(Alliance News) - Major European stock markets close in the red on Thursday, with Piazza Affari at the tail end -- and with the exception of London, which is just above parity -- with markets affected by bearish performance of automotive stocks and a new drop in oil prices, fueled by the specter of recession in the U.S. that would cause demand to fall.

"The negative reaction to Tesla's numbers last night, coupled with the pledge to cut prices further, weighed on the European auto sector, with losses for BMW, Renault, Stellantis and Volkswagen due to concerns that already thin margins will become even thinner as rising prices cut further," comments Michael Hewson, Chief Market Analyst at CMC Markets.

"It also doesn't help that demand for electric cars is falling, as the economic reasons for owning one have declined along with falling gasoline prices. With oil prices about to record their biggest weekly drop in a month, stocks like BP and Shell are also lower."

The FTSE Mib closes 1.1 percent in the red at 27,627.12.

The Mid-Cap closes down 0.8 percent at 43,638.36, the Small-Cap down 1.2 percent at 29,626.42, and Italy Growth ends 0.6 percent in the red at 9,218.80.

In Europe, London's FTSE 100 closed in fractional green, Paris' CAC 40 lost 0.1 percent while Frankfurt's DAX 40 finished in the red by 0.6 percent.

Meanwhile, Eurozone consumer confidence improved in April, although it remained in negative territory, as disclosed by the European Commission's flash estimate released Thursday.

The eurozone consumer confidence index rose to minus 17.5 points in April from minus 19.1 points in March.

In the EU 27 states, however, consumer confidence improved to minus 18.9 points from minus 20.6 points in the previous month.

On the main list in Piazza Affari, therefore, the downward push in the auto sector internationally brings Stellantis to the bottom, where it closes 5.4 percent in the red. Also weighing in was the unexpected farewell of CFO, Richard Palmer, a figure known to investors for years, who was replaced by Natalie Knight, who comes from large retail.

Ferrari, which loses 1.1 percent, and Pirelli, which gives up 2.4 percent, also hurt.

CNH Industrial gives up 0.2% after announcing the sale of its Russian operations for total proceeds of about USD60 million.

Saipem, on the other hand, manages to end the day bullish -- plus 1.5 percent -- thanks to first quarter revenues of EUR2.58 billion from EUR1.82 billion in the corresponding period of 2022. Net income broke even, compared with a loss of EUR98 million in the corresponding period of 2022.

Others in the oil sector are in the red, with Eni losing 1.2 percent and Tenaris giving up 0.2 percent.

Iveco Group is doing well, closing on top with 1.6 percent. On the stock, AKO Capital raised its short position to 0.99% from 0.83% while Citadel Advisors cut its short to 0.48% from 0.57%.

Assicurazioni Generali -- in the green by 0.1 percent -- reported Thursday that it had bought back the previously accepted amount of the EUR1.50 billion perpetual bond repurchase offer with a coupon of 4.596 percent, amounting to EUR499.6 million.

In addition, Generali also issued a EUR500.0 million bond with a fixed rate and coupon of 5.399% maturing on April 20, 2033, listed in Luxembourg and with a spread of plus 240 basis points.

On the mid-cap, Brembo closed 2.3 percent in the red. On Thursday, the shareholders' meeting renewed the board of directors and the board of statutory auditors. Both will remain in office until the approval of the 2025 financial statements.

As for the board of directors, Matteo Tiraboschi was appointed chairman and Daniele Schillaci was confirmed as CEO.

OVS -- in the red by 2.8 percent -- reported Wednesday that it closed the year to January 31, 2023 with net sales at EUR1.51 billion up more than 11 percent from EUR1.36 billion recorded the previous year. In addition, the board of directors resolved to propose to the shareholders' meeting the payment of a dividend for the 2022 financial year of EUR0.06 per share.

Adjusted net income amounted to EUR78.4 million up more than 75 percent from EUR44.8 million recorded in 2021.

