(Alliance News) - European stock markets moved in a bearish trend Thursday, with Milan alone just above parity. Trading floors have strengthened positioning on a September interest rate cut by the Federal Reserve, awaiting economic data that could strengthen this thesis, while on the ECB side, for June, the cut now appears certain.

The FTSE Mib therefore marks green, albeit just above par, at 35,373.83 points.

In Europe, Paris' CAC 40 is giving up 0.2 percent, London's FTSE100 is marking minus 0.4 percent, and Frankfurt's DAX 40 is moving just below par.

Among the smaller listings in Piazza Affari, the Mid-Cap is down 0.2 percent to 48,370.93, the Small-Cap is in the green 0.4 percent to 29,714.43, while Italy Growth is in the red 0.1 percent to 8,240.74.

On the Mib, the board of directors of Snam -- in the green by 2.5 percent -- on Thursday announced that it had approved consolidated results for the first quarter 2024, a period that closed with a reported net profit of EUR337 million from EUR304 million in the first quarter 2023. Total revenues were EUR895 million, down from EUR912 million in Q1 2023. "Growth in regulated revenues related to the implementation of the investment plan, higher WACC and higher output-based incentives; declines in revenues from the energy efficiency business, particularly in residential," the released note said.

STMicroelectronics advances 0.9 percent to EUR39.37 per share, continuing the bullish trend that points to the sixth session the positive balance.

Banca Monte dei Paschi di Siena advances 1.1 percent. The company announced Wednesday that rating agency Moody's Ratings upgraded the bank's ratings by one notch, raising, among others, the standalone Baseline Credit Assessment to "ba2" from "ba3," the long-term deposit rating to "Baa3" from "Ba1," and the long-term senior unsecured debt to "Ba2" from "Ba3."

"Moody's upgrade reflects the bank's improved creditworthiness in recent years, as well as the strengthening of its solvency and re-established ability to generate profits, thanks in part to the EUR2.5 billion capital increase and the favorable interest rate environment," the bank points out.

Ferrari, on the other hand, marks plus 1.0 percent, with price at EUR385.10, in its fourth bullish session.

At the back of the pack, Eni is giving up 2.8 percent. The shareholders' meeting authorized the board of directors to proceed with the purchase of treasury shares until the end of April 2025. The maximum number of shares to be purchased is 328.0 million ordinary shares for a total outlay of up to EUR3.5 billion.

For Stellantis, on the other hand, the decline is 1.2 percent, on the heels of eve's 0.4 percent loss.

On the cadet segment, BFF Bank advances 1.9%, after two bearish sessions.

GVS -- up 1.6 percent -- reported Tuesday that it ended the quarter with net income of EUR9.9 million, up 7.7 percent from EUR2.5 million in the same period a year earlier. Revenues amounted to EUR105.4 million from EUR104.9 million in the first quarter of 2023.

Also good session for Intercos, which moves ahead 1.1%, on its third bullish candle.

Iren's board of directors -- down 2.1 percent -- approved consolidated results as of March 31 on Wednesday, ending the period with a group net profit attributable to shareholders of EUR122.2 million, down nearly 10 percent from last year's result for the same period.

Piovan, on the other hand, is giving up 1.3 percent, after eve's profit closed with a plus 3.0 percent on the strength of a good quarterly report. The company reported a profit of EUR15.1 million from EUR9.5 million in the first quarter of 2023.

On the Small-Cap, Datalogic advances 8.0 percent. The company reported Wednesday that it ended the first quarter with a profit of EUR6.0 million up sharply from EUR3.2 million in the first three months of 2023 thanks to proceeds realized from the sale of Informatics Holdings, Inc. Revenues amounted to EUR111.3 million, down from EUR145.5 million in the first three months of the previous year.

The board of directors of Trevi Finanziaria Industriale -- up 3.4 percent -- on Tuesday reviewed business performance in the first three months of 2024, in which it recorded new orders of EUR128.3 million. At the end of March 2024, the group's order backlog was up to EUR755 million, up 4.9 percent from December 31, 2023.

Unidata advances 3.7 percent, after Wednesday's loss of 3.6 percent. The company reported an increase in quarterly profit to EUR3.3 million from EUR3.1 million as of March 31, 2023.

Netweek, on the other hand, is surrendering 3.4 percent, following a 3.6 percent red on the eve of the event.

Among SMEs, Datrix is advancing 6.7 percent after announcing a significant new strategic agreement with Direct Channel Spa, a subsidiary of Mondadori Media, part of the Mondadori Group. The agreement involves the integration of the MobiLit software platform of Paperlit Srl, a Datrix Group company and already a partner of Direct Channel, with the latter's digital solutions for the management and sale of online subscriptions developed by the latter.

Edil San Felice appreciates 4.1 percent, following up Wednesday's green with 3.1 percent.

DHH, on the other hand, marks 3.7 percent green, following two bearish sessions.

In contrast, iVision Tech brings the bar up 3.5 percent, heading for the third session to close with a bullish candle. The company on Tuesday approved some key management figures as of March 31, 2024, with Ebitda growing in absolute terms by 10 percent from EUR470,000 in the first quarter of 2023 to EUR510,000 as of March 31, 2024.

In New York on European night, the Dow rallied 0.9 percent, the Nasdaq closed up 1.4 percent, and the S&P 500 took home 1.2 percent.

Among Asian exchanges, the Hang Seng is picking up 1.5 percent, the Nikkei is advancing with 1.4 percent, while the Shanghai Composite scores a plus 0.1 percent.

Among currencies, the euro changes hands at USD1.0876 from USD1.0874 on Wednesday in closing European equities while the pound is worth USD1.2679 from USD1.2672 last night.

Among commodities, Brent crude is trading at USD83.06 per barrel from USD82.55 per barrel on Wednesday evening. Gold, on the other hand, trades at USD2,389.81 an ounce from USD2,383.01 an ounce on Tuesday.

On Thursday's macroeconomic calendar, at 1000 CEST from Italy the inflation figure is expected, followed at 1100 CEST by the trade balance. At 1200 CEST, the European Union economic forecast report is due.

From the U.S., at 1430 CEST the data on initial jobless claims will be due, while at 2230 CEST the Federal Reserve's weekly balance sheet will be released.

Among companies, results from Beewize, Caleffi, e-Novia, Ferretti and Industrie Chimiche Forestali are expected.

By Maurizio Carta, Alliance News senior reporter

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