(Alliance News) - On Wednesday, major European stock markets traveled in negative territory with stocks continuing to lose ground ahead of tonight's Fed minutes, although these may not represent the turnaround many had hoped for.

"The negative tone continues to be present in all markets this afternoon, although it is not as dramatic as yesterday's. Investors are clearly hoping that the Fed minutes will save them from this downward wave on interest rates, but given the data we have had since then the minutes may not be able to do much to salvage the situation. European markets fell more than their U.S. counterparts this afternoon, but overall they are in a better position and seem to offer the best risk-return outlook heading into March," commented Chris Beauchamp, chief market analyst at IG.

"Expectations of 'higher for longer' U.S. interest rates have caused commodity prices to continue to fall, with their weakness remaining a key factor."

Thus, the FTSE Mib closes down 1.1 percent at 27,101.53, the Mid-Cap down 0.8 percent to 44,072.24, the Small-Cap gives up 1.1 percent to 29,707.77, and Italy Growth is down 0.5 percent to 9,521.44.

In Europe, London's FTSE 100 gives up 0.6 percent, Paris' CAC 40 drops 0.2 percent and Frankfurt's DAX 40 is down 0.1 percent.

On the Mib, it takes the top spot Telecom Italia -- in the green by 2.8 percent -- which on Tuesday evening announced, with reference to its indicative and non-binding offer, that it had received a letter from KKR in which it extended the deadline for that offer to March 24. Specifically, according to the letter, the extension of the deadline is due to a request by the government to have an additional four weeks to conduct a joint analysis of the public aspects of the transaction concerning the powers that can be exercised by the government in the sector.

Stellantis, after the data release, closed in the green by 2.2 percent. Both the company's revenues and net income posted double-digit increases in FY2022, the carmaker formed from the merger of FCA and PSA Groupe disclosed Wednesday. Revenues increased to EUR179.6 billion from EUR149.4 billion a year earlier or EUR152.1 billion pro forma from the previous year. Net income rose 26 percent to EUR16.78 billion in 2022 from EUR13.22 billion a year earlier or EUR13.35 billion pro forma.

In addition, the board on Wednesday approved a share buyback program of up to EUR1.5 billion to be executed in the market for the purpose of "cancelling the ordinary shares acquired through the share buyback program," the company explains.

Also in the black is Campari, up 1.3 percent. The company reported Tuesday that it ended 2022 with double-digit year-on-year sales and earnings growth.

The company's sales rose 24 percent year-on-year in the last fiscal year, to EUR2.70 billion from EUR2.17 billion a year earlier, with their margin up 23 percent to EUR1.59 billion from EUR1.30 billion a year earlier.

The banking sector goes down as a whole, with FinecoBank trailing with a 4.8% drop, along with BPER Bank down 4.4%, UniCredit down 2.7% and Intesa Sanpaolo down 3.0%.

Also going down is oil Tenaris, down 3.1%.

On the cadet segment, Fincantieri -- down 2.7 percent -- announced Wednesday that it has signed a cooperation agreement with Abu Dhabi Ship Building, a subsidiary of EDGE Group, a leader in the design, construction, repair, maintenance, refitting and conversion of military and commercial vessels.

Under the terms of the agreement, EDGE and Fincantieri will join forces in the design, construction and fleet management for military and commercial ships, as well as create new business opportunities in the local and international market with high value-added technology solutions.

Enav closes in the green by 1.0 percent after announcing that it was awarded 15 projects by obtaining EUR4.5 million in research funding, out of a total investment of EUR350 million from the aeronautics industry and the European Union, through the Horizon Europe funding program.

Anima Holding, which approved the draft financial statements and announced that it confirmed the results released on Feb. 6 by reporting a net profit of EUR120.8 million, down 49 percent from EUR238.7 million in 2021, gives up 2.1 percent.

Group net inflows for 2022 were positive EUR1.6 billion from EUR2.4 billion in the previous year, including Branch I insurance proxies; total assets under management at the end of December 2022 were over EUR177 billion.

Carel Industries--in the red by 0.4 percent--reported Tuesday that it has signed a binding agreement to take over the entire capital of Eurotec, a distributor and systems integrator based in Auckland, New Zealand.

Eurotec reported revenues of NZD10.9 million, or about EUR6 million, and is structured around three business units: HVAC, Refrigeration and Electrical/Instrumentation, all of which also feature significant content in terms of dedicated services. The presence in the territory is ensured by three branches: in addition to the head-quarter in Auckland, there are operating offices in Wellington and Christchurch.

On the Small-Cap segment, Caleffi reported its preliminary consolidated results for 2022 on Wednesday, reporting revenues of around EUR59.2 million, down 3.0 percent from the final EUR60.8 million as of December 31, 2021. The stock closed down 6.8 percent.

Ebitda was higher at EUR6 million, up about 10 percent, compared to EUR8.0 million as of Dec. 31, 2021.

The board of directors of Il Sole 24 ORE - down 1.6 percent - on Tuesday approved the 2023-2026 Business Plan, which confirms steady and sustainable growth for the group through the digitization of products and processes, internationalization, and continued brand enhancement.

Revenue and margin growth is also confirmed in the changing geopolitical, economic and market environment. In detail, the company expects revenues of EUR250 million, Ebitda of EUR44 million and Ebit at EUR23 million.

Among SMEs, Circle closes in the red by 1.7 percent, after announcing Tuesday that the 'Port Community Services' offered was selected by a major Mediterranean port.

This order, with a duration of four years and worth more than EUR290,000, is in addition to two others obtained in January and destined for leading international players in port logistics, "a market in which Circle is putting its experience to significant use," as the company explained in a note.

Vimi Fasteners loses 15 percent, after reviewing on Tuesday its main consolidated pre-consolidated figures as of December 31, 2022, and reporting revenues of EUR53.4 million, up 11 percent from EUR47.9 million in the same period last year.

In New York at the height of trading on Wednesday, the Dow is in the green by 0.1 percent, as is the Nasdaq, while the S&P 500 is on the parity threshold.

Among currencies, the euro changes hands at USD1.0628 versus USD1.0663 at Tuesday's close. In contrast, the pound is worth USD1.2069 from USD1.2116 last night.

Among commodities, Brent crude is worth USD81.29 per barrel versus USD83.02 per barrel Tuesday night. Gold, meanwhile, trades at USD1,843.15 an ounce from USD1,834.09 an ounce at Tuesday's close.

On Thursday's macroeconomic calendar, with the Tokyo Stock Exchange remaining closed, the morning begins at 1100 CET in Europe with Eurozone inflation data.

At 1200 CET the result of the composite monitoring of distribution transactions in the UK is expected.

In the afternoon, overseas, at 1430 CET data on continuing unemployment claims, the PCE index of core prices, GDP data and real consumer spending are published.

At 1700 CET it is the turn of data on crude oil stocks.

Among the companies listed in Piazza Affari, the results of Alkemy, Autostrade Meridionali, A2A, doValue, IGD - Real Estate Large Distribution, and MeglioQuesto are expected.

By Claudia Cavaliere, Alliance News reporter

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