(Alliance News) - European markets move in a bearish trend on Wednesday, with trading rooms reckoning with a series of quarterly corporate results as they await the Federal Reserve's economic policy statement in the evening. The certainty of a 25-basis-point rate hike has already been largely factored in, directing attention to the press conference, where investors seek clarity on the star-studded central bank's future actions.
As a result, the FTSE Mib marks a 0.1 percent decline to 28,925.23, the Mid-Cap is giving up 0.3 percent to 42,096.10, the Small-Cap is in the red by 0.1 percent to 26,818.23, and Italy Growth rises fractionally to 9,077.46.
In Europe, London's FTSE 100 is in the red by 0.4 percent, Paris' CAC 40 is giving up 1.6 percent, and Frankfurt's DAX 40 is stepping back 0.8 percent.
On the highest capitalization list of Piazza Affari, the banking sector is confirmed as the locomotive wagon, with BPER Banca advancing 2.4 percent with price at EUR3.12 per share. Of note, Capital Fund Management cut its short position on the stock to 0.48 percent from 0.57 percent.
Banco BPM, on the other hand, marks a plus 1.2%, rearing its head again after the slight red on the eve.
Stellantis -- in the green by 2.0 percent -- reported Wednesday that it posted a net profit of EUR10.92 billion in the first half of the year, up 37 percent from the first half of 2022, when it was EUR7.96 billion. Net sales for the period amounted to EUR98.37 billion, up 12 percent from EUR88.00 billion in the same period of 2022.
Activity also for UniCredit -- up 0.7 percent -- after accounts released before the bell rang that recorded the best first half ever, closed net income reached a record level of EUR4.4 billion, up 91 percent on the same half of last year. Net of integration costs recorded in the second quarter, net book profit was EUR4.5 billion, recording the best first half year ever. Net revenues were EUR5.9 billion in the second quarter, up 24% year-on-year.
In the red, Campari is giving up 4.2 percent. The board of directors Wednesday approved the half-year financial report as of June 30, which closed with a net profit of EUR217.6 million, up from EUR199.5 million in the same period a year earlier. Adjusted net income was EUR234.6 million, up from EUR220.6 million. Net debt as of June 30, 2023 was EUR1.82 billion, up EUR268.0 million from December 31, 2022.
On the Mid-Cap, Antares Vision is at the bottom with minus 3.3 percent, heading into its fifth session on the bearish side.
Seco, on the other hand, is giving up 1.7 percent, after 0.9 percent green on eve.
Acea -- in the red by 0.6 percent -- saw adjusted net income rise during the first half of the year, a period in which capital expenditures increased and revenues fell slightly year-on-year, as disclosed Tuesday. The company's adjusted net income -- post minority interests -- rose 6 percent to EUR144 million from EUR138 million in the same period a year earlier while the unadjusted figure fell 22 percent to EUR142 million from EUR183 million.
newcleo, a clean and safe nuclear technology company engaged in the development of innovative Generation IV reactors that use existing nuclear waste as fuel, announced Tuesday that it has signed an agreement with Fincantieri and RINA, a multinational ship inspection, certification, classification and engineering consultancy. Fincantieri shares are flat at EUR0.4925.
On the upside is Zignago Vetro, which rises 1.6 with price at EUR15.76 in anticipation of accounts due on Friday.
The 'buy' side also prevails on Caltagirone, up 1.6 percent to EUR3.86 after a 3.1 percent decline on eve.
On the Small-Cap, Neodecortech advances 4.4% positioning the snout toward its third session to end bullish.
Sogefi, on the other hand, advances 2.8%, following eve's red with 4.0%.
PLC - in the green by 1.1% - announced Wednesday that PLC Service Srl, a group company, has been awarded the revamping and repowering of three photovoltaic plants for more than 13 MWp located in Puglia and Molise, held by a special purpose vehicle controlled by ERG Spa, a leading independent producer of energy from renewable sources in Italy. The total consideration for the contract amounts to more than EUR5.5 million.
Giglio Group, meanwhile, gives up 3.1 percent to EUR0.62 per share, heading for its third session to close among the bearish.
Among SMEs, boost on Italia Independent, which rises 3.7 percent, with price at EUR0.71 after eve's 8 percent decline.
G Rent, on the other hand, rises 3.5 percent to EUR0.89 after eve's 7.5 percent contraction.
Casta Diva, on the other hand, marks a plus 1.8 percent to EUR1.3950. It should be noted that the stock has doubled its market cap since the beginning of 2023, with an increase of more than 100 percent in fact.
At the tail end, Pharmacosmo gives up 4.0 percent to EUR0.9580, on the heels of eve's 3.1 percent red.
Intred, on the other hand, gives up 2.7 percent to EUR10.95 per share, bringing its loss since the beginning of the year to 24 percent.
In New York, the Dow closed down 0.1%, the Nasdaq gained 0.6%, and the S&P 500 closed up 0.3%.
Among currencies, the euro changed hands at USD1.1063 against USD1.1023 in Tuesday's European equities close while the pound was worth USD1.2891 from USD1.2835 Tuesday evening.
Among commodities, Brent crude is worth USD83.60 per barrel versus USD82.82 per barrel at Tuesday's close. Gold, on the other hand, trades at USD1,970.45 an ounce from USD1,959.21 an ounce Tuesday evening.
On Wednesday's macroeconomic calendar, from the US, focus on mortgages at 1300 CEST and housing market data, coming between 1400 CEST and 1600 CEST. At 1630 CEST, U.S. crude oil stocks will be released.
The data of the day, however, will come at 2000 CEST, with the Federal Reserve's decision on interest rates, to be followed by the press conference of the chairman, Jerome Powell, half an hour later.
By Maurizio Carta, Alliance News senior reporter
Comments and questions to redazione@alliancenews.com
Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.
