(Alliance News) - On Wednesday, major European stock markets trade down at mid-session, except for Milan and Frankfurt, which are timidly above the parity line after data showed the Eurozone economy failed to grow in the fourth quarter.

Thus, the FTSE Mib is in fractional green at 27,772.15, the Mid-Cap is in the red 0.2 percent at 44,721.23, the Small-Cap is up 0.3 percent at 30,545.50, and Italy Growth is in fractional red at 9,463.94.

In Europe, Paris' CAC 40 is in the red by 0.2 percent, London's FTSE 100 is down 0.3 percent, and Frankfurt's DAX 40 is just below par.

In macroeconomic news, the Eurozone economy grew at a reduced pace in the fourth quarter compared to the previous quarter.

In the fourth quarter, Gross Domestic Product remained stable in the euro area and decreased by 0.1 percent in the EU on a quarterly basis, after GDP grew by 0.4 percent in both the euro area and the EU in the third quarter.

Compared with the same quarter a year earlier, in the fourth quarter, GDP rose 1.8 percent in the eurozone and 1.7 percent in the EU after increases of 2.4 percent in the eurozone and 2.6 percent in the EU in the previous quarter.

In 2022 as a whole, GDP increased 3.5 percent in both the eurozone and EU after increases of 5.3 percent and 5.4 percent in 2021, respectively.

In Italy, Italy's retail sales returned to growth on a monthly basis in January as they accelerated the pace of annual increase.

Italy's retail sales rose 1.7 percent on a monthly basis in January after falling 0.2 percent in December.

On a yearly basis, retail sales rose 6.2 percent after rising 3.6 percent the month before, with the latter figure revised upward from the initial 3.4 percent increase.

On the main list, it remains on the bottom Tenaris, which does worst of all with a drop of 1.9 percent.

Second worst is Azimut Holding, which gives up 1.0 percent, after announcing Tuesday that it recorded positive net inflows of EUR1.6 billion in February 2023.

During the month, the group completed the acquisition of Kennedy Capital Management, a leading U.S. small and mid cap equity manager, to further consolidate its presence in the United States.

The acquisition contributed about EUR1.3 billion to aum, reflecting Azimut's current 35 percent share in the business.

Also down 1.0 percent was Saipem. Of note, Voleon Capital Management raised its short position on the latter to 0.61% from 0.55%.

Mediobanca - in the red by 0.2% - on Tuesday concluded the placement of a senior preferred bond with a 5-year maturity of March 2028 and a call option scheduled after 4 years for a total amount of EUR750 million.

The bond, priced at a level of 4.865 percent, corresponding to MS+137bps, registered orders of more than EUR1.75 billion during the placement.

Banca Mediolanum rises 0.7 percent after reporting Tuesday that it recorded net inflows of EUR1.46 billion in February, bringing the total for the first two months of 2023 to EUR2.15 billion. Managed assets net inflows are EUR526 million, bringing the total since the beginning of the year to EUR1.01 billion, while new loans disbursed in February amounted to EUR266 million, bringing the cumulative to EUR498 million. Protection policy premiums rise to EUR14 million in February from EUR13 million in January.

Doing well is the banking sector, which takes the top spot, with BPER Banca up 2.1 percent. Up also BPM in the green by 1.3 percent and UniCredit up 1.1 percent.

On the Mid-Cap, the board of directors of Fincantieri -- down 5.2% -- announced Tuesday that it had approved the draft financial statements as of Dec. 31, 2022, reporting a loss for the year of EUR324 million from EUR22 million as of Dec. 31, 2021, after discounting charges outside ordinary operations or nonrecurring of EUR238 million, of which EUR164 million were non-cash.

Adjusted operating income for fiscal year 2022 was a negative EUR108 million from a positive EUR92 million in 2021.

Revenue and income amounted to EUR7.48 billion from EUR6.91 billion in the same period last year.

Ascopiave's board of directors -- down 0.7 percent -- on Tuesday approved the draft financial statements for fiscal year 2022, which closed with a consolidated net result of EUR32.4 million, showing a reduction of EUR12.9 million compared to the previous year, thus a decrease of 28 percent, "mainly due to the decrease in the results of the investee EstEnergy," the company specifies in the released note. The board proposed the distribution of a dividend of EUR0.13 per share.

Anima Holding -- in the red by 0.2 percent -- reported Monday that net inflows of assets under management in February 2023 were positive EUR383 million, with a negative assets under management component of EUR90 million and one related to class I insurance proxies positive EUR373 million.

On the Small-Cap, the board of directors of Caltagirone Editore--down 1.3 percent--reported Tuesday that it had approved the draft financial statements for the year ended Dec. 31, 2022, which closed with a group net profit was EUR7 million, down from the EUR28.7 million profit in 2021. The board of directors resolved to propose a dividend of EUR0.03 for each of the 106.8 million outstanding shares.

Revenues amounted to EUR118 million from EUR122.7 million in the previous year, down 3.8 percent due to a decline in publishing revenues partly mitigated by growth in other revenues.

TXT e-solutions -- in the red by 0.9 percent -- announced Monday that it had won Lot 2 of the open tender for the award of cloud application services and demand and pmo services for central public administrations.

Among SMEs, Visibilia Editore goes to the volatility auction after a rise of about 56 percent, after it announced on Tuesday that its board of directors approved the draft financial statements and consolidated financial statements as of December 31, 2022, which closed with a loss for the year of EUR644,203, while in 2021 the loss had been EUR3.5 million.

Gismondi 1754 rises 0.8 percent after announcing on Tuesday a distribution agreement with Restivo Gioielli Spa, the Italian dealer of leading jewelry and watch houses.

By spring of this year, Gismondi 1754 jewelry will, therefore, be available in Restivo stores in Catania, Taormina and Naples.

In New York, the Dow lost 1.7 percent yesterday to 32,856.46, the Nasdaq gave up 1.3 percent to 11,530.33 while the S&P 500 closed 1.5 percent in the red at 3,986.37.

Among currencies, the euro changed hands at USD1.0544 versus USD1.0579 at Tuesday's close. In contrast, the pound is worth USD1.1836 from USD1.1856 on Tuesday evening.

Among commodities, Brent crude is worth USD83.43 per barrel versus USD84.10 per barrel Tuesday night. Gold, meanwhile, trades at USD1,817.75 an ounce from USD1,820.67 an ounce at Tuesday's close.

On Wednesday's calendar, at 1300 CET, the rate and mortgage applications from the US are expected while, at 1415 CET, it will be the turn of the change in agricultural employment, followed at 1430 CET by the trade balance.

From 1600 CET onward, Federal Reserve Chairman Powell's congressional hearing will be held, while at 1600 CET there will be the interest rate decision by the Bank of Canada.

At 1630 CET the EIA and Cushing oil stocks.

By Claudia Cavaliere, Alliance News reporter

Comments and questions to redazione@alliancenews.com

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