(Alliance News) - European stock markets opened lower Wednesday, with trading rooms awaiting the release of the minutes of the Federal Reserve's latest meeting, looking for further clues on future monetary policy. In addition, regarding economic developments, China's services sector showed its slowest expansion in June in five months, mainly due to weakening demand.

The Caixin services purchasing managers' index slowed to 53.9 points in June from 57.1 in May. Approaching the 50-point non-expansion threshold, therefore, it shows a slowdown in growth in the sector.

In China, the Shanghai Composite finished down 0.7 percent, Hong Kong's Hang Seng Index trades in the red by 1.5 percent, 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 opened in the green 0.1 percent to 42,642.99, the Small-Cap in the green 0.1 percent to 27,015.77, and Italy Growth is equally picking up 0.1 percent to 9,073.66.

On the highest-capitalization list in Piazza Affari, Banca Generali is giving up 1.2 percent to EUR31.27 per share, on the heels of eve's 1.4 percent red.

Prysmian Group - down 0.6 percent - announced Wednesday that it has reached an important milestone with SP Transmission and National Grid Electricity Transmission, two of the owners of the electricity transmission grid in the United Kingdom.

Inwit -- in the green by 0.3 percent -- reported Tuesday that between June 26 and June 30 it bought 327,671 ordinary shares at an average price per share of EUR11.9231, for a total consideration of EUR3.9 million.

UBS initiated coverage on Nexi with a 'buy' recommendation and target price at EUR10.00. The stock opened trading in the green by 1.5 percent.

Also advancing is UniCredit, which takes the top spot, marking a plus 1.3 percent with price at EUR21.40, after eve's 1.7 percent decline.

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

The buy side also prevails on Piaggio, which moves ahead 2.1% after eve's 0.5% decline. The stock had previously come from five sessions 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 green of 0.4 percent.

At the tail end, Caltagirone is giving up 1.3 percent, with price at EUR3.87 per share after eve's green with a tentative 0.3 percent.

On the Small-Cap list, boost on Bioera, which is bullish with 7.3% and new price at EUR0.1180.

Mondo TV - up 1.1% - on Tuesday announced that it has signed a new agreement with Educational, an Italian company that for more than forty years under the Ludattica brand has been conducting research and training on children's learning strategies based on play, that complements the one already in place since 2020 for the exploitation of licensing and merchandising rights of 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.

Rear-ends also for Conafi, which steps back 4.1 percent even though it still marks an asset on the weekly frame.

Among SMEs, however, AAtech advances more than 14 percent to EUR2.1 per share. The stock trades at an unusually high volume, with more than 94,000 changed hands compared to a three-month daily average of about 19,500.

Italia Independent, on the other hand, marks a plus 12 percent and bringing its assets since the beginning of the year to around 500 percent.

Energy - in the letter with 8.7 percent - 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%.

On the negative side, in a still uneventful segment, Gambero Rosso steps back 5.7 percent. However, the stock marks weekly assets still above 15%.

Among currencies, the euro changes hands at USD1.0879 versus USD1.0897 at Tuesday's European stock close. In contrast, the pound is worth USD1.2701 from USD1.2727 on Tuesday evening.

Among commodities, Brent crude is worth USD75.74 per barrel versus USD76.23 per barrel at Tuesday's close. Gold, on the other hand, trades at USD1,924.10 an ounce from USD1,927.47 an ounce Tuesday evening.

On Wednesday's macroeconomic calendar, the UK services PMI is due at 1030 CEST.

From the US, at 1600 CEST, it is the turn of 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.

No particular events are scheduled on the Italian corporate calendar.

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.