Originating from Milan, Italy, panettone (pahn-EHT-toh-nee) is served during Christmastime and other special occasions. Rich and wonderful, the fruit-and-nut filled bread is served for breakfast or dessert.
Add the first 11 ingredients to a 2-pound bread machine according to the manufacturer's directions. Select the dough cycle.
Meanwhile, coat an 8x3-inch springform pan or souffle dish with cooking spray. For collar, cut a piece of clean brown wrapping paper into a 25x6-inch strip. Fit the collar around the inside of prepared pan, overlapping slightly. Coat the inside of collar with cooking spray. Set aside.
When cycle is complete, remove dough. Punch down. On a lightly floured surface, gently knead in raisins. Shape dough into a ball. Place in collared pan and flatten slightly to cover bottom of pan. Cover; let rise in a warm place for 45 to 60 minutes or until nearly double.
Stir together the 1 egg and the water; brush over top of loaf. Sprinkle with the 1 tablespoon pine nuts. Bake in a 350 degree F oven for 55 to 60 minutes or until a wooden skewer inserted into center of bread comes out clean. If necessary, loosely cover with foil the last 10 to 15 minutes to prevent overbrowning.
Cool in pan on a wire rack for 10 minutes. Remove from pan; cool completely. If desired, sprinkle with powdered sugar. Makes 12 servings.