(Alliance News) - On Friday, major European stock markets trade in positive territory before the start of the Jackson Hole symposium and amid the release of some macro data.

Thus, the FTSE Mib is up 0.4 percent to 28,193.69, the Mid-Cap is up 0.1 percent to 41,072.74, as is the Small-Cap at 26,832.84 and Italy Growth at 8,839.34.

In Europe, Paris' CAC 40 is in fractional green, Frankfurt's DAX is up 0.1 percent, and London's FTSE 100 is in the green by 0.3 percent.

"Much of this month's narrative was to focus on what Fed Chairman Jay Powell would likely say today in Jackson Hole about the prospect of another pause in the rate hike cycle when the FOMC meets next month. This week's bad economic data from Germany and France have shifted the spotlight on central bank policy to the European Central Bank," commented Michael Hewson, chief market analyst at CMC Markets.

"It won't just be Jay Powell who will be carefully scrutinizing his words for clues about a rate pause next month, but also the Bank of England and the Bank of Japan, where markets will be looking for important insights into the risks central banks face in terms of excessive tightening of monetary policy at a time when there are many challenges facing the global economy. This week's PMIs clearly highlighted these challenges, to the point that it appears that the ECB may also consider a rate pause next month, along with the Federal Reserve, although the ECB's reasons for a pause are less about getting inflation back on target and more about the economy collapsing."

In macroeconomic news, producer prices in Spain fell 8.4 percent from a year ago in July, following a downwardly revised 8 percent drop in the previous month and compared to market forecasts of a 10.1 percent drop.

This is the fifth consecutive month of output deflation, the most pronounced since May 2020, led by energy prices down 26.2 percent from minus 25.8 percent in June and intermediate goods down 5.7 percent from minus 5.3 percent.

On the blue chip list, Iveco Group does best of all and rises 3.0%. Banks follow, with Banca Generali gaining 1.1% and Banca Mediolanum picking up 0.8%.

Terna rises 0.2%. The company reported Tuesday that electricity demand in Italy totaled 30.1 billion kWh in July, registering a 3.3% decrease compared to the same period in 2022. In July, 85.6 percent of Italy's electricity demand was met by domestic production and the remaining 14.4 percent by the balance of energy traded with foreign countries. Net domestic production was 25.9 billion kWh, down 2.7 percent from July 2022.

Among the few bearish performers, Banco BPM gave up 0.1 percent. The company announced Thursday that it has supported, with a EUR6.5 million six-year loan, the sustainable development and investment of Metallurgica San Marco, a leading brass processing and customization company.

The operation is aimed at the company's ecological transition and sustainability, with a focus on improving specific performance indicators. It is an operation, therefore, whose main purpose is to support Metallurgica San Marco's investment plan and sustain its working capital.

Also going down are DiaSorin, which sits on the bottom giving up 0.5 percent, ERG, which loses the same percentage, and Nexi, down 0.4 percent.

On the Mid-Cap, Salcef Group -- in the green by 0.4 percent -- reported Wednesday that its subsidiary Salcef won the tender called by ANAS -- of the FS Italiane group -- for the construction of one of the key projects for the Jubilee 2025 in Rome. Specifically, the project involves the burying of the existing road system in Piazza Pia through the extension by about 130 meters of the existing underpass built as part of the Jubilee 2000 works. Thanks to this intervention, a continuous pedestrian path will materialize between the area in front of Castel Sant'Angelo and Via della Conciliazione, resulting in improved usability of a stretch now affected by intense vehicular flow. The contract amount is about EUR35 million.

The entire fashion sector does well, with Brunello Cucinelli in the green by 0.5 percent, Salvatore Ferragamo is flat at EUR14.27 per share, and Tod's picks up 0.9 percent. The exception is Safilo, which is in the red by 0.2%.

On the Small-Cap, Softlab is still not trading. The company, in relation to recent press reports concerning its involvement in the Crisis Table convened by the Ministry of Business and Made in Italy for Sept. 6, clarified that this meeting concerns Softlab Tech Spa and, in particular, its Campania plants.

"Contrary to what seems to emerge from the erroneous information disseminated, it is reiterated that the ociety is not directly affected by this Crisis Table," Softlab explained in a note.

Bioera - in the red by 0.5 percent - on Monday reported that, at the request of Golden Eagle Capital Advisors, five convertible bonds part of the first tranche - subscribed by GECA on Oct. 11, 2022 - of the convertible bond cum warrant were subject to conversion.

KME Group -- in the green by 0.1 percent -- reported Monday that subsidiary KME SE had signed a letter of intent related to the specialty products business led by Cunova GmbH, of which KME SE, in January 2022, had sold 55 percent of the share capital to German investment fund The Paragon Fund III GmbH & Co. geschlossene Investment KG.

KME SE, Paragon and SDCL EDGE Acquisition Corporation, an acquisition special purpose vehicle with securities listed on the NYSE, where it has raised USD200 million, signed a non-binding letter of intent regarding a potential business combination between Cunova and SDCL EDGE.

Among SMEs, Solutions Capital Management SIM is not yet trading. The company reported that it has signed an agreement with an insurance intermediary to refer professionals interested in signing collaboration contracts to distribute insurance products on behalf of SCM.

The company believes that the expansion of the sales force will be able to contribute positively to the company's results in the medium term, following a major increase in the commission base supported by a slight increase in structural costs.

Innovatec rises 0.3 percent. On the stock it is mentioned that Modefinance, an Italian rating agency registered with ESMA, has confirmed the public 'B1+' rating to creditworthiness. "This rating-equivalent, based on the current mapping, to the 'BBB+' rating of the main international rating agencies-represents a higher score than the minimum required to consider the company's issues investment grade," the company explained in a note.

In Asia, the Nikkei has given up 2.1 percent to 31,624.28, the Hang Seng is losing 1.3 percent to 17,980.67, and the Shanghai Composite is down 0.6 percent to 3,064.07.

In New York on Thursday, the Dow Jones closed 1.1 percent in the red at 34,099.42, the S&P finished down 1.4 percent at 4,376.31, while the Nasdaq lost 1.9 percent to 13,463.97.

Among currencies, the euro changed hands at USD1.0783 against USD1.0829 on Thursday in closing European equities while the pound was worth USD1.2583 from USD1.2632 on Thursday evening.

Among commodities, Brent crude is worth USD83.93 per barrel versus USD83.19 per barrel at Thursday's close. Gold, meanwhile, trades at USD1,943.25 an ounce from USD1,921.03 an ounce on Thursday evening.

Friday's economic calendar features a speech by European Central Bank number Christine Lagarde at 1300 CEST at the Jackson Hole symposium, where Powell will speak at 1605 CEST.

At 1900 CEST, again from the US, focus on the Baker Hughes data while, at 2230 CEST, as usual on Fridays, the COT Report is scheduled to be released.

On the corporate calendar in the Piazza Affari, no special events are scheduled.

By Claudia Cavaliere, Alliance News reporter

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