(Alliance News) - The Mib Index moved in a bearish trend below the 25,800 level mid-session Thursday, breaking a six-day rally that took the index to its highest level since February last year.

Aggressive comments by Fed officials and disappointing U.S. economic indicators released in the eve raised the specter of recession, hitting market sentiment.

Weighing in, most recently, were the words of James Bullard, head of the Federal Reserve Bank of St. Louis, who said that rates are not yet totally "restrictive" and could rise as high as 5.5 percent by the end of the year.

"We're almost in a zone that we could call restrictive but we're not there yet," Bullard said Wednesday in an online interview with the Wall Street Journal. Officials want to ensure that inflation falls on a steady path toward the 2 percent target. "We don't want to waver on that," the banker said.

"Policy needs to remain tighter through 2023" as the disinflationary process unfolds, Bullard added.

Meanwhile, the ECB will release last December's monetary policy minutes later today as President Christine Lagarde speaks at the World Economic Forum in Davos.

The FTSE Mib, thus, gives up 1.1 percent to 25,758.17.

In Europe, London's FTSE 100 is giving up 0.5 percent, Paris' CAC 40 is giving up 0.4 percent as is Frankfurt's DAX 40.

Among the smaller lists in Piazza Affari, the Mid-Cap is down 1.1 percent to 42,447.57, the Small-Cap is down 0.6 percent to 29,496.52 and Italy Growth is giving up 0.4 percent to 9,544.32.

On the main list in Piazza Affari, among the few bullish stocks, Iveco moves ahead by 1.5 percent, following eve's green with 1.7 percent.

Leonardo and the General Secretariat of Defense and National Armaments Directorate announced Thursday that they have signed a contract to exercise options for additional AW169M LUH helicopters destined for Austria, the Italian company announced. The acquisition contract provides for an additional 18 AW169M LUH - Light Uitlity Helicopters - destined for the Austrian Ministry of Defense, worth EUR304 million. The stock at the memento rises 1.3%.

Telecom Italia rises 1.7 percent, after a 1.4 percent loss on eve.

Among the bearish, Tenaris, on the other hand, gives up 4.2%, retreating after two bullish sessions and positioning itself at the bottom of the list.

Also at the tail end is Saipem, which gives up 2.4 percent after eve's gain of 7.1 percent.

Snam's board of directors - in the red with 3.0 percent - announced Thursday that it had approved the Strategic Plan to 2026, which envisages total investments of EUR10 billion, a 23 percent increase over the previous one from 2021-2025 for which they amounted to EUR8 billion.

Of this, EUR9 billion is earmarked for gas infrastructure. "Investments for the development and modernization of Snam's transportation and storage infrastructure are carried out with a view to H2 asset readiness, while certification activities continue on the existing network, which plans to reach 3,000 km by 2026, from 750 km in 2022, and verifications on storage, compressor stations and metering system," the company explained in a note.

Pirelli, on the other hand, gives up 2.2 percent, giving way after three sessions on the bullish side.

On the Mid-Cap, Iren retreats 3.1 percent to EUR1.68, following up on eve's loss, albeit by 0.2 percent.

Danieli & C, meanwhile, gives up 2.5 percent, reversing a four-session bullish mini-trend.

Shareholders of Juventus Football Club -- down 1.5 percent -- appointed new members to the company's board of directors, the club announced Wednesday. Fioranna Vittoria Negri, Maurizio Scanavino, Gianluca Ferrero, Diego Pistone and Laura Cappiello join the board. Negri and Cappiello are independent directors. The board of directors meeting after the shareholders' meeting then appointed Gianluca Ferrero as chairman of the board and Maurizio Scanavino as chief executive officer. Scanavino also is no longer general manager of the club.

WIIT, on the other hand, rises 3.7 percent, bringing assets on a weekly basis into the black by more than 10 percent.

GVS sprints, leading shares to stretch 5.9 percent, heading for the fourth session to end on a bullish trend.

On the Small-Cap, Immsi advances 3.4%, heading to close for the fourth session in a row in surplus.

Also advancing well is I Grandi Viaggi - in the green by 3.1 percent - which reported Wednesday that the board approved the draft financial statements as of Oct. 31, 2022, and reviewed the group's consolidated results between Nov. 1, 2021, and Oct. 31, 2022, reporting a net loss of EUR140,000 from a net loss of EUR1.4 million as of Oct. 31, 2021.

Netweek gives ground, which retreats 4.9 percent with price at EUR0.0386.

Among SMEs, High Quality Food retreats 5.1% to EUR1.30, the subject of profit taking after two sessions of double-digit gains

Alfio Bardolla, on the other hand, gives up 3.7%, following eve's green with 1.4%.

Culti Milano rises 6.0%, and pushing the price over 93% up in year-to-date terms.

Relatech - up 1.7% to EUR2.16 - disclosed Wednesday the simplification of the corporate chain to be achieved through the merger of Exeo Spa into BTO. The merger was decided on Wednesday and "responds to a need for simplification and rationalization of the group's shareholding chain," as the company explained in a note. The merger will be carried out in a "reverse" way, that is, through the incorporation of the parent company Exeo by the subsidiary BTO. Upon completion of the transaction, Relatech will hold 80 percent of BTO's capital and the remaining 20 percent will be in the hands of the managing partners.

Bellini Nautica - up 1.8 percent to EUR2.24 - on Thursday signed a partnership with Lanéva, a Monaco-based company that creates, sells and charters 100% electric and luxury boats. This is a worldwide exclusive collaboration referring to the refitting of vintage Riva powerboats. The Monaco-based company launched and studied with Bellini the first full Electric retrofit kit last September during the Monaco Yacht Show.

In Asia, the Nikkei closed Thursday down 1.4 percent to 26,405.23, the Shanghai Composite rose 0.5 percent to 3,240.28, and the Hang Seng gave up 0.1 percent to 21,650.98.

In New York on European night, the Dow closed down 1.8 percent, the Nasdaq down 1.2 percent, and the S&P 500 gave up 1.6 percent.

Among currencies, the euro changed hands at USD1.0822 versus USD1.0817 at Wednesday's close. In contrast, the pound is worth USD1.2326 from USD1.2362 on Wednesday evening.

Among commodities, Brent crude is worth USD84.35 per barrel from USD87.14 per barrel on Wednesday evening. Gold, meanwhile, trades at USD1,907.74 an ounce from USD1,913.85 an ounce last session.

On Thursday's economic calendar, from the States at 1430 CET, data on continuing unemployment claims, data on building permits, and the opening of new construction sites are expected.

Between 1630 CET and 1700 CET, data on natural gas storage, crude oil stocks and crude oil imports arrive.

By Maurizio Carta, Alliance News reporter

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