(Alliance News) - European stock markets opened in the red Wednesday, with trading rooms continuing to assess the global economic and interest rate outlook as they await the U.S. Federal Reserve's decision on monetary policy moves next week.

Among the day's economic news, China's trade surplus fell to USD65.81 billion in May from USD78.40 billion in the same period a year earlier and below market forecasts of USD92 billion. The data was released Wednesday by the General Administration of Customs.

It was the smallest trade surplus since February as exports fell more than imports due to persistent weakness in global demand.

Meanwhile, in Europe's top economy, Germany, industrial production rose 0.3 percent month-on-month in April, recovering from a downwardly revised 2.1 percent decline in March, but below market forecasts of a 0.6 percent increase. The data were released Wednesday by Destatis. Growth was driven by a rebound in construction with 2 percent from March's minus 2.9 percent, and increases in the production of basic pharmaceuticals and pharmaceutical preparations with 6.4 percent and consumer goods with 1.5 percent.

Thus, the FTSE Mib, gives up 0.5 percent to 26,900.58.

In Europe, Paris' CAC 40 is down 0.2 percent, Frankfurt's DAX gives up 0.2 percent as does London's FTSE 100.

Among the smaller Milanese listings, the Mid-Cap is in the red 0.2 percent to 42,586.67, the Small-Cap drops 0.1 percent to 27,180.76, and Italy Growth is in the green 0.2 percent to 9,191.36.

On the main index in Piazza Affari, among the few bullish performers is Banca Generali, which scores a plus 1.2% with price at EUR30.71 per share. The bank reported Tuesday that net inflows in May were positive EUR742 million, up 56 percent month-on-month and 24 percent year-on-year.

UniCredit -- up 0.1 percent -- reported Tuesday that it successfully issued EUR3 billion in dual tranche covered bank bonds in a total amount of EUR3.5 billion, with maturities of three and a half years and seven years, to institutional investors.

A2A is giving up 0.9 percent, after a 1.8 percent gain on the eve.

Backwardation also for Saipem, which gives up 1 percent. On the stock it is reported that Voleon Capital Management revised its short position to 0.49% from 0.5% previously.

On the cadet segment, good opening for OVS, which moves ahead 2.2% after eve's 1.3% decline.

Juventus FC also rises well, appreciating 1.6 percent. The Juventus club said Tuesday that "with reference to rumors that appeared in today's press, it informs that it has sent a communication to the two other clubs that, like Juventus, have not exercised their withdrawal from the Super League Project - Football Club Barcelona and Real Madrid Club de Futbol - in order to initiate a period of discussion between the three clubs having as its object the possible exit of Juventus from the Super League Project."

Anima Group's net inflows of assets under management in May 2023 were positive at EUR63 million. At the end of May, total assets under management by the Anima Group stood at more than EUR183 billion. The stock opened trading in the green by 0.4 percent.

On the SmallCap, good start for Risanamento, which rises well with 3.2% and price at EUR0.1026, rearing its head after two bearish sessions.

Zucchi, meanwhile, rises 2.2% to EUR2.34 per share, on the heels of eve's 2.2% gain.

At the back of the pack is Neodecortech, which gives up 2.7 percent, following eve's 3.5 percent gain. The stock was previously coming off a string of nine sessions closed at a loss.

Among SMEs, H-Farm advances 4.6 percent to EUR0.2030, after 1.5 percent down on the eve.

SolidWorld Group - in the money by 5.1 percent - announced Wednesday that it will collaborate, together with Marotta S.r.l. and Vection Technologies, on the European Space Agency's HEXA-FLY - High-Speed Experimental Fly Vehicles - project. As part of this project, SolidWorld is providing the 3D design software that, through integration with the partners' systems, will design the integration systems and perform the necessary simulations of the hypersonic aircraft for civilian transport across the planet.

At the back end, Ambromobiliare retreats 2.9 percent. The stock on a year-to-date basis marks a red of about 27 percent.

In New York on European night, the Dow closed just above par, the Nasdaq ahead 0.4 percent, and the S&P 500 picked up 0.2 percent.

Among Asian exchanges, the Nikkei closed 1.8 percent in the red, the Hang Seng is in the green by 0.7 percent, while the Shanghai Composite is picking up 0.1 percent.

Among currencies, the euro changed hands at USD1.0678 against USD1.0693 at Tuesday's European equities close. In contrast, the pound is worth USD1.2403 from USD1.2419 last night.

Among commodities, Brent crude is worth USD75.58 per barrel versus USD76.18 per barrel Tuesday night. Gold, on the other hand, trades at USD1,963.13 an ounce from USD1,963.81 an ounce Tuesday night.

On Wednesday's macroeconomic calendar, at 1000 CEST it will be the turn of Italian retail sales.

At 1300 CEST, from the US, the report on US mortgages and mortgage rates, followed at 1430 CEST by the trade balance.

At 1630 CEST, the Cushing inventory report and EIA stocks.

Among corporations, Relatech's quarterly accounts are due.

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.