(Alliance News) - Major European stock exchanges open lower on Wednesday, with investors cautious ahead of the release of key U.S. inflation data later in the day and the European Central Bank's crucial policy meeting scheduled for Thursday.

Thus, the FTSE Mib gives up 0.3 percent to 28,506.43, the Mid-Cap is down 0.6 percent to 40,980.37, the Small-Cap advances 0.6 percent to 26,681.86, and Italy Growth is in the fractional red at 8,748.93.

In Europe, London's FTSE 100 is in the green by 0.1 percent, Paris' CAC 40 gives up 0.3 percent and Frankfurt's DAX 40 is down 0.1 percent.

On the main index in Piazza Affari, Intesa Sanpaolo -- in the green by 0.4 percent -- announced that it has entered into a strategic and commercial partnership with Homepal and BPER Banca -- up 1.1 percent -- to create "a real estate operator that will aim to enhance and develop activities in real estate, a sector in which the companies have concluded about 10,000 real estate transactions since launch."

The initial investment by Intesa Sanpaolo and BPER Banca will total EUR15 million to enhance services and communication.

Leonardo gives up 0.2 percent. Defense industry leaders from the United Kingdom, Japan, and Italy signed a trilateral collaboration agreement on Tuesday to develop the conceptual phase of a next-generation fighter aircraft.

The agreement is part of the Global Combat Air Program, a collaboration between the three countries that aims to deliver a next-generation combat aircraft by 2035.

Campari is in the red by 1.1 percent after announcing Tuesday that Bob Kunze-Concewitz, the company's CEO, informed the board of directors of his decision to retire as of the April 11, 2024 shareholders' meeting.

Kunze-Concewitz will remain on the board as a nonexecutive memebro.

At the top is Iveco Group, which rises 1.6 percent followed by Banca Monte dei Paschi di Siena, which advances 1.2 percent. Also among the few bullish minority are oils Saipem, Eni and Tenaris, up 0.7%, 0.6% and 0.3% respectively.

On the Mid-Cap, El.En. ends up at the bottom with a 5.7 percent decline after reporting Tuesday evening that the board of directors approved the half-year financial report as of June 30 reporting consolidated revenues of EUR345.6 million up 6.0 percent from EUR326.9 million as of June 30, 2022. Group net income is EUR25.8 million positive, down 9.3% from EUR28.4 million in the first half of 2022.

At the top is Tamburi Investment Partners - up with 1.6 percent - which on Tuesday approved its consolidated half-year financial report as of June 30, showing a pro forma profit at the consolidated level of EUR64.7 million up sharply from EUR24.2 million in the same period last year.

Maire Tecnimont - down 0.7 percent - announced Tuesday that its board of directors approved the issuance of a fixed-rate, unrated Senior Unsecured Sustainability-Linked Non-Convertible Bond for a minimum of EUR120 million and a maximum of EUR200 million.

Seco gives up 2.5 percent after rising 3.1 percent on the eve of the meeting, following half-year results that showed a profit of EUR10.0 million up from EUR6.8 million in the same period last year.

Adjusted net income rises to EUR12.6 million from EUR8.6 million, an increase of more than 46%.

Well Brembo opens down 0.7 percent. SGL Carbon and Brembo have agreed to expand the production capacity of the Brembo SGL Carbon Ceramic Brakes joint venture, a statement announced Tuesday.

The two companies, together with BSCCB itself, have defined the project that will lead the JV to invest about EUR150 million until 2027 to expand production activities by more than 70 percent at its sites in Meitingen, Germany, and Stezzano, Italy.

Cembre's board of directors -- down 0.6 percent -- approved Tuesday the half-year financial report as of June 30 reporting a net profit of EUR23.9 million, up 31 percent from EUR18.2 million in the same period last year.

On the Small-Cap, SAES Getters opens up with 11 percent. On Tuesday it reported consolidated revenues of EUR122.3 million, up 1.7 percent from EUR120.2 million in the first half of 2022.

Consolidated gross industrial profit stood at EUR53.5 million, up 0.5% from EUR53.2 million as of June 30, 2022

In addition, the company received a favorable opinion from the Federal Trade Commission regarding the transaction to sell the Nitinol business for medical applications to the U.S. company Resonetics, LLC.

Centrale del Latte d'Italia is flat at EUR2.90 after ending in the green by 18 percent. It reported Tuesday that the company posted EUR169.8 million in sales in the first half of the year compared to EUR145.0 million in 2022, up 17 percent.

Esprinet opens up 3.2% after finishing the day trailing 21%. On Tuesday the board of directors approved the consolidated half-year financial report as of June 30, reporting a 65% drop in adjusted profit to EUR6.4 million from EUR18.3 million in the same period last year.

In the coming days the parties will define the technical modalities and timing for reaching the closing of the transaction.

Giglio Group crashes 1.3 percent aftera ver announced Tuesday evening that the board of directors approved the interim half-year report as of June 30 reporting a close-to-balance result--a loss of EUR30,000--a strong improvement from a loss of EUR252,000 in the first half of 2022.

Revenues were down, to EUR15.7 million from EUR19.6 million in the same period last year.

Among SMEs, TMP Group climbs with 1.2 percent. The company announced Tuesday evening that it had signed a strategic agreement with contracted revenues for TMP Group worth EUR500,000, which will be invoiced by the end of the year.

The partnership was signed with INDI Agency, a Milan-based company started in 2023 by experienced entrepreneurs with the aim of providing the value chain with a new and unique Communication, Sustainability and Innovation Hub, the company specified in a note.

Finanza.tech is flat at EUR0.83 after closing up 18 percent at the top following Tuesday's approval of its half-yearly report as of June 30, which shows a strong growth trend, with a triple-digit increase in net income to EUR804,464 from EUR330,588 in the first half of 2022.

Consolidated revenues amounted to EUR7.5 million from EUR2.1 million, also up triple digits from H1 2022.

Innovatec -- in the green by 0.3 percent -- announced Tuesday that as part of the process of strengthening the company's management team, the board of directors unanimously co-opted and appointed Pietro Colucci as the group's new CEO with immediate effect, giving him all executive powers.

In Asia, the Nikkei closed 0.2 percent in the red, the Shanghai Composite was down 0.5 percent while the Hang Seng gave up 0.4 percent.

In New York on European night, the Dow closed fractionally in the red, the Nasdaq down 1.0 percent and the S&P 500 down 0.6 percent.

Among currencies, the euro changed hands at USD1.0743 versus USD1.0726 at Tuesday's European stock close, while the pound was worth USD1.2457 from USD1.2478 Tuesday night.

Among commodities, Brent crude is worth USD92.38 per barrel versus USD92.09 per barrel at Tuesday's close. Gold, on the other hand, trades at USD1,911.29 an ounce from USD1,912.50 an ounce Tuesday evening.

On Wednesday's economic calendar, Italy's quarterly unemployment rate is due at 1000 CEST and, at 1100 EST, Eurozone industrial production.

At 1110 CEST, Italian 3- and 7-year BTP auctions are scheduled.

In the afternoon, from the U.S. will come at 1300 CEST details on mortgages while at 1430 CEST the monthly and annual CPI.

At 1630 CEST crude oil stocks will come out.

In Piazza Affari, the half-year results of Alkemy, Caleffi, CY4Gate, Fine Foods & Pharmaceuticals NTM, Franchetti, IRCE, Mondo TV, Orsero and Toscana Aeroporti are expected.

By Chiara Bruschi, Alliance News reporter

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