(Alliance News) - On Thursday, the Mib fluctuates lower for the second day in a row, on the lows of more than a week in the 28,000 area, in line with other European exchanges, after the minutes of the Fed's July meeting raised doubts about the U.S. central bank's plans on interest rates.

Federal Reserve members continue to see upside risks to inflation, not entirely closing the door on the possibility of further interest rate hikes.

"The minutes of the July FOMC meeting, released yesterday, showed that a majority of members continue to see upside risks to the inflation outlook and left the door open to further tightening. This mirrors what was previously indicated in the dot plot projections, but we believe that the encouraging developments on the disinflation front mean that the Fed will not be forced to make new hikes and will instead opt for a long pause before cutting back in 2024," commented Francesco Pesole of ING.

Among the macro data, the first estimate of Eurozone goods exports to the rest of the world in June was EUR252.3 billion, up 0.3 percent from June 2022, when it was EUR251.5 billion. Imports from the rest of the world stood at EUR229.3 billion, down 18 percent from June 2022, when they stood at EUR278.5 billion.

As a result, the Eurozone recorded a EUR23 billion surplus in goods trade with the rest of the world in June, compared to a EUR27.1 billion deficit in June 2022.

Thus, the FTSE Mib is down 0.3 percent to 28,086.04, the Mid-Cap gives up 0.6 percent to 41,782.40, the Small-Cap is in the red 0.3 percent to 26,909.56 while Italy Growth gives up 0.3 percent to 8,904.98.

In Europe, Paris' CAC 40 is down 0.2 percent, as is Frankfurt's DAX, while London's FTSE 100 is in the red by 0.1 percent.

On the main index in Piazza Affari, good trades for Banco BPM, which brings the bar up 1.1 percent in an almost completely bearish list. The bank announced that, as part of its program of interventions to support businesses, it will launch a new initiative on electronic payments that aims to curb the fees charged to companies and, at the same time, incentivize the digitization of payments and the further spread of electronic instruments even for small-value transactions.

In detail, for each transaction made on the PagoBANCOMAT circuit of an amount less than or equal to EUR10.00, executed from October 1, 2023 to June 30, 2024, Banco BPM will reimburse merchants for the fees they pay.

Good buys also on Generali, which is priced up 0.9 percent after contracting with 0.5 percent in the previous session.

At the tail end, Nexi closes the list, giving up 2 percent. The stock, which trades with price at EUR6.72, touched a 52-week low of EUR6.61 per share.

Iveco also declines and tails the list, moving back 1.9% by pricing itself at EUR8.86.

Tenaris, on the other hand, loses 0.4 percent, despite announcing that it has entered into a definitive agreement to acquire from Mattr 100 percent of the shares of its subsidiary Bredero Shaw International, which holds control of the pipe coating business worth USD166 million including working capital, on a cash-free and debt-free basis, subject to customary price adjustments.

On the Mid-Cap, among the few bullish performers is El.En., which scores a plus 1.0 percent on the heels of eve's 3.4 percent green.

Reply, on the other hand, gives up 2.7 percent, with price at EUR89.95, after having touched a 52-week low of EUR89.70.

Piaggio is also doing well, posting a plus 1.0% heading for the third session on the bullish side.

Juventus Football Club - in the red by 0.4 percent - on Wednesday reported that it had reached an agreement with Società Sportiva Lazio, down 0.5 percent on the Small, for the free temporary transfer, until June 30, 2025, of the rights to the sports performance of the player Nicolò Rovella. The agreed consideration for the outright acquisition is EUR17 million, payable in three fiscal years.

Among the few stocks in the black were Ascopiave, which gained 2.1 percent, GVS, which gained 1.4 percent, and Piaggio, which rose 0.3 percent.

In the Small-Cap segment, strength on LVenture, which moves ahead 2.8 percent. There is high trading volume on the stock, with 41,000 changed hands compared to a three-month daily average of about 10,600.

Purchases also on Il Sole 24 Ore, which moves ahead 2.7 percent increasing its weekly green, which now registers a plus 8.1 percent.

Autostrade Meridionali gives up 3.1 percent. Of note, the stock has rallied nearly 30% in the past month.

Servizi Italia, on the other hand, retreats 2.2 percent, while Mondo TV marks minus 2.6 percent.

Among SMEs, boost on Pharmacosmo, which marks a plus 3.2% at EUR0.84. It is worth noting that the stock, which on the weekly gives up 5.7 percent, has slipped more than 28 percent in the past month.

Also advancing is Askoll Eva, which retreats 2.0% to EUR0.5120 tacking down after three bearish sessions.

Gismondi 1754, on the other hand, flexes 4.1% to EUR4.66 after 0.4% green on the eve.

In New York on Wednesday evening, the Dow Jones closed down 0.5 percent to 34,765.74, the S&P gave up 0.8 percent to 4,404.33, and the Nasdaq left 1.2 percent on the sidelines at 13,474.63.

Among currencies, the euro changed hands at USD1.0865 versus USD1.0905 in Wednesday's closing European equities while the pound was worth USD1.2710 from USD1.2751 on Wednesday evening.

Among commodities, Brent crude is worth USD83.49 per barrel versus USD85.04 per barrel at Wednesday night's close. Gold, on the other hand, trades at USD1,893.93 an ounce from USD1,903.08 an ounce Wednesday night.

Thursday's economic calendar, at 1430 CEST, from the US, focus on the unemployment claims data while, at 1730 CEST, 4- and 8-week Treasury bond auctions are scheduled.

By Maurizio Carta, Alliance News reporter

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