(Alliance News) - European stock markets Tuesday--according to the futures market--are headed for a downward opening.

In economic news, German industrial production expanded 2.9 percent on a monthly basis in August, surpassing market estimates of 0.8 percent growth and recovering the previous month's upwardly revised 2.9 percent decline, marking the fastest pace since March 2021. On a year-over-year basis, however, industrial production fell 2.7 percent in August, a much smaller decline than the 5.6 percent drop recorded in July.

The eurozone economy is weaker than expected, and the ECB must assess the knock-on effect on consumer prices at next week's meeting, Executive Board member Frank Elderson told the Slovenian daily Delo.

"Several recent indicators suggest that risks of lower economic growth are already materializing," he said in an interview published Tuesday. "We will therefore have to consider carefully whether this will have implications for our inflation forecasts."

Elderson said officials will come "with an open mind" to the Oct. 16-17 meeting and that he expects "a very genuine and open discussion."

Thus, the FTSE Mib-after closing in the green by 0.7 percent at 33,814.52 last night-is marking a decline of 257.50 points.

In Europe, London's FTSE 100 is giving up 73.90 points, Paris's CAC 40 is retreating 83.60 points, and Frankfurt's DAX 40 is giving up 167.60 points.

Among the smaller lists, the Mid-Cap last night closed in fractional green at 46,483.21, the Small-Cap equally in marginal green at 28,204.50, and Italy Growth, on the other hand, gave up 0.1 percent to 8,039.68.

On the Mib last night, Amplifon did best of all, taking the top spot with a 4.5 percent gain at EUR26.89. On Amplifon JPMorgan raised its target price to EUR33.70 from EUR31.30 with 'neutral' title.

Recordati also did well, in the green by 2.2 percent. The company announced before the open that it had signed an agreement with Sanofi to acquire global rights to Enjaymo, a biologic drug that is the only approved product targeted for the treatment of cold agglutinin disease, a rare B-cell lymphoproliferative disorder. Recordati will make an up-front payment of USD825 million and additional payments tied to commercial milestones of up to USD250 million if net revenues reach certain thresholds equal to or above expectations of peak total annual sales, the company explained in a note.

Italgas -- in the green by 0.7 percent to EUR5.43 per share -- on Monday announced details of its new 2024-2030 strategic plan, which envisages investments over the plan period of EUR15.6 billion, up 92 percent from the previous plan.

These investments are earmarked for the purchase of 2i Rete Gas, interventions in the development of gas distribution in Italy and Greece, strengthening the presence in the water sector, and accelerating growth in the field of energy efficiency, with a strong commitment to the achievement of EU climate goals, the company announced.

Eni, on the other hand, rose 1.3 percent. The company announced over the weekend that it had signed a memorandum of understanding with the government agency Japan organization for metals and energy security with the aim of collaborating on gas and LNG to increase diversification of supply sources.

Also among the bullish performers is STMicroelectronics, in the green by 0.1 percent after much of the session among the bearish. Also going down is ERG, down 1.5%, which ranks at the tail end of the list.

Telecom Italia gave up 0.5 percent. The company reported Friday that the board of directors examined the non-binding offer for the purchase of TIM Sparkle received from the Ministry of Economy and Finance and Retelit, unanimously resolving to mandate CEO Pietro Labriola to initiate interlocutions with the bidders, on an exclusive basis, aimed at deepening the economic and financial profiles of the transaction and obtaining the submission by November 30 of a binding offer according to the best terms and conditions.

The board also unanimously resolved to qualify the MEF as the majority shareholder of the vehicle that would acquire the stake in Sparkle as a related party of TIM. Consequently, the provisions for major transactions will be observed when evaluating the Sparkle takeover offer.

On the Mid-Cap, Anima Holding gave up 0.67 percent after it reported Monday that net inflows of assets under management in September were negative EUR140 million. Total assets under management stood at EUR203.4 billion.

Also among the bearish performers is Juventus FC, down 4.2 percent after the domestic draw in which it split the stakes with Cagliari.

Doing well was Digital Value, which took the top spot with a 6.0% rise on the heels of Friday's 3.0% green.

LU-VE, on the other hand, advanced 0.4%. The latter announced the closing of the purchase of the remaining 25 percent, in subsidiary Refrion, headquartered in Flumignano, in the province of Udine. The purchase agreement for 75% of Refrion included an option to purchase the remaining 25%, exercisable within the next five years.

Among the smallcaps, Borgosesia -- up 2.0 percent -- reported Friday that during the first nine months real estate sales totaled EUR20.7 million, down about 19 percent from EUR25.5 million in the same period of 2023, affected by the higher incidence brought to the overall portfolio by assets intended for rental.

KME, on the other hand, rallied 5.1 percent to EUR0.9260, after two sessions closed among the declines.

Giglio Group closed 8.4 percent in the red, following Friday's 3.2 percent decline. The stock had previously come from seven bullish sessions.

CSP International, on the other hand, gave up 6.3 percent to EUR0.2850, in its third bearish session.

Among SMEs, Green Oleo took home a 5.7 percent gain at EUR0.93 per share, rebounding after four bearish sessions.

Palingeo climbed 2.2 percent Monday after announcing the award of a tender, in a joint venture with Bertini Costruzioni Srl and Allara Spa, on behalf of the West Sesia Irrigation Association. The work, with a total value of about EUR25 million, of which EUR11.3 million relates to the OS21 category and awarded to Palingeo, will be carried out in 2025 and the first half of 2026.

Planetel - in the red by 3.0 percent - announced that it has finalized the merger by incorporation of Net-Admin.

Health Italia, on the other hand, gave up more than 11 percent, bringing its price to EUR119.00 per share.

In New York, the Dow gave up 0.9 percent, the Nasdaq fell 1.2 percent, and the S&P 500 closed down 1.0 percent.

In Asia, the Nikkei gave up 1.1 percent, the Shanghai Composite rose 3.7 percent, while the Hang Seng is giving up 7.3 percent.

Among currencies, the euro changes hands at USD1.0984 against USD1.0975 yesterday in European equities closing while the pound is worth USD1.3091 from USD1.3079 last night.

Among commodities, Brent crude is trading higher at USD79.65 per barrel versus USD80.58 per barrel in Monday's European stock close. Gold, on the other hand, trades at USD2,645.43 an ounce from USD2,650.00 an ounce last night.

Tuesday's macroeconomic calendar includes a speech by ECB's Schnabel at 0900 CEST. Also at 1200 CEST, the Ecofin meeting will begin.

At 1430 CEST, from the US, it will be time for the release of the trade balance data, while at 1845 CEST, Bostic of the FOMC will speak.

At 2230 CEST, there will be the release of the weekly oil stocks data.

Among the companies, no special appointments are scheduled.

By Maurizio Carta, Alliance News reporter

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