(Alliance News) - On Thursday, major European stock exchanges open higher, with the exception of Piazza Affari, which starts the day slightly lower.

Of note, in the morning, Germany's Federal Statistical Office reported that exports fell more than expected in August, providing further evidence of problems in Europe's largest economy.

Exports fell 1.2 percent month-on-month in August, which was worse than the expected 0.4 percent decline, according to the market consensus cited by FXStreet. The July figure was also revised downward to a 1.9 percent decline from 0.9 percent.

Thus, the FTSE Mib is down 0.1% to 27,398.34, the Mid-Cap is up 0.3% to 38,994.19, the Small-Cap in the green 0.2% to 25,236.83 while Italy Growth is down 0.2% to 8,128.93.

In Europe, Paris' CAC 40 opens up 0.1 percent, Frankfurt's DAX 40 is in fractional green while London's FTSE 100 rises 0.1 percent.

On the main list of the Italian Stock Exchange, Saipem does best of all with a rise of 3.8 percent after announcing Thursday that it has signed-in consortium with National Petroleum Construction Company-a Letter of Award with ADNOC for a new contract for package 1 of the Hail and Ghasha Development Project in the United Arab Emirates.

Saipem's share is valued at about USD4.1 billion.

Also doing well is Prysmian, which opens up 1.5 percent after announcing Thursday its new strategy, including the reorganization of operations into four new segments. In a statement, the company also disclosed the group's financial and non-financial targets to 2027.

The group expects adjusted Ebitda to grow to EUR2 billion in 2027 from EUR1.49 billion in 2022.

On the downside, Pirelli gives up 0.5 percent after signs of Chinese disengagement. "Last September 29, the shareholders' agreement on a 5 percent stake in Pirelli shares held by Silk Road Fund and entered into with Sinochem expired. In total, Beijing's shareholders have 46 percent, but after the Italian government exercised its Golden Power, they have lost virtually all concrete power over Bicocca," as Alliance News columnist Francesco Bonazzi commented.

"At current prices, then, 9 percent of Silk Road Fund would be worth EUR400 million and 37 percent of Sinochem would be worth EUR1.65 billion. The Chinese, who are directly controlled by the state and the Communist Party, had entered Pirelli in 2015 by investing about EUR7 billion (including EUR4 billion in debt taken over). Marco Tronchetti Provera, who has always maintained the lead despite the fact that his Camfin had just 14 percent, with Beijing's capital was able to repay a large part of the debt with Italian banks and prevent Pirelli from being taken over by locust funds."

On the Mid-Cap, Maire Tecnimont is up 7.8 percent after making it known that Tecnimont, part of the Integrated E&C Solutions business unit, signed a letter of award with ADNOC on Thursday for the onshore treatment plant at the Hail and Ghasha project.

The total value of the EPC contract is approximately USD8.7 billion and the project is scheduled for completion during 2028.

Iren - in the green by 1.2 percent - announced Tuesday that it has finalized with Granda Energie #3 Srl and through its subsidiary Iren Green Generation, the acquisition of 100 percent of the special purpose vehicle WFL Srl. The value of the 100 percent stake acquired by Iren is EUR2.2 million in addition to the repayment of the shareholder loan made by Granda Energie #3 to WFL for the realization of the investment.

On the Small-Cap, algoWatt rises with 4.3 percent after announcing Wednesday that it has obtained a EUR255,000 financing for digital energy solution provider & system integrator activities on the ResilMesh project, funded under the Horizon Europe program.

In the ambitious context of holistic protection of critical infrastructures, the ResilMesh project will develop a set of innovative tools for the realization of a Security Orchestration and Analytics Platform Architecture - SOAPA based on the concept of cybesecurity awareness to improve the resilience of digital infrastructures through the achievement of several objectives.

Safilo Group opens in the green by 1.6 percent, closing for the third session in a row on the bearish side. The company announced Friday that contracts have been signed for the sale of the Longarone plant operations to sector companies Thélios and Innovatek. The closing of the transactions, subject to the fulfillment of conditions precedent, is scheduled for late October.

Among SMEs, Unidata reported Wednesday evening that its board of directors approved the plan to merge wholly owned subsidiaries UNITWT Spa, Berenix Srl, and TWT Spa.

Circle rises 1.7 percent after announcing Thursday that the group won a tender issued by the European Maritime Safety Agency to carry out a feasibility study on the development of the Single Maritime Window for a group of neighboring countries that includes Algeria, Egypt, Israel, Jordan, Lebanon, Morocco, Palestine, Tunisia, Georgia, Moldova, Turkey, and Ukraine.

The order is worth about EUR144,000.

Spindox is not yet trading. On Wednesday, it announced the formal admission of the WICO - Water Quality Innovative Control by Artificial Intelligence - project by the Ministry of Enterprise and Made in Italy to funding under the PNRR.

Together with Archa, lead partner, CNR, Acque and Dielectrik, Spindox will develop an intelligent platform for monitoring water for human consumption. The system will target the Lower Valdarno aqueduct, which serves more than 800,000 citizens.

The total investment of the five partners is EUR5.9 million, matched by a total facility of EUR2.8 million, of which Spindox will receive about EUR1.1 million in grants.

In Asia, the Nikkei closed up 1.7 percent, the Hang Seng rose 0.3 percent, and the Shanghai Composite closed in the green by 0.1 percent.

In New York, on European night, the Dow closed up 0.4 percent to 33,129.55, the Nasdaq finished in the green 1.4 percent to 13,236.01, and the S&P 500 up 0.8 percent to 4,263.75.

Among currencies, the euro changed hands at USD1.0503 against USD1.0519 recorded at Wednesday's European equities close while the pound was worth USD1.2136 from USD1.2150 on Wednesday evening.

Among commodities, Brent crude is worth USD86.23 per barrel from USD87.15 per barrel at Wednesday's close. Gold, meanwhile, trades at USD1,821.60 an ounce from USD1,824.63 an ounce on Wednesday evening.

On Thursday afternoon's macroeconomic calendar, initial unemployment claims and the trade balance will come out from the US at 1430 CEST. Note that during the afternoon FOMC members Barkin and Daly will speak between 1730 CEST and 1800 CEST.

On the corporate calendar, no special appointments are scheduled.

By Chiara Bruschi, Alliance News reporter

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