(Alliance News) - The Mib closed just below par on Tuesday, bringing the bar just below 34,400 points. Traders are analyzing Fed Chairman Powell's dovish remarks, which reinforced expectations of a September rate cut, as well as monitoring the political situation in the US. In Europe, the ECB is expected to maintain current interest rates on Thursday.

Most ECB members, however, align with market forecasts of one or two rate cuts this year.

On the domestic side, annual inflation rate in Italy was 0.8 percent in June 2024, remaining unchanged from the previous two months and in line with preliminary estimates.

The FTSE Mib, as anticipated, closed just below par at 34,369.19, the Mid-Cap closed up 0.4 percent at 48,715.98, the Small-Cap rallied 0.1 percent to 29,117.41, and Italy Growth rallied 0.1 percent to 8,135.13.

In Europe, Paris' CAC 40 closed 0.7 percent in the red, London's FTSE 100 down 0.2 percent, and Frankfurt's DAX 40 gave up 0.4 percent.

On the Mib, boost on FinecoBank, which rose 3.3 percent to EUR15.75 per share. The stock during the session updated its 52-week high to EUR15.81 per share.

Strength also on Banca Popolare di Sondrio, which moved up 2.4 percent, rearing its head after three sessions closed with a bearish trend.

Prysmian, on the other hand, rose 2.2%, after two bearish sessions.

Mediobanca, on the other hand, closed up 0.9% at EUR14.41 per share. Of note, UBS raised its target price on the stock to EUR15.70 from EUR15.60 with a 'buy' recommendation.

UniCredit - in the green by 0.8 percent - reported on Tuesday the purchase of 2.1 million shares between July 8 and 12, at an average price of EUR36.9601 for a total value of EUR79.2 million. Following these purchases and since the start of the third tranche of the buyback, UniCredit holds 13.3 million shares or 0.8 percent of the share capital.

On the MidCap, boost on Maire Tecnimont, which brought home a plus 3.1 percent, on its fifth bullish candlestick session.

d'Amico, on the other hand, equally rallied 3.1% to EUR7.27 per share, rearing its head after three sessions closed among the bearish.

CIR - up 0.2 percent - reported Monday that it had purchased 1.4 million of its own ordinary shares between July 8 and 12. The shares were taken over at an average price per share of EUR0.6034, for a total value of EUR832,000.

In contrast, Alerion gave up 3.2 percent to EUR15.30, in its third bearish session.

On the Small-Cap, boost on Italian Exhibition Group, which took home 4.7 percent to EUR6.68, on its third session closed with a bearish candle.

Safilo - in the red by 0.4 percent - reported Tuesday that it bought back 389,736 of its own ordinary shares between July 8 and 12. The shares were taken over at an average unit price of EUR1.0830, for a total value of about EUR422,000.

Banca Sistema advances 4.6 percent to EUR1.58 per share, ringing in its third bullish session.

Sell-offs, among the many, on Exprivia, which closed down more than 12 percent after a 0.3 percent green on eve, which followed a bearish four days.

Among SMEs, strength on Health Italia, which is up 8.0% to EUR105.00 per share after two bearish sessions.

Deodato.Gallery - flat at EUR0.39 - on Tuesday unveiled Pizza Art Box, the latest project resulting from a collaboration with Crazy Pizza, the youngest of the Majestas Group brands. The artist chosen for the first Pizza Art Box is Marco Lodola, one of the best known and most appreciated contemporary Italian artists, one of the founders of the New Futurism artistic current and famous for his scenographic light sculptures.

Farmacosmo - in the red by 2.2 percent - announced that it has established Farmacosmo Logistics Srl, to which the logistics activities currently carried out by the company will be transferred.

Caribbean Company gave up 6.0%, with price at EUR1.02, subject to profit taking after three bearish sessions.

In New York, the Dow is advancing 1.3%, the Nasdaq is just below par, and the S&P 500 is advancing 0.3%.

Among currencies, the euro changes hands at USD1.0884 from USD1.0912 in Monday's European stock close while the pound is worth USD1.2958 against USD1.2986 on Monday evening.

Among commodities, Brent crude is trading at USD84.03 per barrel from USD85.09 per barrel at Monday's close. Gold, on the other hand, trades at USD2,464.92 an ounce from USD2,433.31 an ounce on Monday evening.

Wednesday's macroeconomic calendar includes inflation and retail price data from the United Kingdom at 0800 CEST.

At 1100 CEST, from the Eurozone will equally come the inflation figure.

From the US, at 1300 CEST, the mortgage data will be released, and at 1430 CEST, the various housing market reports will be available.

At 1630 CEST, the crude oil stocks data, Cushing inventory and the EIA report will be released.

Among the companies in the Italian stock market, Altea Green Power will release its half-year results.

By Maurizio Carta, Alliance News reporter

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