(Alliance News) - On Friday, major European stock markets confirmed market expectations and opened in negative territory, except for London's FTSE 100, while Milan awaits data on producer price inflation.

Thus, the FTSE Mib is down 0.1 percent at 29,568.30, as is the Mid-Cap at 42,707.33, the Small-Cap is in the green 0.1 percent at 27,035.98, as is Italy Growth at 9,093.21.

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

"European markets witnessed a strong session yesterday, buoyed by the belief that central banks may have closed in on further rate hikes, after the ECB followed the Fed in raising rates by 25 percentage points and then suggesting that a pause may be on the table at its next meeting in September. "The mood was also boosted by a strong set of U.S. economic data, which indicated a 'goldilocks' scenario for the U.S. economy," commented Michael Hewson, Chief Market Analyst at CMC Markets UK.

"Sentiment shifted sharply during the U.S. session following news that the Bank of Japan might consider a possible 'tweak' to its yield curve control policy at its last policy meeting this morning. This news, coming just hours before today's scheduled meeting, caught markets by surprise, sending the Japanese yen higher against the U.S. dollar and pushing U.S. 10-year yields back above 4 percent."

On the highest-capitalization list in Piazza Affari, Azimut Holding takes the top spot and rises 2.3 percent. The company reported on Thursday that in the first half of the year it had total revenues of EUR643 million compared to EUR668 million in the first half of 2022.

Operating income amounted to EUR286 million from EUR279 million in the same period of 2022. Adjusted net income is EUR231 million from EUR202 million in the first half of the previous year.

The second best is Banca Generali, which also presented half-year results and rises 2.1 percent. The bank reported a net profit of EUR175.1 million, which compares with EUR131.3 million for the same period in 2022.

Net interest income is EUR151.5 million from EUR51.8 million in the same period of 2022.

Eni rises 1.0 percent. The company reported Friday that it ended the first half of the year with a sharp year-on-year decline in net income despite a slight increase in hydrocarbon production.

The six-legged dog's net income fell 64 percent in the first half to EUR2.68 billion from EUR7.40 billion in the first half of 2022, while, in the second quarter alone, the decline was even sharper, to EUR294 million from EUR3.82 billion.

Sharp decline also for adjusted profit, down to EUR4.84 billion from EUR7.08 billion in the first half and to EUR1.94 billion from EUR3.81 billion in the quarter. Adjusted net income is obtained by excluding from reported net income special items and inventory gain or loss as well as, when determining the net income of business segments, financial expenses or income related to net financial debt.

On the other hand, STMicrolectronics closed the listing down 2.4 percent. The company on Thursday presented financial results for the second quarter ended July 1, reporting net revenues of USD4.33 billion from USD3.84 billion in the same period of 2022. Net income for the period amounted to USD1.00 billion which compares to USD867 million in the second quarter of 2022. Net income per share, after dilution, increases to USD1.06 from USD0.92 in the same period of 2022.

Also hurting was Pirelli & C - in the red by 1.3 percent - which on Thursday approved its June 30 results, which closed with a profit of EUR242.6 million, up 4.1 percent from EUR233.0 million in the corresponding period of 2022.

Revenues amounted to EUR3.43 billion, up 7.5 percent from the first half of 2022 due to improved price/mix. "Organic revenue growth was 10 percent," the company wrote in the note.

On the Mid-Cap, Webuild--declining 2.3 percent--reported Friday that revenues and profitability rose in the first half of the year but widened its loss, despite a record construction portfolio.

Revenues rose to EUR4.54 billion in the first half of the year from EUR3.84 billion in the same period a year earlier. The construction portfolio as of June 30, 2023 has reached record levels, standing at over EUR51 billion, and covers 100 percent of target revenues to 2025. This allows the group to meet future challenges in a position of advantage, thanks in part to the excellent balance in low-risk geographies such as Italy, Central and Northern European countries, the U.S. and Australia, which make up about 78 percent of the backlog.

Brembo--in the red by 1.1 percent--reported Thursday that it ended the first half of the year with revenues up 12 percent year-on-year to EUR1.95 billion from EUR1.75 billion in the same period a year earlier.

Cementir Holding rises 1.5 percent after announcing Thursday in the first six months of the year it reported group net income of EUR90.3 million, up 36 percent from EUR66.6 million as of June 30, 2022.

Revenues stood at EUR840.7 million from EUR831.6 million in the first half of last year.

On the Small-Cap, the board of Geox -- down 1.9 percent -- on Thursday announced that it had approved consolidated results for the six months ended June 30, which closed with a loss of EUR9.6 million, compared with a loss of EUR19.6 million in the first half of 2022.

Consolidated revenues for the first half of the year stood at EUR353.6 million, up 3.8 percent from the previous year, "mainly due to the good performance of the multi-brand channel, which increased by 10 percent."

Fiera Milano -- down 0.2 percent -- announced Wednesday that it had approved results as of June 30, having reported a net profit of EUR25.7 million from EUR5.3 million in the same period last year. In the first half, consolidated revenues amounted to EUR132.2 million from EUR116.2 million as of June 30, 2022.

Among SMEs, Relatech down 1.8 percent after reporting Thursday that it closed the first half with revenues up 89 percent year-on-year to EUR48 million from EUR25.4 million in the same period a year earlier. The share of recurring revenues stood at EUR18 million or so, up 112% from EUR8.6 million as of June 30, 2022, and accounted for 38% of revenues from consolidated sales. Overseas revenues are EUR13 million approximately, up 58% from the same period last year.

The board of directors of Marzocchi Pompe -- down 0.5 percent -- approved preliminary consolidated figures for the first half of the year on Wednesday, reporting consolidated net revenues of EUR26.6 million, up 4.4 percent from the first half of 2022, when they were EUR25.5 million, and up nearly 16 percent from the second half of last year.

In Asia, the Nikkei closed in the red 0.4 percent to 32,759.23, the Hang Seng gained 1.4 percent to 19,915.81, and the Shanghai Composite was in the green 1.8 percent to 3,275.93.

In New York on Thursday, the Dow Jones closed down 0.7 percent at 35,282.72, the S&P gave up 0.6 percent to 4,537.41, as did the Nasdaq at 14,050.11.

Among currencies, the euro changed hands at USD1.0960 against USD1.0994 on Thursday in closing European equities while the pound was instead worth USD1.2794 from USD1.2866 on Thursday evening.

Among commodities, Brent crude is worth USD83.83 per barrel versus USD84.12 per barrel at Thursday's close. Gold, meanwhile, trades at USD1,951.30 an ounce from USD1,948.90 an ounce on Thursday evening.

On Friday's macroeconomic calendar, at 1000 CEST, Italian producer price inflation is released.

At 1100 CEST, come consumer confidence and services and industrial sentiment from the Eurozone.

At 1430 CEST, the PCE figure is expected while in the evening it will be the turn, as usual, for the COT Report.

Among companies, several half-year results are expected, including Aeffe, Caltagirone, Intesa Sanpaolo, Leonardo and Recordati.

By Claudia Cavaliere, Alliance News reporter

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