(Alliance News) - European indexes remain firmly in the bullish area in mid-session Thursday on optimism over the drop in US yields and following the Fed pause announced yesterday evening.

Thus, the FTSE Mib is up 1.8 percent to 28,478.170, the Mid-Cap is in the green 2.0 percent to 39,495.01, the Small-Cap is up 0.5 percent to 24,868.59, and Italy Growth is up 0.2 percent to 7,681.66.

In Europe, London's FTSE 100 is up 1.3 percent as Paris' CAC 40 is in the green 1.6 percent and Frankfurt's DAX 40 is up 1.5 percent.

On a negative note, there is the release of manufacturing PMIs this morning that paint a picture of further contraction across the euro area.

In fact, the Eurozone manufacturing PMI index compiled by S&P Global fell to a three-month low of 43.1 in October, down from 43.4 points in September, indicating a further marked deterioration in the health of the goods-producing sector in the euro area. Preliminary estimates for October were 43.0.

This is the sixteenth consecutive month of contraction, or with data below 50.0 points, signaling a prolonged deterioration in manufacturing conditions.

The Italian manufacturing PMI fell to 44.9 in October from 46.8 in September, moving further away from the 50.0 level that separates contraction from expansion in sector activity.

On the main list in Piazza Affari, boost on Tenaris, which surged more than 10 percent after announcing results for the third quarter of the year and the first nine months on Wednesday evening, with a new buyback of up to USD1.2 billion. In addition, the board of directors approved the payment of an interim dividend.

As for the third quarter, the group reported net income of USD547 million, down from USD608 million in the same period of 2022, with earnings per share of USD0.46 from USD0.51 in the third quarter of the previous year. Net sales were USD3.24 billion, up 9 percent from USD2.98 billion in the same period of 2022.

STMicroeletronics and Nexi follow, up 5.0 percent and 3.8 percent.

Iveco improves and, after being the only bearish stock on the entire list at the opening, now rises 0.7 percent. The board reported Wednesday that it closed the third quarter with adjusted net income of EUR84 million, compared to EUR54 million in Q3 2022. Adjusted diluted earnings per share were EUR0.28, up EUR0.18 from Q3 2022. Consolidated revenues were EUR3.8 billion, up 6.7 percent.

CNH Industrial -- in the green by 3.0 percent -- announced Wednesday that it had purchased 689,610 of its own shares between October 23 and 27. The shares were purchased at an average price of about EUR10.41 for a total consideration of EUR7.2 million.

Only UniCredit and BPER Banca are in the red, down 0.8 percent and 0.1 percent, respectively.

On the Mid-Cap, Lottomatica Group is in the green by 3.3 percent after reporting Thursday that GBO Spa, a wholly owned subsidiary of Lottomatica, has signed an agreement to acquire 100 percent of the share capital of SKS365 Malta Holdings Limited.

SKS365 has been valued in the context of this transaction with an Enterprise Value of EUR639 million.

The transaction will be financed through a combination of available cash and additional debt, for which Lottomatica has already obtained a EUR500 million commitment in the form of a bridge debt facility.

Doing better are Antares Vision and Industrie De Nora, in the green by 6.6 percent and 4.9 percent.

Iren is up 1.6 percent. The company has received notice from the management board of Egea Spa that its binding offer, submitted as part of the procedure called for the acquisition of the company's assets and shareholdings, has been deemed complete, satisfactory and suitable for the valorization and revitalization of the company's assets and has therefore been accepted, resulting in the start of exclusive negotiations between the parties within the negotiated procedure for managing the crisis of the Egea group.

Banca Ifis - in the green by 1.6 percent - and Mediobanca Group - in the green by 1.2 percent on the Mib - announced Tuesday that they had finalized the long-term partnership signed last May for the management of impaired loans.

Carel Industries -- up 4.8 percent -- reported Tuesday that revenues for the first nine months rose 24 percent year-on-year to EUR497.2 million from EUR401.1 million in the same period a year earlier. Excluding the change in scope related to acquisitions of EUR52.1 million and the negative foreign exchange effect of EUR6.8 million, the increase would have been 13 percent.

On the Small-Cap, Giglio Group is up 8.4 percent after announcing Wednesday that on Oct. 31 it sold the entire share capital of its wholly owned subsidiary, IBox SA, a Swiss-registered company, to FuTureScape Sagl, also a Swiss-registered company.

The transaction involves the sale of shares with a total value of nearly EUR5.9 million.

Fidia, down 2.4 percent, informed Tuesday evening that its board of directors reviewed and updated the business plan approved in March. With regard to revenues, it expects a limited reduction in revenues for fiscal year 2023 from EUR30.1 million to EUR28.9 million, "which, however, at the level of added value implies a reduction of EUR148,000 compared to the originally planned figure," the company note said.

BasicNet--in the red by 0.1 percent--reported Tuesday that the board of directors reviewed the results of the first nine months, during which revenues grew 5.3 percent to EUR297.5 million from EUR282.6 million in the same period of 2022. Ebitda increased to EUR44.7 million from EUR44.1 million, a minimal change to positive 1.3 percent.

Among SMEs, no trades on Ecosuntek, which reported on Tuesday that Eco Trade Srl, a 63.40 percent subsidiary, finalized the purchase of a 46.775 percent stake in +Energia Spa for a total of EUR23.0 million. The transaction had already been announced to the market in previous months.

NVP is not yet interested in trading. On Tuesday it reported revenues up 57 percent year-on-year to EUR19.5 million from EUR12.4 million in the first nine months. The scope of consolidation includes subsidiaries EG Audiovisivi Srl and Produzioni Italia Srl, the latter from Sept. 14, 2023, which contributed revenues of EUR500,000, entirely generated in Italy.

In New York on European night, the Dow closed up 0.7 percent at 33,274.58, the Nasdaq finished up 1.6 percent at 13,061.47 and the S&P 500 closed up 1.1 percent at 4,237.86.

Among currencies, the euro changed hands at USD1.0633 against USD1.0542 recorded in Tuesday's European equities close, while the pound was worth USD1.2194 from USD1.2137 last night.

Among commodities, Brent crude is worth USD85.57 per barrel from USD86.71 per barrel at yesterday's close. Gold, meanwhile, trades at USD1,988.97 an ounce from USD1,986.37 an ounce last night.

On Thursday afternoon's macroeconomic calendar from the U.S., focus on U.S. durable goods and jobless claims, at 1330 CET, and natural gas inventories, coming in at 1530 CET. The day will close with the Federal Reserve's balance sheet, due at 2130 CET.

By Chiara Bruschi, Alliance News reporter

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