Red also for Maire Tecnimont, which closes down 3.2 percent. The company reported Wednesday that some companies that are part of the Sustainable Technology Solutions business unit, directly controlled by Nextchem Holding, were awarded several new contracts for technology licenses and engineering services worth a total of about USD90 million.

Brunello Cucinelli's board of directors -- up 0.3 percent -- announced Tuesday that it had reviewed revenues for the first quarter of 2023, having reported 35 percent growth within the different geographic areas and in both sales channels, retail and wholesale.

In detail, net revenues amounted to EUR265.3 million from EUR196.9 million in the same period last year.

Arnoldo Mondadori Editore--which closed in the red by 0.9 percent--reported Thursday that it had executed a contract for the sale to PBF Srl of its 18.45 percent shareholding in Società Europea di Edizioni Spa, publisher of the daily newspaper Il Giornale.

The consideration for the transaction, to be settled entirely in cash, is defined as EUR2.3 million.

The sale results in a net gain in the Mondadori Group's income statement of EUR500,000.

On the Small-Cap, Bioera takes the top spot with a rise of 11 percent.

Piquadro - in the green by 1.7 percent - reported Wednesday that, in fiscal 2022-2023, revenues increased 18 percent to EUR175.6 million from EUR149.4 million while, in the fourth quarter alone, they improved 22 percent to EUR48.8 million from EUR40.0 million.

Among SMEs, Farmaè -- in the green by 2.3 percent -- reported Thursday that its revenues rose 46 percent in the first quarter year-on-year to EUR38.8 million from EUR26.5 million in the same period a year earlier.

Monnalisa closes up 3.7 percent. The company announced that it is ready to adopt Blockchain technology with a pilot activity on the Couture line, through the "Track IT Blockchain Project" of ICE - Government Agency for the Internationalization and Promotion of Italian Companies.

Casta Diva Group closes with a plus 7.8 percent after announcing Thursday a quarterly consolidated value of production as of March 31 that marks a 73 percent increase over the same figure of the previous year to EUR21.2 million from EUR12.2 million.

The backlog - orders to be fulfilled within the year - consolidated as of March 31, stands at around EUR41.6 million.

Gismondi 1754 ends in the red by 5.7 percent. It disclosed Wednesday evening that revenues from total sales in the first quarter were nearly EUR4.2 million up 18 percent from EUR3.5 million in the first quarter of 2022.

The board of directors of Estrima -- in the red by 3.8 percent -- reviewed and approved the company's draft annual financial statements as well as the group's consolidated financial statements as of December 31, 2022, which closed with a net loss of EUR3.1 million from a net loss of EUR1.4 million in 2021.

In New York at the height of trading, the Dow gives up 0.2 percent, the Nasdaq is in the red by 0.4 percent and the S&P 500 gives up 0.5 percent.

Among currencies, the euro changes hands at USD1.0972 versus USD1.0953 at Wednesday's close. In contrast, the pound is worth USD1.2455 from USD1.2439 on Wednesday evening.

Among commodities, Brent crude is worth USD81.22 per barrel USD84.49 per barrel on Wednesday evening. Gold, on the other hand, trades at USD2,002.73 an ounce from USD1,988.41 an ounce at Wednesday's close.

On Friday's economic calendar, at 0101 CEST, the GfK consumer confidence index is due out while at 0130 CEST, Japan's consumer price index will come out and at 0230 CEST, the services PMI index is due out.

At 0800 CEST, UK retail sales will come out and at 0915 CEST in France the manufacturing, services and composite PMI index is due.

PMIs also coming out for Germany at 0930 CEST, the Eurozone at 1000 CEST, and the UK at 1030 CEST.

At 1430 CEST, Canadian retail sales are due and, at 1545 CEST, US PMIs.

In Piazza Affari, the quarterly results of BB Biotech, Clabo, Sogefi and TrenDevice are scheduled.

By Chiara Bruschi, Alliance News reporter

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