(Alliance News) - Piazza Affari is expected to open Tuesday's session slightly down, on the day the preliminary PMIs of the major Eurozone economies will be released and with eyes on Juventus a few gold after the ruling on the new penalty.

Ten penalty points and seven executives acquitted. This is the outcome of the Italian Football Federation's Court of Appeal ruling against Juventus FC.

"The company awaits the publication of the grounds and reserves the right, in defense of its interests, to consider the submission of an appeal to the Collegio di Garanzia dello Sport, within the terms provided by the Sports Ordinance," is the only comment released by the company.

The FTSE Mib is given down 25.0 points or 0.1 percent after closing down 0.8 percent at 27,310.70 on Monday's session.

In Europe, London's FTSE 100 is given down 10.8 points or 0.1 percent, Paris' CAC 40 is indicated down 9.0 points or 0.1 percent and Frankfurt's DAX 40 is expected to be down 24.5 points or 0.2 percent.

Last night in Milan, the Mid-Cap closed down 1.0 percent to 43,026.12, the Small-Cap gave up 0.2 percent to 27,946.98 while the Italy Growth rose 0.5 percent to 9,174.07.

On the Mib, noteworthy was the performance of luxury stocks in Piazza Affari, where Moncler was the second best stock on the list, up 2.3 percent.

As Francesco Bonazzi, the Alliance News columnist wrote in his Affari in Piazza, "even on a day marked by the detachment of coupons for many big names on the Milan list, luxury stocks confirm all their strength. 2023 seems to promise even better results than last year, also and especially thanks to the strong recovery of the Chinese market."

"The big international brands are running, both on the stock market and on global markets, showing that they are more than holding up well even to inflation and rising rates in much of the West. According to industry experts, the spending appetite of the wealthiest consumers, who have not blinked an eye at even double-digit price increases, has not diminished in recent months. While there are more difficulties in dealing with the clientele of so-called affordable luxury, which is more exposed and sensitive to the economy and the decline in disposable income."

At the top was Banca Monte dei Paschi, which rallied 3.6 percent at the close, while buying also prevailed on Banco BPM, which is up 1.7 percent. Last week JPMorgan raised its target price to EUR4.90 from EUR4.40 with a 'neutral' recommendation.

At the bottom was CNH Industrial, down 1.3%. Of the other stocks in the Agnelli Galaxy, Ferrari closed up 1.1 percent, Iveco in the red 1.1 percent while Stellantis left 0.7 percent on the parterre. On the mid-cap, Juventus closed 0.6 percent in the red.

On the cadet segment, Brunello Cucinelli rose 2.0%, Salvatore Ferragamo gained 1.6% and Tod's 0.2%.

Good purchases were also made on Banca Ifis, which picked up 3.8%. The stock since the beginning of 2023 marks an asset of almost 10%. The bank announced Monday that it has signed a long-term partnership with Mediobanca to manage impaired loans.

According to the agreement, Banca Ifis will take over from Mediobanca, for a consideration of EUR100 million, Revalea Spa, a company created in 2022 from the spin-off of NPLs resulting from the acquisition of non-performing loan portfolios, a business that is no longer among Mediobanca Group's core activities.

Fincantieri -- in the red by 1.0 percent -- on Friday reported that the U.S. Department of Defense awarded Fincantieri's U.S. subsidiary, Marinette Marine, a contract to build the fourth "Constellation" class frigate, worth about USD526 million, for the U.S. Navy.

The contract for the first frigate and option for 9 additional ships, signed in 2020, has a total value of about USD5.5 billion and includes after-sales support and crew training.

Industrie De Nora - up 2.9 percent - announced Monday that Massimiliano Moi will assume the role of the company's chief financial officer as of May 29.

Moi will also assume the position of chief financial officer.

On the Small-Cap, Giglio Group rose more than 35 percent to EUR0.83 per share. The company reported last week that it reported consolidated revenues of EUR7.8 million in the first quarter, down from EUR11.5 million recorded in the same period last year. As of March 31, the company is in a loss of EUR974,000 from a profit of EUR463,000 in 2022. In addition, it informed on Wednesday evening that it had received a communication by PEC from the auditing firm BDO Italia Spa by which the latter had "irrevocably resigned" from its statutory audit assignment.

TXT e-solutions continues its buyback program. The company announced Friday that between May 8 and May 12, 2023, it bought back 26,200 of its own shares for a total value of about EUR512,000. The stock gained 0.6 percent to EUR19.18.

Itway - up 0.6 percent - announced Tuesday that the shareholders' meeting appointed a new board of directors.

The board of directors, is thus composed of Giovanni Andrea Farina, Cesare Valenti, Piera Magnatti, Valentino Bravi, and Viola Ferretti. The meeting also confirmed Giovanni Andrea Farina as chairman of the board of directors.

On the SME segment, LBM Next announced Monday that it had launched a tender offer aimed at delisting the shares of Labomar, which closed up about 12 percent, along with CCP NO. 7.2, a vehicle controlled by Charterhouse GP.

LBM Next is a company controlled by Walter Bertin, chairman and CEO of Labomar as well as the controlling shareholder of LBM Next through the holding company LBM Holding.

The takeover bid concerns nearly 6.0 million shares of Labomar, or about 32 percent of Labomar's capital, for which EUR10 per share is being offered, representing a premium of 14 percent over last Friday's closing. If the tender offer is fully subscribed, the promoters of the offer would spend EUR59.9 million.

Sebino--up 0.3%--reported Friday that the transfer of an 85.33% stake in the share capital of Sebino Spa to Sebino Holding Spa, a company in turn indirectly controlled by Seta Holding, was finalized with the closing procedures, as stipulated in the preliminary sale and purchase agreement signed on April 4.

Following the above, Sebino's board of directors, held on May 19, acknowledged the resignations of board chairman Franco Amigoni and Simona Barbu. The same board appointed board member Davide Jarach as new chairman and co-opted Jean Francois Aron and Fabrizio Rescigno as new board members, assigning the latter the position of vice chairman.

In Asia, the Nikkei is down 0.4 percent to 30,976.70, the Shanghai Composite is in the red 0.9 percent to 3,265.47, and the Hang Seng flexes 0.8 percent to 19,514.15.

In New York, the Dow closed Monday down 0.4 percent to 33,286.58, the Nasdaq gained 0.5 percent to 12,720.78 and the S&P 500 finished just above par at 4,192.63.

Among currencies, the euro changed hands at USD1.0809 versus USD1.0800 at Monday's close. In contrast, the pound is worth USD1.2430 from USD1.2424 last night.

Among commodities, Brent crude is worth USD76.30 per barrel versus USD76.00 per barrel on Monday evening. Gold, on the other hand, trades at USD1,961.36 an ounce from USD1,974.15 an ounce on Monday night.

On Tuesday's macroeconomic calendar, between 0915 CEST and 1030 CEST, the composite, manufacturing and services PMI index from France, Germany, the Eurozone and the UK are expected.

At 1000 CEST, current account and the Eurozone current account also arrive.

Overseas, at 1545 CEST, it is the turn of the U.S. composite, services and manufacturing PMI index.

Among the companies listed in Piazza Affari, results from Ki Group, MFE-MediaForEurope and Solutions Capital Management SIM are expected.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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