(Alliance News) - Major European stock markets closed in positive territory on Tuesday, on the day the International Monetary Fund slightly lowered its forecast for the global economy while predicting that most countries will avoid a recession this year despite economic and geopolitical concerns.

"European stock indexes continued to rise Tuesday despite the IMF forecasting global growth will slow from 3.4 percent in 2022 to a downwardly revised 2.8 percent this year. U.S. equity indexes traded flat or slightly negative ahead of Wednesday's U.S. FOMC minutes and March inflation report, which are expected to guide investors ahead of the start of Q1 earnings season, which kicks off on Friday," commented Axel Rudolph, market analyst at IG.

Thus, the FTSE Mib closes up 1.2 percent to 27,525.51, the Mid-Cap up 0.5 percent to 43,765.65, the Small-Cap gains 0.1 percent to 29,854.94, while Italy Growth loses 0.7 percent to 9,456.75.

In Europe, London's FTSE 100 is in the green 0.6 percent to 7,785.72, Paris' CAC 40 gains 0.9 percent to 7,390.28 and Frankfurt's DAX 40 is up 0.4 percent to 15,655.17.

On the main list in Piazza Affari, Saipem remains bullish and gains 3.3 percent, as does Banca Monte dei Paschi di Siena.

Azimut Holding - up 0.6 percent - reported Tuesday that it recorded positive net inflows of EUR621 million in March, bringing that since the beginning of the year to EUR2.6 billion.

In March alone, 83 percent of net inflows were directed into asset management products. Total assets including assets under administration stood at EUR83.0 billion at the end of March, of which EUR57.3 billion refer to assets under management.

High quarters also for CNH Industrial, which rises 2.9 percent. The company reported that its subsidiary CNH Industrial Capital has completed its USD600 million bond offering, with a coupon of 4.550% and maturity in 2028, with an issue price of 98.9%. Net proceeds from this offering were approximately USD588 million, after payment of the offering and other related expenses.

Eurizon Capital SGR, the asset management division of Intesa Sanpaolo--up 0.8 percent--reported Thursday that it has signed an agreement to take over 55 percent of Gruppo Zaffiro, an Italian company active in social and health care services.

The deal is expected to close during 2023, subject to obtaining approvals from the relevant authorities.

Zaffiro Group's current shareholders are Mittel with 60 percent and Blustone with 40 percent, the latter headed by founder Gabriele Ritossa.

FinecoBank rises 1.9 percent after reporting Thursday that net inflows in March were positive at EUR1.1 billion, bringing inflows since the beginning of the year to EUR2.7 billion.

Assets under administration totaled EUR1.6 billion and assets under management EUR155 million. The latter was driven by Fineco Asset Management's inflows of EUR423 million, able to intercept outflows from insurance of EUR421 million. The funding mix is influenced by the interest rate environment and volatility in the markets: in March, the transformation of non-transactional liquidity of EUR594 million towards both equity and bonds continued, also favored by the placement of the new BTP Italia for EUR423 million, in line with previous issues.

On the Mid-Cap, the Anima group's net asset management inflows - down 0.3 percent - in March 2023 were negative EUR493 million; at the end of March, total assets under management by the Anima group stood at over EUR182 billion.

It does best of all illimity Bank, in the green by 2.8 percent, followed by MFE's B shares, up 2.6 percent.

At the bottom is LU-VE, down 2.4 percent.

On the Small-Cap, Greenthesis rises 1.7 percent after it reported that it ended 2022 with a net profit of EUR18.6 million, up from about EUR10.0 million a year earlier.

Revenues were EUR171.7 million against EUR155.9 million in the previous year. Specifically, the main business areas Disposal, Treatment and Recovery, Environmental Remediation, and Energy Production show an increase of 13 percent, an increase of 0.7 percent, and an increase of 80 percent, respectively, compared to the actual figures for the same period in the previous year.

PLC trades up 0.4 percent, after announcing Wednesday that it has finalized the closing of the extraordinary transaction to sell 100 percent of the share capital of the Irish-registered company Monsson Operation Ltd and all companies directly and indirectly controlled by it, which constitute the Monsson perimeter, to the Luxembourg-registered company Monsson Sarl.

On the SME list, Saccheria F.lli Franceschetti closes in the green by 1.6 percent, after announcing Tuesday that it has been awarded the tender called by the Poste Italiane group -- in the green by 1.2 percent on the Mib -- for the supply and delivery of mail sacks for Postel, a Poste Italiane group company specializing in document management and communication services to support public and private companies.

The total award amount is about EUR2.5 million, including the CONAI fee; the duration of the contract is 18 months.

MeglioQuesto in the red by 0.7 percent after announcing that it has signed a binding agreement with the sellers of the investee MQ Digital, Pierluigi Ghiani and Francesco Simula, aimed at the subscription by them of a capital increase in MeglioQuesto reserved for them against the offsetting of the amounts still due as price balance totaling EUR3.5 million and payment of the earn-outs guaranteed under the sale and purchase agreement for an additional EUR3.5 million.

Deodato.Gallery is down 2.9 percent after announcing Tuesday that it represents Liu Bolin, an internationally renowned Chinese artist, having territorial exclusivity for his works in Belgium and Switzerland.

The company has signed an agreement with the artist for four years, extendable to five, and involves a total investment of EUR1.5 million. More than 20 works by Liu Bolin have already entered the collection, and Deodato.Gallery is organizing an exhibition in its galleries on the Swiss territory in the coming months.

In New York at the height of trading Tuesday, the Dow is up 0.3 percent, the Nasdaq gives up 0.6 percent while the S&P 500 is in fractional green.

Among currencies, the euro changes hands at USD1.0909 versus USD1.0924 at Thursday's close. In contrast, the pound is worth USD1.2419 from USD1.2450 on Thursday evening.

Among commodities, Brent crude is worth USD85.33 per barrel versus USD85.04 per barrel on Thursday evening. Gold, on the other hand, trades at USD2,019.65 an ounce from USD2,010.84 an ounce at Thursday's close.

On Wednesday's economic calendar, at 0150 CEST, bank loan data from Japan are expected, along with data on major machinery orders.

At 1130 CEST, an auction of 12-month Treasury bills is expected.

Overseas, at 1300 CEST it is the turn of the U.S. 30-year mortgage rate.

At 1430 CEST comes inflation data from the United States.

At 1600 CEST it is the turn of the Bank of Canada's monetary policy report, and half an hour later, again from the United States, data on crude oil stocks are expected.

Among the companies listed in Piazza Affari, the results of Bastogi and CleanBnB are expected.

By Claudia Cavaliere, Alliance News reporter

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