(Alliance News) - At mid-day on Thursday, major European stock markets continue to follow a bearish trajectory as they await the ECB's monetary policy decisions, which will be announced this afternoon at 1415 CEST with the usual press conference by President Christine Lagarde to follow, and the U.S. quarterly GDP data, which will be released fifteen minutes later.

As a result, the FTSE Mib gives up 0.7 percent to 27,235.19, the Mid-Cap is in the red 0.5 percent to 37,619.18, the Small-Cap retreats 0.2 percent to 23,978.51, and Italy Growth loses 1.1 percent to 7,602.03.

London's FTSE 100 is down 0.5 percent, Paris' CAC 40 gives up 0.7 percent and Frankfurt's DAX 40 is in the red by 1.2 percent.

On the main list of Piazza Affari, Campari's thud, which gives up more than 10 percent after sharing results for the first nine months of the year, with group profit as of September 30 of EUR473.8 million, down 2.0 percent from the same period a year earlier when it was EUR483.3 million.

Net sales were EUR2.20 billion, up 9.8% from EUR2.00 billion in the same period of 2022.

Saipem remains on the bottom, as at the open, and gives up 5.2 percent. The company reported Wednesday that in the first nine months of the year it reported revenues of EUR8.36 billion, up 19 percent from EUR7.03 billion in the same period a year earlier.

As of September 30, adjusted Ebitda stood at EUR640 million, up 44% from EUR445 million in 2022.

Pirelli & C is among the bullish few, rising 0.6 percent after reporting Thursday that Saudi Arabia's Public Investment Fund and Pirelli Tyre Spa of the Pirelli Group, a global leader in tire production, announced they have signed a joint venture agreement to build a tire factory in Saudi Arabia.

PIF will hold a 75 percent stake in the JV, while Pirelli will have the remaining 25 percent and will be a strategic and technology partner to support the development of the project, providing technical and commercial assistance.

The top is STMicroelectronics, which picks up 3.2 percent after opening down. It announced Thursday that it ended the third quarter of the year with net revenues at USD4.43 billion, up 2.4 percent from the previous quarter and 2.5 percent from the same period in 2022, when they were USD4.32 billion.

Quarterly net income is USD1.09 billion down slightly by 0.8 percent with USD1.10 billion in the same period 2022.

Stellantis -- down 0.8 percent -- and Leapmotor announced Thursday that Stellantis plans to invest about EUR1.5 billion to acquire roughly 20 percent of Leapmotor, in which Stellantis will become a major shareholder. The deal also includes the establishment of Leapmotor International, a 51-49-share joint venture led by Stellantis, with exclusive rights to export and sell as well as manufacture Leapmotor products outside the Chinese region.

Red also for UniCredit, which is down 1.4 percent. On Wednesday, ratings agency Standard & Poor's upgraded the bank's stand-alone credit profile from 'bbb' to 'bbb+,' one notch above Italy's sovereign rating.

FinecoBank retreats 2.2 percent, with S&P Global reaffirming its long-term 'BBB' rating with a stable outlook and maintaining its short-term 'A-2' rating.

Intesa Sanpaolo remains down, as at the opening, by 0.9%. On Wednesday evening it reported that the extraordinary tax calculated on the increase in net interest income amounts to about EUR828 million for the group and about EUR797 million for the parent company.

The board of directors resolved that it will propose to the shareholders' meeting, when approving the annual financial statements, that an amount of about EUR1.99 billion, corresponding to 2.5 times the amount of the tax of about EUR797 million, be allocated to non-distributable reserves.

Enel -- down 0.5 percent -- and its listed subsidiary Enel Chile announced Wednesday that they had finalized the sale to Sonnedix of their entire shareholdings in the share capital of Arcadia Generación Solar, a Chilean company that owns a portfolio of four operating photovoltaic plants totaling about 416 MW of installed capacity. The buyer paid a total consideration of USD556 million, or about EUR525 million, corresponding to 100 percent of the enterprise value agreed by the parties.

