(Alliance News) - European stock markets opened lower on Tuesday, with traders assessing a series of economic data and quarterly earnings reports that are gradually appearing on economic calendars.

On the macro front, Germany's inflation rate was confirmed at 8.6 percent, down for the second consecutive month from its all-time high in October, suggesting that cost pressures in Europe's largest economy eased in December.

The U.K. employment report showed that the pace of wage growth accelerated in the three months to November, setting the highest increase since back in 2001.

Maximum focus on what is happening in Japan, where the yen, in exchange with the dollar, is trading in the JPY128.86 area, down slightly from the previous day. The Japanese currency is weakening ahead of a key monetary policy announcement by the Bank of Japan on Wednesday, in which there is speculation that the BoJ may suspend its yield curve control policy. The BoJ bought more than JPY2 trillion -- about USD15.6 billion -- of government bonds Monday before its meeting, the Nikkei reported.

Thus, the FTSE Mib is giving up 0.3 percent to 25,837.12.

Among other European exchanges, London marks a red 0.2 percent as does Paris, while Frankfurt marks minus 0.3 percent.

Among the smaller listings, the Mid-Cap is up 0.2% to 42,332.22, the Small-Cap rises just above par, while Italy Growth is climbing 0.2% to 9,540.09.

On the main list in Piazza Affari, Leonardo jumps to the top, advancing 5.9% to EUR8.74. On the stock it is reported that Goldman Sachs raised its recommendation to 'buy' from 'neutral' with fair value at EUR11.70.

Telecom Italia also did well, posting a plus 2.6 percent. The company announced Monday that Vivendi CEO Arnaud de Puyfontaine has resigned from his position as a member of TIM's board of directors, effective immediately.

de Puyfontaine, reads a company note, explained "how, at this stage of constructive dialogue between TIM's main shareholders and the institutions under the leadership of the new government, it is essential that all parties are free to work constructively and transparently in the interest of the company and all its shareholders."

Tenaris, on the other hand, rises 2.4 percent, rearing its head again after two bearish sessions.

Among the bearish, list minority, FinecoBank gives up 1.2 percent, closing down the list.

On the cadet segment, Juventus FC advances, up 3.4% after eve's green with 0.8%.

Seco, on the other hand, advances with 1.7 percent. Axelera AI on Tuesday announced that it has selected Seco as the sole European developer of edge AI solutions based on its MetisTM AI platform, a high-performance, cost-effective and user-friendly platform that combines hardware and software to accelerate computer vision on the edge.

Seco will gain privileged access to Axelera AI technology and complete the design of a development board and module based on a standard form factor.

Brunello Cucinelli announced Monday that it bought back its own ordinary shares in the period between Jan. 10 and Jan. 13, 2023, for a total consideration of about EUR1.7 million. The stock appreciates with 0.9 percent.

At the tail end, Ascopiave gives up 1.1 percent. The stock is profit taking after four straight sessions ended on the bullish side.

On the SmallCap, Openjobmetis advances on 5.4%, pointing to its third session on the bullish side.

On the other hand, Orsero rises 4.2 percent, heading for the fifth session to end on the bullish side.

At the tail end Netweek gives up 4.5 percent. The stock-which has been missing the ex-dividend since 2008-gives up the same percentage on a weekly basis.

Among SMBs, Grifal rises well, marking a plus 5.9 percent following up on the double-digit rise - over 14 percent - of the eve. An unusual high trading volume is marked on the stock at 32,000 against a daily average of 15,6000 recorded over the past three months.

Alfonsino -- on a volatility auction after rising 9.6 percent to EUR0.5480 -- reported Tuesday that it had posted revenues of EUR4.6 million in 2022, up 17 percent from EUR3.9 million a year earlier. Orders, on the other hand, rose 20 percent year-on-year to 550,000.

Among the bearish, narrow group also in this segment, Agatos gives up 3.5 percent to EUR0.6360. However, the stock has made a good start to 2023, with assets marking plus 13 percent.

Doxee, on the other hand, gives up 1.4 percent, reversing course after two bullish sessions.

Among Asian exchanges, the Hang Seng gave up 1.0% as did the Shanghai Composite, while the Nikkei rose 1.2%.

Among currencies, the euro changed hands at USD1.0818 versus USD1.0823 at Monday's close. In contrast, the pound is worth USD1.2192 from USD1.2204 on Monday evening.

Among commodities, Brent crude is worth USD84.60 per barrel from USD84.03 per barrel last night. Gold, meanwhile, trades at USD1,908.47 an ounce from USD1,917.95 an ounce last session.

Tuesday's economic calendar continues with the consumer price index for Italy, due at 1000 CET, while at 1100 CET, it is the turn of the ZEW index of German economic conditions in Germany. At the same time, the ZEW confidence sentiment for the Eurozone is released.

At 1300 CET, the OPEC monthly report is expected.

In the afternoon, data on inflation, foreign bond buying, and foreign bond buying will arrive from Canada.

Among the companies listed in Piazza Affari, the results of Gibus are expected.

By Maurizio Carta, Alliance News reporter

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