(Alliance News) - Major European stock exchanges closed lower Friday, with Milan setting the bar below the 28,300 area after two sessions closed higher.

Among macro data producer prices for the United States rose more than initially expected, raising fears that the Fed will have to keep interest rates higher for longer. Federal Reserve Bank of San Francisco President Mary Daly signaled that the Fed may not yet be done fighting rising prices. Fears about China's economy, particularly the real estate sector, also weighed on investors' mood.

Thus, the FTSE Mib closed 1.1 percent in the red at 28,274.74, the Mid-Cap gave up 0.6 percent to 41,903.02, the Small-Cap was 0.2 percent in the red at 26,873.26, and Italy Growth gave up 0.1 percent to 8,905.22.

In Europe, London's FTSE 100 closed down 1.3 percent as did Paris' CAC 40, while Frankfurt's DAX 40 finished 1.0 percent in the red.

On the main index of Piazza Affari, DiaSorin gave up 3.6 percent to EUR91.50 per share after two sessions closed in the positive.

Stellantis, on the back burner since the opening bell rang, on the other hand, took a 3.4 percent step back after a 0.3 percent gain on the eve of the day. The stock had previously come from seven sessions down.

Iveco, on the other hand, left 2.5 percent on the parterre at EUR9.03 per share, in its third bearish session.

Unipol gave up 1.2 percent after announcing Friday morning that it had approved consolidated results as of June 30 reporting a six-month period ended with a consolidated profit of EUR517 million, down more than 24 percent from the consolidated net profit of EUR684 million in the corresponding period last year, reported under previous accounting standards and on which were reflected extraordinary items of some EUR279 million related to the pro-rata consolidation of BPER Banca's result. The figure for the first half of 2022, the company explains, restated for comparative purposes under the new standards, is EUR433 million.

Telecom Italia, on the other hand, gave up 0.1 percent as talks between the KKR fund and the Treasury to buy Netco intensified. As Francesco Bonazzi explains in Alliance News, "the important date in the handling of the dossier, until yesterday, was September 30, by which the KKR fund must submit its binding offer for the Telecom network. An offer ranging from EUR21 billion to EUR23 billion in value, depending on how certain assets shape up. But now all the spotlight is on the next meeting of the Council of Ministers, scheduled for August 28, when government work resumes after the summer break.

"Indiscretions not denied by the executive speak of a four-way agreement between the Ministry of Economy, Cassa Depositi e Prestiti (which has 10 percent of Telecom Italia), F2i and KKR. A formal step in Palazzo Chigi is obviously needed to make the Treasury's entry into the field official. Also at the end of August, in parallel, the U.S. fund is expected to sign credit lines with a pool of 10 banks - some of which are also TIM's creditors - for about EUR10.5 billion," the Alliance News columnist points out.

The top of the list takes Saipem, up 6.6 percent, for the third session on the bullish front. Berenberg raises Saipem's target price to EUR2.90 from EUR1.90 with a 'buy' recommendation.

On the Mid-Cap, MutuiOnline fell 3.9 percent on the heels of eve's 6.0 percent red.

Tinexta stepped back 2.6%, following the 0.6% loss on eve.

Brunello Cucinelli, on the other hand, gives up 2.1%, veering lower after two sessions in the positive.

Strength on Salcef, which brings the bar forward 2.1%. Of note, the stock has increased its market value by about 40 percent since the beginning of the year.

Sesa, on the other hand, advanced 1.0 percent, beating the green of the eve closed with a plus 1.9 percent.

On the Small-Cap segment, Fidia advanced 4.1 percent, bringing the price to EUR1.28 after two bearish sessions.

Sabaf, on the other hand, advanced 3.7 percent, after 1.8 percent in the red on eve.

Esprinet, on the other hand, gives up 3.8 percent, after 2.1 percent green on eve.

Autostrade Meridionali also falls behind, posting minus 6.2 percent, the subject of profit taking after two sessions in which it accumulated assets of more than 16 percent.

Among SMEs, Iervolino & Lady Bacardi closed ahead with nearly 12 percent assets, up for the fourth consecutive session.

Innovatec advanced 4.6 percent, following eve's green with 1.7 percent.

Ecosuntek closed down 0.3 percent after reporting Wednesday in the evening that Eco Trade, a 63.4 percent subsidiary, signed two preliminary agreements on July 31 involving the purchase of the stakes held in + Energia Spa by Paolo Marinangeli for a 17.90 percent stake and by Soni Mar Srl for a 26.875 percent stake for a total share of about 45 percent. The purchase involves a total price of about EUR21.3 million to be paid at the closing, expected by the end of October 2023. A sum of just under EUR1.3 million was paid as a down payment on Wednesday.

Rear-ends also for Ecomembrane, which is down 4.3 percent after three sessions in the green.

In New York, the Dow is advancing 0.1 percent, the Nasdaq is down 0.8 percent, and the S&P 500 is down 0.2 percent.

Among currencies, the euro changes hands at USD1.0955 against USD1.1018 of in closing European equities Thursday while the pound is instead worth USD1.2696 from USD1.2732 on Thursday evening.

Among commodities, Brent crude is worth USD86.73 per barrel versus USD87.28 per barrel at Thursday night's close. Gold, on the other hand, trades at USD1,913.89 an ounce from USD1,918.59 an ounce Thursday night.

Monday's economic calendar at 0800 CEST features Germany's wholesale price index.

In the evening, an auction of 3- and 6-month Treasury bonds is scheduled in the US.

On the corporate calendar, no events are scheduled.

By Maurizio Carta, Alliance News reporter

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