(Alliance News) - The major European stock markets, according to the futures market, are set for a bearish open, with only London showing a positive sign. The Federal Reserve last night held the federal funds rate at a 23-year high of 5.25 percent to 5.50 percent for the eighth consecutive meeting, in line with expectations. Officials noted that further progress has been made toward the 2 percent inflation target, although this remains somewhat elevated.

In addition, Eccles Building continued, recent indicators suggest that economic activity has continued to expand at a solid pace. Job growth has moderated and the unemployment rate has increased but remains low. The central bank believes that the risks to achieving its employment and inflation targets continue to be more balanced.

However, the Fed does not consider it appropriate to cut rates until it gains more confidence that inflation is moving sustainably toward 2 percent. During the regular press conference, Chairman Powell said that a September cut could be considered if inflation falls in line with expectations and that scenarios could be envisioned in which the Fed could cut rates several times this year or not at all.

The FTSE Mib-after closing 0.4 percent in the red at 33,763.86 last night-is marking a loss of 75.00 points.

In Europe, Paris's CAC 40 is giving up 24.40 points, London's FTSE100 is advancing 25.00 points, and Frankfurt's DAX 40 is marking a loss of 31.80 points.

Among the smaller listings last night, the Mid-Cap gave up 0.5 percent to 27,231.76, the Small-Cap closed in fractional red at 28,971.63 the Italy Growth finished up 0.4 percent to 8,042.32.

Yesterday on the Mib, Snam's board of directors -- up 0.6 percent -- on Wednesday approved the consolidated half-year financial report as of June 30, in which it reported adjusted net income of EUR691 million, up EUR70 million from adjusted net income for the first half of 2023.

Total revenues stood at EUR1.8 billion, down EUR117 million from the first half of 2023.

Hera gave up 1.3 percent after reporting Wednesday that the group's board of directors approved consolidated results for the first half of the year, which closed with a net profit of EUR218.4 million, up 16 percent from EUR208.0 million in the same period a year earlier

The board of directors of Inwit -- in the red by 0.4 percent -- on Tuesday reviewed and approved the financial report as of June 30, reporting a net profit of EUR179.1 million, up from EUR163.7 million in the same period 2023.

On the cadet segment, Anima Holding -- in the red by 0.5 percent -- reported Wednesday that it closed the first half of the year with a net profit of EUR118.6 million, up 88 percent from EUR63.2 million in the same period last year.

Maire Tecnimont closed 4.2 percent in the red after reporting Wednesday that it closed the first half with a profit of EUR97.0 million, up from EUR54.0 million in the same period a year earlier.

Revenues amounted to EUR2.62 billion, up 34 percent from EUR1.97 billion in the first half of 2023, thanks to steady progress on ongoing projects, including the advancement of engineering and procurement activities on the Hail and Ghasha project.

De' Longhi gave up 2.1 percent after reporting Wednesday that it closed the first half with revenues up to EUR1.42 billion or 10 percent from EUR1.29 billion in the same period last year.

In the second quarter alone, revenues rose to EUR764.9 million from EUR688.8 million in the same quarter a year earlier.

The board of the Caltagirone Group -- in profit by 3.3 percent -- on Tuesday approved accounts for the first half of the year, in which it reported a net profit of EUR143.1 million, up 12 percent from the previous year's EUR127.8 million. The net financial position is positive EUR94.9 million, from negative EUR108.4 million as of June 30, 2023, an improvement of EUR203.4 million.

The board of directors of Fincantieri -- in the red by 1.4 percent -- on Tuesday reviewed accounting data as of June 30, a period ended with revenues of EUR3.68 billion, almost unchanged year-on-year. Net Financial Position marks a debit value of EUR2.42 billion, an improvement from EUR2.81 billion last June, and up slightly from the end-of-2023 figure, when it stood at EUR2.27 billion.

Digital Value -- up 1.5 percent -- reported Wednesday that it reported consolidated revenues of EUR450 million in the first half of the year, an increase of EUR34.5 million over the result as of June 30, 2023.

Arnoldo Mondadori Editore finished down 1.3 percent after announcing Wednesday that it reported adjusted net income of EUR9.0 million in the first half from EUR8.5 million in the first half of 2023.

Revenues amounted to EUR387.2 million from EUR362.4 million in the same period of 2023.

On the Small-Cap, RCS MediaGroup finished up 1.6 percent after reporting Wednesday that it closed the first half of the year with a profit of EUR33.9 million from EUR30.9 million in the first half of the year before.

Consolidated revenues amounted to EUR434.1 million from EUR439.2 million in the first half of 2023.

The board of directors of Banca Sistema -- in the red by 0.1 percent -- on Wednesday approved the consolidated financial statements as of June 30, reporting a net profit of EUR6.0 million, compared to EUR7.5 million in the same period of 2023.

Net interest income, down year-on-year by EUR14.8 million or 41 percent, was affected by growth in interest expenses due to rate hikes made by the ECB during 2023 and higher funding.

Monrif -- up 1.0 percent -- reported Wednesday that its board of directors approved its half-year financial report as of June 30, which closed with a EUR2.1 million loss from a EUR3.1 million liability in the same period a year earlier.

Revenues amounted to EUR67.4 million from EUR71.7 million in the same period a year earlier.

The board of directors of Zest--green by 4.3 percent--viewed and approved the financial results attributable to the activities conducted until March 31, recording a positive change of EUR400,000 from EUR200,000 in the first quarter of 2023, "to which the sale of the stake held in Futura contributed," the company wrote in the released note.

Among SMEs, Cofle closed in a tie. On Wednesday it announced that it had concluded a major framework agreement with a leading global provider of advanced products, technologies and services for agriculture and construction to supply components for agricultural machinery and tractors.

The initial value of the agreement is expected to be more than EUR1.5 million for the three-year period 2024-2026 alone.

STAR7 gave up 1.8 percent. It reported Wednesday that it closed the first half with preliminary revenues of EUR60 million, up 18 percent from EUR51 million as of June 30, 2023.

In New York on European night, the Dow advanced 0.2%, the Nasdaq rallied 2.6%, and the S&P 500 closed up 1.6%.

Among the Asian exchanges, the Hang Seng is advancing 0.3 percent, the Shanghai Composite is up 0.1 percent, while the Nikkei has edged back 2.6 percent.

Among currencies, the euro changes hands at USD1.0826 versus USD1.0826 on Wednesday in closing European equities while the pound is worth USD1.2844 from USD1.2843 on Wednesday evening.

Among commodities, Brent crude is trading at USD81.56 per barrel from USD80.60 per barrel at yesterday's close. Gold, on the other hand, trades at USD2,447.51 an ounce from USD2,422.11 an ounce last night.

Thursday's macroeconomic calendar includes Italy's manufacturing purchasing managers' index at 0945 CEST, which will also be released for France at 0950 CEST, Germany at 0955 CEST, and in the UK at 1030 CEST.

At 1000 CEST, Istat will also release the monthly unemployment rate, and the Eurozone manufacturing PMI index and the monthly ECB report are expected at the same time.

Eurozone unemployment will be released at 1100 CEST and at 1300 CET the Bank of England's decision on interest rates is expected.

In the afternoon, initial unemployment claims and nonfarm productivity data will arrive from the US at 1430 CEST while the ISM manufacturing index is expected at 1600 CEST.

At 1800 CEST, car registrations in Italy are expected.

In Piazza Affari, the half-year results of several listed companies are expected, including Ariston Holding, Azimut Holding, Banca Mediolanum, Ferrari, Pirelli, and Salvatore Ferragamo.

By Maurizio Carta, Alliance News reporter

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