(Alliance News) - On Wednesday, Piazza Affari -- as well as other global financial markets -- dropped significantly, placing the point bar at 25,500 with the banking sector acting as a bearish driver on the long wave of sales triggered on Swiss giant Credit Suisse.

The bank's main shareholder, Saudi National Bank, which holds about 9.9 percent of the shares, said it could not provide further financial assistance. "We can't because we would go over 10 percent. It is a regulatory issue," Chairman Ammar Al Khudairy said Wednesday.

The sector has also been pressured by expectations that the ECB will announce a faster pace of monetary tightening tomorrow, with trading rooms now ready for an interest rate hike of 50 basis points, which could drive down the prices of BTPs in which Italian institutions hold large amounts.

On the Federal Reserve front, in the CME Group platform's FedWatch Tool -- using futures also based on the actual federal funds rate, or EFFR -- the main rate hike for the March 22 meeting has a 62 percent probability predicted for a confirmation of the current rate. In contrast, the probability of an increase in the 475/500 bps area is at 38 percent. The current target is between 450 and 475 bps.

As a result, the FTSE Mib is 4.6 percent in the red at 25,565.84 at the close.

Among the smaller listings, the Mid-Cap closed down 3.4 percent to 41,631.82, the Small-Cap gave up 3.2 percent to 29,363.65, and the Italy Growth gave up 1.8 percent to 9,218.58.

Paris' CAC 40 gave up 3.6 percent, London's FTSE 100 3.8 percent and Frankfurt's DAX 40 closed 3.3 percent in the red.

On the main list in Piazza Affari, with the color red serving as the common denominator, Saipem slipped 8.5 percent. On the stock it is reported that Voleon Capital Management raised its short position on the stock to 0.84 percent from 0.7 percent.

The entire banking sector suffered, with UniCredit giving up 9.1 percent, Intesa Sanpaolo 6.9 percent and Banco BPM with 7.1 percent.

Telecom Italia's board of directors -- in the red by 3.4 percent -- announced Wednesday that the board had met to examine the non-binding offer submitted by the consortium formed by CdP Equity and Macquarie Infrastructure and Real Assets, acting on behalf of a group of investment funds managed or advised by the Macquarie group -- the consortium's NBO -- for the purchase of a constituent company that would essentially own the management and infrastructure perimeter of the fixed network, including FiberCop's assets and activities, as well as the stake in Sparkle.

Tenaris, on the other hand, gave up 9.0 percent, after a 1.4 percent loss on the eve of trading. The stock had previously come off four bearish sessions.

Among the bullish few, Campari stretched 0.5 percent to EUR10.72, echoing eve's green with 2.2 percent.

On the cadet segment, equally, the banking sector led the declines. Banca Monte dei Paschi gave up 10 percent with price at EUR1.92.

Credem, meanwhile, gave up 6.7 percent, while Banca Popolare di Sondrio left 6.4 percent on the parterre.

Among the positive notes, MARR took home at 6.9%. The company reported Tuesday that it reported an increase in net income in 2022, to EUR26.6 million from EUR35.1 million in the previous year.

On the Small-Cap segment, Biesse stepped back 9%, with price at EUR15.25 after last night's 4.7% gain. The board Tuesday approved the financial report for 2022, which ended with a net income of EUR30.3 million, compared to EUR34.2 million in 2021, representing a net income per share of EUR1.11. The board also proposed the payment of a gross dividend of EUR0.33 per share.

Aeffe--declining 6.8 percent--reported Wednesday that it closed 2022 with a loss of EUR9 million, which compares with a EUR12 million profit in 2021 that, however, included nonrecurring tax benefits of EUR9.5 million.

d'Amico, on the other hand, gave up 7.4 percent, after a 5.6 percent profit on the eve.

Among the positive notes, algoWatt took home 1.7 percent, rearing its head again after two bearish sessions.

Among SMEs, meanwhile, Copernicus rose 3.7 percent, bringing the price to EUR5.60 and echoing eve's 4.9 percent gain.

At the bottom, Comer Industries gave up 8.8 percent, with price at EUR31.00.

Directa SIM left 7.3 percent on the parterre, after eve's shy green with 0.2 percent.

Cover 50 - up 1.6% - reported Wednesday that 2022 revenues and Ebitda rose by double-digit percentages from the previous year's figures. Revenues rose 24 percent to EUR30.1 million from EUR24.3 million in 2021.

In New York, the Dow is giving up 2 percent, the Nasdaq 1.1 percent, and the S&P 500 is contracting 1.7 percent.

Among currencies, the euro changes hands at USD1.0538 versus USD1.0715 at Tuesday's close. In contrast, the pound is worth USD1.2019 from USD1.2153 on Tuesday evening.

Among commodities, Brent crude is worth USD72.52 per barrel versus USD78.66 per barrel Tuesday evening. Gold, meanwhile, trades at USD1,935.88 an ounce from USD1,906.39 an ounce at Tuesday's close.

On Thursday's economic calendar, the trade balance is expected at 0050 CET, while in the morning, at 1000 CET, the Italian inflation figure is expected. At 1330 CET, initial claims for unemployment benefits arrive from the US.

At 1415 CET, it is time for the ECB rate decision, with the press conference at 1445 CET. At 1630 CET, comes the auction of 4- and 8-week Treasury bonds.

On Thursday's corporate calendar, results from Aquafil, Arnoldo Mondadori, A2A, Enel, Eni, Salcef, and Webuilt are expected.

By Maurizio Carta, Alliance News reporter

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