(Alliance News) - The main Milanese index moved bearish below 28,300 mid-day Wednesday in the wake of other European exchanges, extending losses for the second consecutive session. Trading rooms monitored a range of economic data from major economies, including services PMIs, in anticipation of FOMC minutes due later in the day.

According to data released Wednesday by Eurostat, industrial producer prices in May fell 1.9 percent in the Eurozone and 1.8 percent in the EU, compared with the previous month. In April, in fact, prices fell 3.2 percent in the Eurozone and 3.1 percent in the EU. Services activity, on the other hand, registered a value of 52.0 in June, down from 55.1 in May, marking the lowest value in five months. Estimates had forecast a value of 52.4.

On the domestic front, Italy's private sector contracted again in June, as persistent weakness in manufacturing activity more than offset modest growth in services. Italy's private sector economy slipped into the contraction zone in June, as rapid deterioration in manufacturing output more than offset modest tertiary growth. After due seasonal adjustments, the Hamburg Commercial Bank and S&P Global index released Wednesday on composite output in Italy fell to 49.7 from 52.0 in May. At the time, this was the lowest reading of the year.

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In China, the Shanghai Composite finished down 0.7 percent, Hong Kong's Hang Seng Index closed 1.6 percent in the red, and the Nikkei closed down 0.3 percent.

The FTSE Mib, therefore, marks a 0.2 percent decline to 28,330.55, with high touched at 28,405.23.

In Europe, London's FTSE 100 is giving up 0.4 percent as is Paris' CAC 40, while Frankfurt's DAX 40 marks minus 0.6 percent.

The Mid-Cap is in the green 0.1 percent to 42,642.99, the Small-Cap up 0.1 percent to 27,015.77, and Italy Growth is equally picking up 0.1 percent to 9,073.66.

On Piazza Affari's largest-capitalization list, boost on Saipem, which scores a 1.2 percent surplus balance posing its snout toward its eighth session to close on the bullish side.

Also advancing well is UniCredit - on a roll since the bell rang - marking a plus 0.8% with price at EUR21.30, after declining 1.7% on the eve of the session.

Inwit - also in the green by 0.8 percent - reported Tuesday that between June 26 and June 30 it bought 327,671 ordinary shares at an average unit price of EUR11.9231, for a total value of EUR3.9 million.

At the back of the pack, Banca Generali is giving up 1.1 percent to EUR31.29 per share, on the heels of the eve's 1.4 percent red.

The tail end, however, is for FinecoBank, which is contracting 1.2%. Of note, Marshall Wace raised its short position on the stock Monday to 1.64 percent from 1.54 percent previously.

On the cadet segment, good buys on Brunello Cucinelli, which moves ahead 2.8% raising its head after two sessions among the bearish.

The buy side also prevails on Piaggio, which moves ahead 1.0% after eve's 0.5% decline. The stock had previously come from five sessions on the bullish side.

It does better than all Saras, which raises the bar 3.2% pointing to its fourth session on the bullish side.

Stifel brought Tod's target price upward, placing it at EUR42.00 from the previous EUR41.00. The stock marks a 1.5 percent red.

At the tail end, Seco is giving up 2.3 percent, with price at EUR5.17 per share after three sessions ended higher.

On the Small-Cap list, boost on Immsi, which marks a plus 9.4% after two sessions closed among the bearish.

Seri Industrial, on the other hand, advances 6.3 percent. Volume exceeds 305,000 units traded, compared with a three-month daily average of just over 150,000.

Mondo TV - up 0.4 percent - on Tuesday announced that it has signed a new agreement with Educational, an Italian company that for more than four decades under the Ludattica brand has been conducting research and training on children's learning strategies based on play, to supplement the one already in place since 2020 for the exploitation of licensing and merchandising rights to the property Il Gruffalò.

Zucchi, on the other hand, gives up 5.4 percent to EUR2.16 after an 8.3 percent gain on the eve.

Triboo - which closes the list - takes a step back 7.6 percent bringing its weekly basis liabilities close to 14 percent.

Among SMEs, on the other hand, H-Farm advances 4.6 percent to EUR0.23 per share after falling 1.4 percent on eve.

Innovatec, on the other hand, marks a plus 1.4 percent, still showing slight downside on the weekly range.

Energy -- in a 5.6 percent letter -- reported Wednesday that Davide Tinazzi, the company's chief executive officer, viewed preliminary first-half sales figures, which ended at EUR39.0 million compared to EUR53.3 million as of June 30, 2022. Ebitda margin was 20 percent.

The tail end of the list, however, is for Gambero Rosso, down 7.9 percent with price at EUR0.4880. The stock trades at a high volume, with 88,000 changed hands compared to a three-month daily average of just under 24,000.

Among currencies, the euro changes hands at USD1.0890 versus USD1.0897 in Tuesday's European stock close. In contrast, the pound is worth USD1.2711 from USD1.2727 on Tuesday evening.

Among commodities, Brent crude is worth USD75.85 per barrel versus USD76.23 per barrel at Tuesday's close. Gold, on the other hand, trades at USD1,928.73 an ounce from USD1,927.47 an ounce Tuesday evening.

On Wednesday's macroeconomic calendar, from the US, at 1600 CEST, comes data on durable goods and factory orders. At 2000 CEST, FOMC meeting minutes are released and at 2200 CEST there is the Fed's Williams speech and at 2230 CEST the release of weekly oil stocks.

By Maurizio Carta, Alliance News reporter

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