(Alliance News) - Major European stock markets followed a bullish course in mid-session on Tuesday after the release of Eurozone and Italian GDP data.

Italy's Gross Domestic Product grew beyond estimates in the fourth quarter of last year, as released by Istat on Tuesday, which released preliminary data.

The Italian economy grew 0.5 percent year-on-year in the fourth quarter after increasing 0.1 percent in the third quarter and beating market estimates of a 0.3 percent increase.

In the Eurozone and EU, however, seasonally adjusted fourth-quarter GDP was flat from the previous quarter, according to a preliminary flash estimate released by Eurostat on Tuesday.

In the third quarter, GDP had declined by 0.1 percent in both areas.

Thus, the FTSE Mib is in the green by 0.4 percent to 30,364.93, the Mid-Cap gains 0.2 percent to 45,404.16, the Small-Cap gives up 0.4 percent to 27,656.68, while Italy Growth is in fractional green at 8,315.39.

In Europe, Paris' CAC 40 is in the green by 0.5 percent, London's FTSE 100 gains 0.6 percent, and Frankfurt's DAX 40 advances 0.2 percent.

On the Mib Saipem gives up more than 10 percent. The company confirmed Tuesday an incident on the pipelaying vessel Castorone off Australian waters during normal pipelaying operations.

"The incident did not cause any injuries to personnel and there was some localized damage to the main line which will be remedied. The vessel Castorone was not seriously damaged. The health and safety of our personnel, the environment and our assets are a top priority for Saipem," reads the note released by the company.

Also hurting is ERG, which gives up 0.8 percent after announcing the finalization of the acquisition from QEnergy France SAS, a leading renewable energy operator in France, of 100 percent of CEPE Renouvellement Haut Cabardès SAS, a company that owns a 73.2 MW wind and solar portfolio in France.

The finalization of this transaction allows ERG to consolidate its position in France, the second largest market after Italy, reaching 674 MW of installed capacity in the country, of which about 20 percent consists of solar.

The top spots are occupied by banks, with BPER Banca at the top, up 2.0%. They are followed by Banco BPM and Intesa Sanpaolo, up 1.7 percent and 1.4 percent respectively, while UniCredit, Banca Monte dei Paschi di Siena, Banca Mediolanum and Mediobanca rank with gains between 1.2 percent and 1.0 percent.

Assicurazioni Generali -- down 0.2% -- announced Tuesday its intention to initiate a EUR500 million share buyback plan, which will be submitted for approval at the April shareholders' meeting.

On the Mid-Cap, Digital Value rises 3.3 percent to the top, followed by Technoprobe with 2.8 percent and Rai Way with 2.6 percent.

Salvatore Ferragamo gives up 2.9% and ends up at the bottom. In recent days it reported preliminary results for 2023, with revenues coming in at EUR1.16 billion from EUR1.25 billion in the previous year and therefore down 7.6 percent.

Saras also hurt, in the red by 2.9 percent.

On the Small-Cap, Biesse - down 0.7% - reported Monday that, as the conditions precedent stipulated in the acquisition agreement had been fulfilled, the acquisition of the entire share capital of GMM Finance Srl, the holding company at the head of the GMM Group to which GMM Spa, Bavelloni Spa and Techni Waterjet Ltd, as well as their respective Italian and foreign subsidiaries, active in the sectors of machine tools for processing stone, glass and other materials, belonged.

The provisional acquisition consideration of approximately EUR69 million was fully settled in cash starting from an enterprise value of EUR86.5 million and taking into account a Net Debt Financial Position.

Aeffe - in the red by 0.2 percent - reported that Adrian Appiolaza is the new creative director of Moschino.

Among SMEs, ESI rises 0.4 percent after letting it be known that the board of directors confirmed Riccardo Di Pietrogiacomo to the role of CEO and replaced resigning director Matteo Marini, appointing Valerio Verderio by co-optation.

Alfonsino divests 2.5 percent. The company Tuesday reported preliminary revenues for 2023, in which they came in at EUR4.3 million, down 7.0% from EUR4.6 million for 2022.

In New York at Monday's close, the Dow gained 0.6 percent to 38,333.45, the Nasdaq rose 1.1 percent to 15,628.04, and the S&P 500 was up 0.8 percent to 4,927.93.

Among currencies, the euro changed hands at USD1.0838 against USD1.0805 recorded at Monday's European stock close while the pound is worth USD1.2679 from USD1.2679 last night.

Brent crude is worth USD82.46 per barrel versus USD81.91 per barrel at Monday's close. Gold, meanwhile, trades at USD2,036.13 an ounce from USD2,027.45 an ounce on Monday evening.

On Tuesday afternoon's calendar, from the U.S. at 1500 CET eyes on the housing price index, while at 2230 CET the weekly oil stocks report will be coming in.

By Chiara Bruschi, Alliance News reporter

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