(Alliance News) - European stock markets move into the red Thursday ahead of the release of long-awaited Eurozone inflation and unemployment data, along with the minutes of the latest ECB meeting for insights into the central bank's next moves.

Markets are fully priced for a 50 basis point increase this month and are not ruling out another 50 basis points in May.

On the data front, the Netherlands became the latest European economy to record significantly elevated inflation numbers for February, with the country's rate rising to 8.0 percent after four months of deceleration in the wake of a surge in food prices.

On Thursday 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 69% probability priced into the 475/500 bps range. In contrast, the probability of an increase in the 500/525 bps area is at 31%. The current target is between 450 and 475 bps.

The FTSE Mib, therefore, is giving up 0.7 percent to 27,131.76.

In Europe, London's FTSE 100 is giving up 0.3 percent, Paris' CAC 40 is in the red by 0.8 percent, and Frankfurt's DAX 40 is down 0.9 percent.

Among the smaller lists, the Mid-Cap is giving up 0.3 percent to 44,583.30, the Small-Cap is just below par at 0.4 percent to 30,358.86, and Italy Growth is up 0.1 percent to 9,401.04.

On the main list, among the few bullish stocks is Tenaris, which rises well with 1.4 percent.

Amplifon -- up 1.0 percent -- on Wednesday approved its draft operating budget as of December 31, 2022 reporting record revenues at EUR2.12billion up 8.8 percent at current exchange rates and 6.8 percent at constant exchange rates from EUR1.95billion in 2021. Net income on a recurring basis is EUR183.3 million, up 4.6 percent from EUR175.2 million recorded in 2021. The board also proposed a dividend of EUR0.29 per share, up nearly 12 percent from EUR0.26 per share in 2021, with a pay-out of more than 36 percent of consolidated net income per share.

CNH Industrial -- in the red by 0.4 percent -- announced Wednesday that it had bought back 622,807 of its own shares between Feb. 20 and Feb. 24, 2023. The shares were taken over at an average price of about EUR15.46 for a total of EUR9.6 million.

STMicroelectronics closes the list, which gives up 6.0 percent bringing the price to EUR43.09 per share.

Moncler, on the other hand, gives up 1.6 percent to EUR58.72. Deutsche Bank raised its target price to EUR69.00 from EUR63.00.

On the cadet segment, Banca Monte dei Paschi depreciates 2.6 percent, pending the numbers to be published next Wednesday.

Fincantieri, on the other hand, retreats 1.9% to EUR0.5950, reversing the trend after three sessions closed among the bullish.

Leading the way, Wiit rises 2 percent, bringing the price to EUR20.60 after eve's 2.4 percent red.

The board of directors of Maire Tecnimont - in the money by 0.2 percent - on Wednesday evening reviewed and approved the group's draft budget for 2022, which with a consolidated net profit of EUR90.4 million, up more than 12 percent from the previous year. The board approved the proposal regarding the allocation of the profit for the year and dividend distribution totaling EUR40.7 million, with a unit dividend of EUR0.124. Maire Tecnimont Group revenues amounted to EUR3.46 billion, up 21 percent on the previous year.

On the SmallCap, Neetweek contracts 4.5 percent to EUR0.0380 after eve's loss of 1.5 percent.

Trevi Finanziaria, on the other hand, gives up 2.7% to EUR0.4315, repricing to the downside after eve's gain of over 14%.

On the highs, among the few stocks on a positive note, Eukedos advances 4.6%.

Among PMIs, Allcore rises 3.1%, rearing its head again after two bearish sessions.

Medica--flat at EUR24.20--on Wednesday evening announced that its subsidiary Medica USA Inc has signed a definitive agreement with Evoqua Water Technologies, a company active in mission-critical water treatment solutions, to buy assets to produce blood filters and water filters. Evoqua will retain distribution rights to the water filtration product line.

Clabo, however, gives up 3.1 percent to EUR1.88, after two sessions closed on the bullish side

Among Asian exchanges, the Nikkei closed down 0.1 percent, the Hang Seng is giving up 0.7 percent, and the Shanghai Composite closed down 0.1 percent.

In New York on Wednesday evening, the Dow Jones closed just above par, the S&P gave up 0.5 percent, and the Nasdaq left 0.7 percent on the sidelines.

Among currencies, the euro changed hands at USD1.0636 versus USD1.0677 at Wednesday's close. In contrast, the pound is worth USD1.1973 from USD1.2022 on Wednesday evening.

Among commodities, Brent crude is worth USD84.05 per barrel versus USD83.15 per barrel on Wednesday evening. Gold, on the other hand, trades at USD1,831.09 an ounce from USD1,837.35 an ounce at Wednesday's close.

On Thursday's macroeconomic calendar, at 1000 CET comes the Italian unemployment rate, while at 1100 CET it will be the turn of the inflation rate, also coming from the Eurozone at the same time.

At 1330 CET, from the ECB the minutes of the latest monetary policy meeting.

From the US, at 1430 CET initial unemployment claims, while at 1730 CET an auction of 4- and 8-week Treasury bonds is scheduled.

At 2200 CET a speech by Fed member Waller is scheduled.

On the corporate calendar, coming up are results from Acea, Ariston Holding, Banco di Desio e della Brianza, Brembo, Carel Industries, Inwit, Piaggio, and Salvatore Ferragamo.

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.