(Alliance News) - European stock markets closed lower in the second session of the week, with trading rooms once again expressing concern about the health of the global economy, while the Milanese square still managed to hold the bar above par.

Indeed, as for the planet's second-largest economy, data showed that service sector activity in August fell at the slowest pace since the strict coronavirus controls imposed by Chinese President Xi Jinping were lifted earlier this year.

In the Eurozone, economic data also fell short of expectations, with the HCOB composite PMI falling to 46.7 in August, down from 48.6 in July, the lowest level since November 2020. The reading was below the initial estimate of 47.

However, morning declines in European equities were balanced by gains in the energy sector after Saudi Arabia and Russia announced they would extend their 1 million barrel per day oil supply cut until the end of December, pushing up the barrel price.

Thus, the FTSE Mib closed just above par at 28,652.18, the Mid-Cap gave up 0.4 percent to 42,020.18, the Small-Cap closed 0.3 percent in the red at 27,198.25 while Italy Growth closed at par at 8,880.97.

In Europe, Paris' CAC 40 is in the red by 0.5 percent, Frankfurt's DAX 40 gives up 0.3 percent, while London's FTSE 100 is in the green by 0.1 percent.

On the bluechip list, Saipem advanced 2.6 percent to EUR1.50 per share, after a 2.3 percent decline on the eve of trading in line with rising barrel prices.

Indeed, parent company Eni also moved against this backdrop, taking home a plus 1.6 percent.

CNH Industrial advanced with 1.6 percent bringing the price up to EUR13.08 after the 0.9 percent green light on eve.

Good purchases were also made on Prysmian, which posted a plus 0.5 percent. The company on Tuesday disclosed that it has signed a capacity reservation agreement for a capacity reservation fee of up to about EUR90 million with Marinus Link Pty Ltd, a subsidiary of TasNetworks, Australia's transmission system operator, for a new power interconnection between Tasmania and the state of Victoria.

The agreement provides, among other things, for the Commonwealth government's guarantee of the capacity reservation fee of up to about EUR90 million and the continued availability of capacity by Prysmian until the final contract is signed to be in place by July 2024.

Generali closed down 0.5 percent to EUR18.91. Of note, Morgan Stanley raised its target price to EUR21.00 from EUR19.00. On Trieste's Leonde, the tp was also revised upward by Société générale, which set it at EUR20.00 from EUR18.10 previously.

BPER Banca - down 0.8 percent - on Tuesday reported that it had successfully completed the placement of its EUR500 million Senior Non Preferred bond issue with a maturity of 6 years and the possibility of early repayment after 5 years intended for institutional investors. Confirming the high market interest in BPER Bank, the issue raised orders exceeding EUR1.3 billion from about 130 investors.

Queue of the list also for also for Nexi, which gave up 1.4 percent ending for the fourth session in a row on the bearish side.

On the Mid-Cap, Fincantieri advanced well, appreciating 1.6 percent after falling 2.1 percent in the previous session.

Eurogroup Laminations, on the other hand, rose 2.6 percent, on the heels of the eve's gain that closed with a plus 0.3 percent.

Good session also for Carel Industries, which advanced 3.3 percent after the 0.2 percent red on eve.

GVS depreciates 4.0%, in its fourth session among the bearish. It reported Tuesday that it reported a net profit of EUR7.3 million in the first half, up from EUR32.4 million as of June 30, 2022. Consolidated revenues for the period amounted to EUR213.4 million, up 28 percent from EUR166.6 million in 2022.

Rear-views also for Safilo, which retreated 2.9 percent after a 0.9 percent profit in the eve.

On the Small-Cap, Fidia gave up 2.0% bringing the price to the EUR1.23 area.

Bastogi, on the other hand, gave up 0.3 percent, after 0.3 percent of assets in the previous session.

Softlab retreated 2.0%, placing the price at EUR1.71, after two sessions closed among the bullish.

LVenture, on the other hand, gave up 3.9%, veering downward after two bullish sessions.

Itway gives up 2.5 percent after reporting Friday that it has signed a partnership with CLoudian, a leading enterprise-class object storage software company. As Itway explains, this partnership aims to further expand Itway's cyber security and cyber resilience offerings. Itway Group expects revenues of EUR5 million in the next two years by operating in the service provider, public administration, healthcare, energy, education, banking and insurance sectors.

Piquadro advances 3.7 percent bringing the price to EUR. The company, which is continuing with its buyback program, most recently disclosed on Monday that it bought back its own shares in the period between Aug. 28 and Sept. 1 for a total value of EUR67,000 or so.

Among SMEs, Ecomembrane closed up 3.3 percent, after 2 percent on the eve.

Estrima, on the other hand, picked up 5.5 percent, after closing unchanged in the previous session.

Alfonsino gave up 1.3 percent, despite announcing on Tuesday that it had reached a collaboration agreement with Gruppo VéGé, the first Modern Distribution group to be born in Italy, consisting of 32 member companies located throughout Italy and active with more than 3,000 stores including hypermarkets, superettes and Cash&Carry.

Askoll Eva gave up 1.1 percent, bringing the price down to EUR0.5320 after a 2.2 percent decline on the eve.

ISCC Fintech, on the other hand, gave up 5.5 percent, with new price at EUR3.12 after two sessions closed among the bearish.

Among U.S. exchanges, the Dow Jones is giving up 0.2 percent, the S&P is in the red by 0.2 percent, and the Nasdaq is giving up 0.1 percent.

Among currencies, the euro changes hands at USD1.0715 to USD1.0791 in Monday's European stock close while the pound is worth USD1.2565 to USD1.2619 on Monday evening.

Among commodities, Brent crude is worth USD90.78 per barrel versus USD89.10 per barrel at Monday's close. Gold, meanwhile, trades at USD1,927.00 an ounce from USD1,938.07 an ounce on Monday evening.

On Wednesday's economic calendar, at 0800 CEST the factory orders in Germany, at 0930 CEST the construction PMI in Italy will be coming in, as well as in France and Germany and the Eurozone. At 1100 CEST the Eurozone retail sales figure.

At 1300 CEST the 30-year mortgage rate, at 1430 CEST the trade balance, at 1545 CEST manufacturing and services PMI. In the evening, at 2000 CEST there will be a Fed speech by Logan, and at 2230 CEST the weekly oil stocks figure.

Among companies, results from Aeroporto Guglielmo Marconi Di Bologna, Cellularline and Tod's are expected.

By Maurizio Carta, Alliance News reporter

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