(Alliance News) - On Wednesday, major European stock markets opened trading in a bearish trend, with caution taking over in anticipation of Jerome Powell's speech - head of the U.S. Federal Reserve - that could provide further "clues" for interest rates.

Among the macro data, the consumer price inflation rate in Germany - Europe's top economy - was confirmed at 3.8 percent year-on-year in October, down sharply from 4.5 percent in the previous month, according to Wednesday's data from the Federal Statistical Office.

The FTSE Mib, therefore, is moving just below par in the 28,384.18 area.

In Europe, London's FTSE 100 is giving up 0.2 percent as is Paris' CAC 40, while Frankfurt's DAX 40 is marking a 0.3 percent loss.

Among the smaller lists, the Mid-Cap is in the green 0.3 percent to 40,106.24, the Small-Cap in the green 0.1 percent to 25,159.93, and Italy Growth is in the green 0.1 percent to 7,648.89.

On the main list in Piazza Affari, good start for Recordati, which moves ahead 1.2 percent to EUR45.56. The company said Tuesday that the group achieved results in the first nine months that exceeded expectations and therefore expected to exceed the 2025 revenue and profit targets set last February.

As of September 30, the group reported net income at EUR304.5 million up 26 percent from EUR241.5 million in the same period of 2022. Adjusted net income amounted to EUR406.6 million from EUR355.9 million in the first nine months of 2022.

Banca Monte Paschi Siena -- down 0.8 percent -- reported Wednesday that it returned to growth in the first nine months of the year, reporting a net profit of EUR929 million compared to a loss of EUR334 million in the same period of 2022. In the third quarter, profit stood at EUR310 million.

UniCredit -- in the 0.8 percent letter -- on Tuesday issued a EUR750 million senior preferred green bond with a maturity of 6 years and 3 months and the possibility of early redemption after 5 years and 3 months, aimed at institutional investors. The issuance comes following a book-building process that gathered demand for more than EUR2 billion from more than 150 investors globally.

Enel -- up 1.1 percent -- on Tuesday said it reported net ordinary income of EUR5.03 billion in the first nine months of the year, up from EUR3.04 billion in the same period a year earlier.

The board of Banco BPM -- in the red by 3.2 percent -- on Tuesday approved the balance sheet and income statement as of September 30, a period that ended with a positive net profit of EUR943.4 million from EUR487.4 million in the corresponding period of 2022.

In the cadet segment, good start for Technoprobe, which advances 2.2 percent to EUR7.52 per share, after 1.0 percent on the eve of the meeting.

Salcef Group, on the other hand, advances 1.3 percent to EUR23.20 per share, up 0.4 percent on the eve.

The board of Banca Popolare di Sondrio -- up 0.3 percent -- on Tuesday approved the consolidated interim report for the nine months ended September 30, which closed with a consolidated net profit of EUR348.6 million compared to EUR151.3 million in the comparative period. This result comes from a consolidated gross profit of EUR507 million, from which taxes of EUR158.4 million must be deducted, corresponding to a tax rate of 31 percent.

Zignago Vetro - up 1.3 percent - reported Tuesday that it closed the first nine months with revenues up 18 percent year-on-year to EUR545.9 million from EUR464.3 million in the same period a year earlier. Ebitda flew to EUR168.5 million from EUR97.3 million, and operating income rose to EUR116.0 million from EUR51.9 million.

On the Small-Cap, Softlab is advancing 4.4 percent bringing the price to EUR1.54 per share, rearing its head after two sessions among the bearish.

Gabetti, on the other hand, is advancing 4.3 percent after declining 3.9 percent at Tuesday's close.

The board of Banca Profilo -- down 0.5 percent -- on Wednesday approved the consolidated interim report on operations as of Sept. 30, a period that ended with a net profit of EUR10.6 million, up EUR2.2 million from the result for the same period last year, when it was EUR8.4 million.

Mondo TV closed out the list, giving up 7.5 percent after eve's gain of 8.0 percent.

Among SMEs, however, Casta Diva advances 6.1 percent to EUR1.21 per share, heading for the third session to close among the bullish. It announced Tuesday that it has signed a share purchase agreement to acquire a 100 percent stake in Akita Srl-the wholly owned parent company of Akita Off Srl-one of Italy's leading commercial production houses.

In contrast, GEL picks up 3.3 percent to EUR1.26 per share, after four sessions ended among the bearish.

In a still uneventful list, on a negative note, Doxee instead retreats 4.7 percent, updating its 52-week low to EUR3.68 per share.

In New York on European night, the Dow picked up 0.2 percent, the S&P 0.3 percent, and the Nasdaq picked up 0.9 percent.

Among currencies, the euro changed hands at USD1.0682 against USD1.0688 recorded at Tuesday's European stock close, while the pound was worth USD1.2273 from USD1.2304 last night.

Among commodities, Brent crude is worth USD81.54 per barrel from USD82.54 per barrel at yesterday's close. Gold, meanwhile, trades at USD1,967.85 an ounce from USD1,965.78 an ounce last night.

On Wednesday's macroeconomic calendar, at 1000 CET Italy's retail sales are released followed at 1100 CET by those of the Eurozone.

At 1300 CET comes the US mortgage rate, at 1515 CET a speech by Federal Reserve Chairman Powell is scheduled, and at 1630 CET are crude oil stocks, Cusghing inventory, and the EIA report.

Among the many corporate results coming up are those of Almawave, BPER Banca, Buzzi, Telecom Italia and Tod's.

By Maurizio Carta, Alliance News reporter

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