In addition, Enel announced Wednesday that it had finalized the sale to the Greek company Public Power Corporation SA of all the interests held by the Enel group in Romania.

PPC paid a total consideration of about EUR1.24 billion, corresponding to about EUR1.90 billion in terms of enterprise value referring to 100 percent.

On the cadet segment, Fincantieri reverses course and rises 1.2 percent after a downward opening. It announced Wednesday that it has signed with the Consortium coordinated by Naviris and bringing together the company, France's Naval Group the Spain's Navantia and other components from Greece, Denmark and Norway, all contract documents related to the Modular and Multirole Patrol Corvette for the implementation of the first phase of the European Patrol Corvette project.

The total value of this first phase is EUR87 million and is strongly supported by the European Commission through the European Defense Fund.

Salvatore Ferragamo remains in the red and gives up 1.9 percent. On Wednesday it reported that the board of directors unanimously approved the purchase for USD42.0 million by the company and its subsidiary Ferragamo Hong Kong of minority interests in the three joint ventures Ferragamo Moda (Shanghai) Co. Limited, Ferragamo Retail Macau Limited and Ferrimag Limited, established to distribute Ferragamo products in the Greater China area.

The stakes-which will be purchased by Imaginex Holdings Limited and Imaginex Overseas Limited-are 25 percent of FMS and FIM and 24.8 percent of FRM, with the result that the company and FHK will become its sole shareholders.

At the high end, we see Ariston Holding, up 3.2 percent, Intercos Group and Danieli & C, in the green by 3.0 percent and 2.2 percent.

On the Small-Cap, Risanamento is suspended up 17 percent. On Wednesday it announced that its general manager, Davide Albertini Petroni, has resigned and will remain in office until December 31.

Esprinet--up 1.4 percent--reported Tuesday that the deed of merger by incorporation into of its wholly owned subsidiary 4Side has been finalized.

Among SMEs, TraWell Co climbs 3.2 percent. The company announced Wednesday that it has won the tender to renew the provision of its integrated baggage protection services at Nice International Airport for seven years.

The new agreement includes, in addition to integrated baggage protection services, a new multi-service concept store for passengers.

Cofle--which is in the red by 4.7 percent--reported Wednesday that the board of directors reviewed consolidated sales for the first nine months of the year, which came in at EUR46.8 million, up nearly 18 percent from the same period last year, when it was EUR39.7 million.

The board of directors also resolved to propose to the shareholders' meeting the adoption of a plan to purchase and dispose of treasury shares up to a maximum number not exceeding 20 percent of the company's capital. The amount that can be used for the purchase of treasury shares was set at EUR1 million.

In Asia, the Nikkei closed down 2.2 percent at 30,575.00, the Hang Seng closed down 0.2 percent at 17,010.00, and the Shanghai Composite finished in the green 0.5 percent at 2,988.30.

In New York, the Dow closed down 0.3 percent to 33,035.93, the Nasdaq gave up 2.4 percent to 12,821.23 and the S&P 500 lost 1.4 percent to 4,186.77.

Among currencies, the euro changed hands at USD1.0546 against USD1.0573 recorded in Wednesday's European stock close while the pound was worth USD1.2089 from USD1.2128 last night.

Among commodities, Brent crude is worth USD89.65 per barrel from USD87.46 per barrel at yesterday's close. Gold, meanwhile, trades at USD1,990.55 an ounce from USD1,977.38 an ounce last night.

Thursday's macroeconomic calendar calls for the ECB's rate decision at 1415 CEST, followed - half an hour later - by the lecture by the president, Christine Lagarde.

In the US, eyes on jobless claims and Gross Domestic Product, coming at 1430 CEST, while data on natural gas stocks will be released at 1630 CEST, an hour before two auctions of four- and eight-week T-Notes while seven-year Treasury bonds will be sold at 1900 CEST. The day will close with the Federal Reserve's balance sheet, due at 2230 CEST.

By Chiara Bruschi, Alliance News reporter

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