(Alliance News) - European marketplaces opened their third session of the week in a bearish trend Wednesday, following the negative balances recorded on Wall Street and Asian marketplaces set to close with a minus sign.

In economic news, Germany's composite PMI fell to 48.7 in July from 50.4 in the previous month, missing the forecast of 50.7, indicating a slight decline in private sector activity for the first time in four months, according to flash data released by S&P on Wednesday.

This contraction was led by a significant drop in manufacturing output, which marked the fastest decline in nine months, with the index at 42.2. In addition, growth in services activity slowed to a modest pace not seen since March, just below the long-term average with an index of 52.0.

The labor market-in Europe's top economy-also weakened further, with employment declining across the board. However, business expectations improved slightly from the previous month, with optimism levels aligned with historical averages.

The FTSE Mib, therefore, is giving up 0.9 percent to 34,339.04 points.

Among the smaller listings, the MidCap is giving up 0.2 percent to 48,352 points, the Small-Cap is in the red 0.2 percent to 29,168.74, and Italy Growth is giving up 0.1 percent to 8,085.10 points.

In Europe, London's FTSE 100 is giving up 24.30 points, Paris' CAC 40 is giving up 54.20 points, and Frankfurt's DAX 40 is down 99.00 points.

On the Mib, among the few bullish performers is Prysmian, which is up 1.5 percent to EUR23.43, pointing to its fourth session with bullish trend.

Good buys also on ItalGas, which scores a plus 1.4 percent while awaiting the accounts expected later in the day.

Iveco Group - down 4.4 percent - reported Wednesday that it posted adjusted net income of EUR335 million for the first half of the year, up from EUR243 million in the same period of 2023. Revenues amounted to EUR7.3 billion, up from EUR7.5 billion in the first half of 2023. Adjusted Ebit is EUR528 million, up from EUR485 million recorded as of June 30, 2023.

UniCredit's board of directors -- in negative balance of 0.8 percent -- approved the consolidated half-year report as of June 30. Net income in the second quarter reached EUR2.68 billion, up 16 percent from EUR2.31 billion in the same period of 2023.

FinecoBank, on the other hand, marks a decline of 0.1 percent to EUR16.09 per share. Of note, JP Morgan cut its target price to EUR16.60 from the previous EUR16.80.

On the Mid-Cap, Salvatore Ferragamo is giving up 1.9 percent to EUR8.08 per share, on the heels of the loss of 1.3 percent on the viglia.

Tinexta, on the other hand, is giving up 1.0 percent, following the 0.7 percent red balance on the eve.

Iren -- in the green by 0.7 percent -- reported Tuesday evening that rating agency Standard & Poor's Global Ratings confirmed Iren Group's long-term credit rating at "BBB" Outlook "Stable." The same rating is also given to senior unsecured debt.

Fincantieri -- up 1.3 percent -- announced Tuesday that it has entered into an agreement with Carnival PLC to design, engineer, and build three new cruise ships for the Carnival Cruise Line brand.

On the Small-Cap, Eems is stepping back 5.1% to EUR0.2217, after the 0.3% apssive balance on the eve.

Sogefi -- in the red by 4.3 percent -- reported Tuesday that it closed the first half with a profit of EUR145.8 million from EUR31.4 million in the same period a year earlier. Revenues amounted to EUR524.1 million, down 2.7 percent from EUR538.9 million in the first half of 2023 "due to the performance of the European market."

doValue -- in the green by 1.3 percent -- reported Tuesday evening that its subsidiary doValue Greece Loan and Credit Claim Management Company SA had obtained servicing mandates for four portfolios.

Strength also on Avio, which is up 4.0% with new price at EUR13.08. During trading, the stock updated its 52-week high to EUR13.14.

Among SMEs, Convergenze brings the price up 3.9 percent, after a 2.2 percent loss last night. The stock, on the average of analysts on the MarketScreener platform, has an average target price of EUR3.87, thus being under-priced by more than 134%.

Maps - up 5.6 percent - announced on Wednesday that it had won Edison's tender for the four-year supply of its "Energy Communities" platform.

Comal - flata e EUR3.33 - announced Wednesday that it has acquired an industrial site in the province of L'Aquila where a factory will be built to produce innovative, high-efficiency photovoltaic modules. A partner in the project is Mediocredito Centrale, which has finalized with the company a EUR5.0 million mortgage loan with a ten-year term and a guarantee from SACE Futuro.

Circle -- in the green by 0.8 percent -- announced Wednesday that it has signed an agreement with a Mediterranean port for Free Zone's also-valued customs digitization and related federated services PCS Services. The agreement, worth about EUR100,000, will run for 12 months and aims to complete the digitization of Free Zone and evolve interoperability services with port stakeholders.

Gismondi 1754 -- in a deficit balance of 2.6 percent -- reported Wednesday that it had total sales of EUR7.1 million in the first half of the year, down from EUR7.9 million in the same period last year.

In New York overnight Europe, the Dow gave up 0.1 percent as did the Nasdaq, while the S&P 500 left 0.2 percent on the parterre.

Among the Asian exchanges, the Hang Seng is giving up 1.1 percent, the Shanghai Composite gave up 0.5 percent, and the Nikkei gave up 1.1 percent.

Among currencies, the euro changed hands at USD1.0836 versus USD1.0880 in Monday's European equities close while the pound is worth USD1.2888 from USD1.2907 on Monday evening.

Among commodities, Brent crude is trading at USD81.30 per barrel from USD82.29 per barrel at Monday's close. Gold, on the other hand, trades at USD2,415.21 an ounce from USD2,386.78 an ounce on Monday evening.

On Wednesday's economic calendar, coming in at 1000 CEST for the Eurozone and at 1030 CEST from the PMI data in the UK.

At 1300 CEST, from the US, room for the mortgage market report, followed then at 1545 CEST by the tertiary and manufacturing PMIs. At 1630 CEST, the weekly EIA stocks and Cushing's inventory will come out.

Among companies, accounts from Caltagirone Editore, Edison, Grifal, Italgas, Marzocchi Pompe, Moncler, Racing Force and Saipem are expected.

By Maurizio Carta, Alliance News reporter

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