(Alliance News) - European marketplaces move on a bearish path Thursday, with trading dips assessing a potential global recession following weak data from the United States. Also weighing in were the words of James Bullard, head of the Federal Reserve Bank of St. Louis, who said rates are not yet totally "restrictive" and could rise as high as 5.5 percent by the end of the year.

"We're almost in a zone that we could call restrictive-we're not there yet," Bullard said Wednesday in an online interview with the Wall Street Journal. Officials want to ensure that inflation falls on a steady path toward the 2 percent target. "We don't want to waver on that," the banker said.

"Policy needs to remain tighter through 2023" as the disinflationary process unfolds, Bullard added.

The FTSE Mib, thus, gives up 0.6 percent to 25,904.47.

In Europe, London's FTSE 100 is giving up 0.5 percent, Paris' CAC 40 is giving up 0.4 percent as is Frankfurt's DAX 40.

Among the smaller lists, the Mid-Cap is down 0.2 percent to 42,824.71, the Small-Cap is down 0.1 percent to 29,649.58 and Italy Growth is giving up 0.2 percent to 9,566.54.

On the main list in Piazza Affari, Telecom Italia rises 1.7 percent, after a 1.4 percent loss on eve.

Hera, on the other hand, gives up 1.2%, following up Wednesday night's red with 0.9%.

Tenaris, on the other hand, gives up 2.9%, retreating after two bullish sessions.

Also at the tail end is Saipem, which gives up 1.0 percent after eve's gain of 7.1 percent.

Snam's board of directors - in the red with 1.5 percent - announced Thursday that it had approved the Strategic Plan to 2026, which calls for total investments of EUR10 billion, a 23 percent increase over the previous one for the period 2021-2025 for which they amounted to EUR8 billion.

Of this, EUR9 billion is earmarked for gas infrastructure. "Investments for the development and modernization of Snam's transportation and storage infrastructure are carried out with a view to H2 asset readiness, while certification activities continue on the existing network, which plans to reach 3,000 km by 2026, up from 750 km in 2022, and checks on storage, compressor stations and metering system," the company explained in a note.

On the Mid-Cap, GVS sprinted, leading shares to extend 9.6 percent, heading for the fourth session to end with bullish trend.

Juventus Football Club shareholders -- down 0.5 percent -- appointed new members to the company's board of directors, the club announced Wednesday. Fioranna Vittoria Negri, Maurizio Scanavino, Gianluca Ferrero, Diego Pistone and Laura Cappiello join the board. Negri and Cappiello are independent directors. The board of directors meeting after the shareholders' meeting then appointed Gianluca Ferrero as chairman of the board and Maurizio Scanavino as chief executive officer. Scanavino also is no longer general manager of the club.

Carel Industries, on the other hand, gives up 2.5 percent, after the eve's green with 2.8 percent.

Zignago Vetro, meanwhile, gives up 1.8 percent to EUR15.64. On the stock it is reported that Berenberg upgraded it to 'buy' from 'hold' and raised the target price to EUR17.00 from EUR14.50.

On the Small-Cap, Caltagirone advances well, rising 4.4 percent to EUR3.57 per share.

Class Editori, on the other hand, appreciates 1.7 percent, after a 1.2 percent loss in the previous session.

I Grandi Viaggi -- down 1.1 percent -- reported Wednesday that the board approved the draft financial statements as of October 31, 2022 and reviewed the group's consolidated results between November 1, 2021 and October 31, 2022, reporting a net loss of EUR140,000 from a net loss of EUR1.4 million as of October 31, 2021.

Among SMEs, Culti Milan rises 8.7 percent, bringing year-on-year assets to over 96 percent.

Relatech - flat at EUR2.12 - disclosed Wednesday the simplification of the corporate chain to be achieved through the merger of Exeo Spa into BTO. The merger was decided on Wednesday and "responds to a need for simplification and rationalization of the group's shareholding chain," as the company explained in a note. The merger will be carried out in a "reverse" way, that is, through the incorporation of the parent company Exeo by the subsidiary BTO. Upon completion of the transaction, Relatech will hold 80 percent of BTO's capital and the remaining 20 percent will be in the hands of the managing partners.

Bellini Nautica--up 2.3 percent--on Thursday signs partnership with Lanéva, a Monaco-based company that creates, sells, and charters 100 percent electric and luxury boats. It is a worldwide exclusive partnership referring to the refitting of vintage Riva powerboats. The Monaco-based company launched and studied with Bellini the first full Electric retrofit kit last September during the Monaco Yacht Show.

Among Asian exchanges, the Hang Seng gave up 0.1 percent, the Shanghai Composite picked up 0.5 percent, and the Nikkei closed down 1.4 percent.

In New York on European night, the Dow closed down 1.8 percent, the Nasdaq down 1.2 percent, and the S&P 500 gave up 1.6 percent.

Among currencies, the euro changed hands at USD1.0818 versus USD1.0817 at Wednesday's close. In contrast, the pound is worth USD1.2339 from USD1.2362 on Wednesday evening.

Among commodities, Brent crude is worth USD84.46 per barrel from USD87.14 per barrel on Wednesday evening. Gold, meanwhile, trades at USD1,908.82 an ounce from USD1,913.85 an ounce last session.

On Thursday's economic calendar, the Spanish trade balance is due at 1000 CET, while Eurozone current account and seasonally adjusted current account data are released at the same time.

Again, in the UK, at 1030 CET, comes the BoE's credit conduction survey and labor productivity data.

At 1130 CET, ECB President Lagarde is scheduled to speak, while two hours later the European Central Bank publishes the minutes of the meeting concerning monetary policy decisions.

Overseas, at 1430 CET, data on continuing unemployment claims, data on building permits and the opening of new construction sites are expected.

Between 1630 CET and 1700 CET, data on natural gas storage, crude oil stocks and crude oil imports arrive.

Among companies listed on the Stock Exchange, no special events are expected.

By Maurizio Carta, Alliance News reporter

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