

In Europe, London's FTSE 100 closed just above par, while Frankfurt's DAX 40 closed 0.1 percent in the red and Paris' CAC was 0.3 percent down.

On the main list in Piazza Affari, Banco BPM took the top spot with 3.0% while other banking stocks suffered, with FinecoBank giving up 4.3% and ending at the bottom, UniCredit closing 1.3% in the red, and Intesa Sanpaolo losing 1.1%.

Oil stocks also contracted, with Saipem down 4.0%, Tenaris down 0.8%, and Eni is the only one to cash in with a gain of 0.6%, because even on the Mid, Saras retreats 0.9%.

Enel closes up 0.2% after "foreign funds" issued a challenge to the government over the appointments, described in a note as "opaque," writes Francesco Bonazzi in Alliance News, with Covalis Capital, a global asset manager focused on infrastructure, utilities, renewable energy, industry and commodities, presenting an alternative list.

"It was definitely expected that this morning some foreign funds, after Enel's stock was pelted by selling on the day of the nominations of Flavio Cattaneo and Paolo Scaroni, would present an alternative list to that of the Treasury and Assogestioni. What was not easily anticipated was the accompanying message so direct," Bonazzi writes.

Terna -- in the green by 0.7 percent -- announced Friday that it had successfully launched a EUR750 million, single tranche, fixed-rate bond issue in euros.

Hera, in the black by 1.1 percent, announced Friday that it had launched its second sustainability-linked bond and the activation of a new Sustainability-Linked Revolving Credit Facility, with which the multi-utility will allocate more than EUR1 billion in financing to projects supporting the green transition.

Specifically, the EUR600 million of the new non-convertible bond is part of the sustainability strategy aimed at decarbonization and recycling of plastics, while the new EUR450 million "Sustainability-Linked Revolving Credit Facility" further expands the innovative financial products and instruments adopted by the company, helping to maintain its financial strength.

On the Mid-Cap, Cassa Depositi e Prestiti announced on Monday that it has financed Banca Popolare di Sondrio -- in the red by 0.4 percent -- with EUR150 million to foster the growth of Italian companies.

In detail, each loan granted by the bank to Italian companies thanks to CDP resources may have a maximum amount of EUR12.5 million, with a minimum term of no less than 24 months.

Among the bullish performers, Italmobiliare ends on top with 2.5 percent followed by CIR and ACEA, up 2.1 percent and 1.5 percent.

On the Small-Cap, Mondo TV rises 5.8 percent after announcing Monday a preliminary agreement to sign a pre-sale agreement with Italian television station Rai Kids for the Agent 203 series, commissioned by German TV Super RTL and co-produced with Toon2Tango.

The agreement includes a seven-year license for Free TV and VOD rights for the Italian territory, and its value corresponds to about 8 percent of the parent company's revenues for 2023.

Better do Bioera, which finishes up 20 percent, and Autostrade Meridionali, which closes in the green by 12 percent.

Gefran gives up 1.1 percent. The company announced Monday the passing of Ennio Franceschetti, honorary chairman and founder of the company.

Franceschetti had served as honorary chairman since 2018.

TXT e-solutions - in the red by 1.1 percent - announced Thursday that it had subscribed to the capital increase in Simplex Human Tech Srl under which TXT holds a minority stake in Simplex, representing 15 percent of the Insurtech start-up's share capital.

Among SMEs, Maps closed in the red by 0.6 percent. On Friday--following up on its November 2022 announcement--it disclosed that notarial deeds of merger of Micuro Srl and Optimist Srl into Artexe Spa have been signed.

"The mergers are part of the broader process of corporate rationalization and simplification of Maps Group. These were approved, respectively, by the extraordinary shareholders' meeting of Artexe and the shareholders' meeting of Micuro on Jan. 25, 2023 as well as by the shareholders' meetings of Optimist and I-Tel," the company note reads.

First Capital rises 0.5 percent after announcing Friday that it has completed the divestment of its stake in Net Insurance.

The divestment of the stake in Net Insurance, which was equal to 5.5 percent of the share capital, took place mainly in adherence to the voluntary total takeover bid promoted by Net Holding - Poste Vita - and, residually, through market sales, generating total proceeds of EUR10.5 million.

Vimi Fasteners advances 9.4 percent after reporting Friday that revenues for the first quarter increased to EUR14.4 million from EUR12.7 million in the same period last year.

The revenues show the group's significant presence in the Industrial sector, which as of March 31 was around 56 percent of total revenues for the period, in line with the first quarter of 2022. Also confirmed is a group order backlog value as of March 31, 2023, net of the aforementioned revenue value, of EUR32.8 million. This value compares with an order backlog of EUR30.2 million recognized in the first quarter of 2022.

Defence Tech Holding - in the green by 0.9 percent - announced Monday that shareholders decided to expand the board to seven members, allowing Valerio Veronesi and Pietro Forgione to join.

As the company explains, the expansion of the board is aimed at strengthening the company by bringing in additional key cross-functional and cyber expertise, enhancing the group's capabilities with a more structured management structure with respect to new market opportunities and those arising from the macro-trends of the reference sectors in which the company operates.

In New York, the Dow Jones is in the fractional red, the S&P gives up 0.2 percent, and the Nasdaq is in the red by 0.3 percent.

Among currencies, the euro changes hands at USD1.0915 versus USD1.1026 at Friday's close. In contrast, the pound is worth USD1.2359 from USD1.2521 on Friday evening.

Among commodities, Brent crude is worth USD84.98 per barrel compared to USD87.31 per barrel Friday night. Gold, on the other hand, trades at USD1,990.12 an ounce from USD2,028.01 an ounce at Thursday's close.

On Tuesday's economic calendar, the morning begins with a long series of Chinese macros, at 0400 CEST, including GDP, industrial production, retail sales, and the unemployment rate.

At 0800 CEST coming in, from the UK, is the average wage index including bonuses, the change in claims for unemployment benefits, and the unemployment rate.

At 1000 CEST the Italian trade balance is due and at 1100 CEST the ZEW index of German economic conditions.

At 1100 CEST European trade balance data and the ZEW sentiment of confidence will come out.

In the afternoon, from the U.S. coming up are building permits while from Canada, the index of key consumer prices.

At 1800 CEST, however, UK labor productivity data are expected.

In Piazza Affari, results from Brunello Cucinelli, Eems, Generalfinance and MFE-MediaForEurope are expected.

By Chiara Bruschi, Alliance News reporter

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