(Alliance News) - Piazza Affari opened lower on Wednesday at the start of another busy day on the corporate results front, while other Europeans opened mixed, following the release of yesterday's U.S. inflation data, which slowed in February according to forecasts, and after a lessening of the stress that has weighed down banking stocks in recent days, caused by SVP's collapse on Friday.

The FTSE Mib is thus in the red by 0.7 percent at 26,623.31. Among the smaller lists, the Mid-Cap is down 0.3 percent to 42,944.58, the Small-Cap gives up 0.2 percent to 30,261.34, and Italy Growth is in the green 0.1 percent to 9,403.66.

Paris' CAC 40 is up 1.9 percent, London's FTSE 100 is giving up 0.6 percent and Frankfurt's DAX 40 is in fractional red.

Among the macros, of note, Chinese retail sales rebounded in January and February after Beijing abandoned its stifling zero-Covid policy, reopening its borders and ending mandatory quarantine, and the country celebrated its Lunar New Year vacation.

The 3.5 percent growth, released Wednesday by the National Bureau of Statistics, was in line with expectations and was much better than the 1.8 percent drop suffered in December, indicating that the world's second-largest economy was recovering after years of painful restrictions.

On the main list of Piazza Affari, ERG opens on top with 1.8 percent after approving Tuesday the draft financial statements as of December 31, 2022 reporting a net profit of EUR383.0 million up from EUR174.0 million in 2021. The board also proposed dividend of EUR1.00 up from EUR0.90 in 2021.

Revenues for 2022 are EUR714.0 million up from EUR601.0 million in 2021.

Ebitda is EUR499.0 million from EUR397.0 million in the previous year.

Hera opens in the green by 0.8 percent. Through its subsidiary Acantho and together with Ascopiave, it announced on Tuesday that it had finalized the acquisition of 92 percent of Asco TLC's shares at Asco Holding's headquarters in Pieve di Soligo, Treviso, with the shares of 36.8 percent and 55.2 percent, respectively.

The only other stocks in the black were only Enel, UniCredit,Telecom Italia, and Campari, with gains between 1.2 percent and 0.6 percent.

Badly off are Tenaris, trailing with minus 2.5 percent, FinecoBank, which gives up 2.4 percent, and CNH Industrial, in the red by 1.7 percent.

On the Mid-Cap, Banca Popolare di Sondrio rises 1.3 percent after announcing Tuesday that the agency Scope Ratings, at the conclusion of its annual rating review process, has upgraded the issuer rating assigned to the bank to investment grade "BBB" from the previous investment grade "BBB-."

The outlook was revised to "stable" from "positive."

Intercos Group - up 2.4 percent - is among the best performers after approving on Tuesday its draft financial statements for the year 2022 and consolidated financial statements as of December 31, 2022, reporting a net profit of EUR45.0 million, almost doubled from 2021 when it was EUR26.5 million.

Only MARR does better, up 7.6 percent.

Orsero also did well, up 1.3 percent after the accounts. The board approved the financial report as of December 31, 2022, which closed with a net profit of EUR32.5 million with a considerable increase of EUR14.0 million compared to EUR18.5 million in fiscal year 2021. The board also proposed the distribution of a dividend of EUR0.35 per share, up nearly 17 percent on 2021.

Sanlorenzo advances 1.4 percent after reviewing and approving, on Tuesday, the consolidated financial statements and draft operating budget as of December 31, 2022, reporting a net income of EUR74.7 million up from EUR51.4 million in 2021.

Net revenues amounted to EUR740.7 million up 26 percent from EUR585.9 million in the previous year.

In addition, the company on Wednesday approved the new 2023-2025 plan that is based on high single-digit revenue growth, increase in Ebitda margin to 19.5 percent or more and investments of maximum EUR155 million.

On the Small-Cap, LVenture opens down 2.2% after reporting that it closed 2022 with a loss of EUR2.7 million, which compares with net income of EUR1.7 million in the previous year.

Revenues and other income amounted to EUR6.5 million, up 24 percent from EUR5.3 million as of Dec. 31, 2021.

Also in the red is Landi Renzo, which gives up 1.4 percent after seeing revenues grow in 2022 but losses widen, with the net loss of EUR14.3 million comparing with net income of EUR502,000 in 2021.

Gabetti Property Solutions climbs to the top with 3.3 percent after announcing on Tuesday that through its Gabetti Home Value division and on-site partner Gabetti Middle East, it has signed an agreement with Ellington Properties to market to Italian clients eight properties located in Dubai with a value exceeding EUR100 million.

The board of directors of Aeroporto Guglielmo Marconi di Bologna -- down 1.0 percent -- on Tuesday approved the draft financial statements and consolidated financial statements as of December 31, 2022, reporting a profit of EUR31.1 million compared to a loss of EUR6.7 million in 2021 and a profit of EUR20.9 million in 2019.

In 2022, consolidated revenues will stand at EUR134.6 million with a growth of EUR76 million compared to 2021, marking a growth of 130 percent, and 7.5 percent compared to 2019.

The board of directors of Biesse -- in the red by 6.4 percent -- on Tuesday approved the financial report for 2022, which ended with a net profit of EUR30.3 million, compared to EUR34.2 million in 2021, representing a net profit per share of EUR1.11. The board also proposed the payment of a gross dividend of EUR0.33 per share.

Consolidated net revenues were EUR822.4 million, up nearly 11 percent from 2021 and more than 28 percent from 2020. In 2021, the figure was EUR742.2 million.

Among SMEs, Visibilia Editore picks up 8.3 percent.

Almawave opens up 0.6 percent after approving on Tuesday its consolidated financial statements as of December 31, 2022, which closed with a profit of EUR4.8 million, up from EUR3.4 million in 2021. Revenues were EUR47.9 million, up 46 percent from 2021 when they were EUR32.8 million.

Ebitda for 2022 rises to EUR115.9 million from EUR82.9 million, thus up 40 percent.

Among Asian exchanges, the Nikkei closed in fractional green at 27,229.48, the Shanghai Composite up 0.6 percent to 3,263.31 while the Hang Seng finished up 1.5 percent at 19,539.87.

In New York on European night, the Dow closed in the green 1.1 percent to 32,155.40, the Nasdaq up 2.1 percent to 11,428.15 while the S&P 500 rallied 1.7 percent to 3,919.29.

Among currencies, the euro changed hands at USD1.0731 versus USD1.0715 at Tuesday's close. In contrast, the pound is worth USD1.2149 from USD1.2153 on Tuesday evening.

Among commodities, Brent crude is worth USD78.34 per barrel versus USD78.66 per barrel on Tuesday evening. Gold, meanwhile, trades at USD1,886.54 an ounce from USD1,906.39 an ounce at Tuesday's close.

On Wednesday's economic calendar, at 1100 CET, from the Eurozone, it will be the turn of industrial production.

At 1200 CET, from the US comes the mortgage report, at 1330 CET it is the turn of the producer price index and retail sales. At 1530 CET the EIA report is released, as well as the Cushing inventory report.

On the corporate calendar, among the many upcoming results are those of Aeffe, Brunello Cucinelli, Eurotech, I Grandi Viaggi, Saras, Snam, Tamburi, Telecom Italia, and Zignago Vetro.

By Chiara Bruschi, Alliance News reporter

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