(Alliance News) - On Thursday, European stock markets reversed the bullish trend they had been traveling with for much of the session, closing in negative territory. Investors are focusing their attention on key speeches, expected on Friday, by Federal Reserve Chairman Jerome Powell and fellow Eurozone chair Christine Lagarde at the Jackson Hole conference, which are expected to provide - these are the hopes - further insights into the future direction of monetary policy.

Weak economic data renewed fears that U.S. interest rates may remain elevated. Concerns in the trading rooms grew after new data on U.S. unemployment claims signaled the continued strength and resilience of the labor market, which could push the Federal Reserve to keep rates higher for longer.

There were in fact 230,000 new claims for unemployment benefits in the week ended Aug. 19, as reported Thursday by the U.S. Department of labor, down from 240,000 the previous week. Markets, in any case, did not expect any change in the figure.

Thus, the FTSE Mib closed down 0.6 percent to 28,072.12, the Mid-Cap fell 0.4 percent to 41,024.58, the Small-Cap was in the red 0.1 percent to 26,815.75, and Italy Growth closed just below par at 8,833.33.

In Europe, Paris' CAC 40 chipped down 0.4 percent, Frankfurt's DAX gave up 0.7 percent, while London's FTSE 100 picked up 0.2 percent.

On the blue chip list, acquired on Italgas, which took home a green of 0.5 percent after a 1.5 percent green on eve.

ERG, which topped the list with a 1.1 percent green on the heels of eve's 3.5 percent gain.

Boost also on Campari, which advances 0.2% to EUR11.80 per share on the heels of eve's 1.6% green.

Terna rises 0.3%. The company reported Tuesday that electricity demand in Italy totaled 30.1 billion kWh in July, registering a 3.3% decrease compared to the same period in 2022. In July, 85.6 percent of Italy's electricity demand was met by domestic production and the remaining 14.4 percent by the balance of energy traded with foreign countries. Net domestic production was 25.9 billion kWh, down 2.7 percent from July 2022.

Among the few bearish performers, the worst performer was Iveco, which posted a minus 4.1 percent bringing the price back to the EUR8.28 area.

Saipem, on the other hand, gave up 1.4 percent, marking its third session on the bearish side.

On the Mid-Cap, Acea advanced 2.0%, in its third session closed on the bullish side.

Good buys also on Iren, which brought acasa a 1.1% gain, after the 2.9% gain on the eve of the session.

Zignago Vetro also did well, marking a plus 0.1% at EUR15.18 per share.

Salcef Group -- down 1.2% -- reported Wednesday that its subsidiary Salcef Spa won the tender called by ANAS -- of the FS Italiane group -- for the construction of one of the key projects for the Jubilee 2025 in Rome. Specifically, the project involves the burying of the existing road system in Piazza Pia through the extension by about 130 meters of the existing underpass built as part of the Jubilee 2000 works. Thanks to this intervention, a continuous pedestrian path will materialize between the area in front of Castel Sant'Angelo and Via della Conciliazione, resulting in an improved usability of a stretch now affected by intense vehicular flow. The contract amount is approximately EUR35 million.

On the Small-Cap, Trevi Finanziaria Industriale moves ahead 7.4 percent, rebounding after six sessions closed among the declines.

Alkemy advances 0.4 percent to EUR10.06 per share, on the heels of eve's 0.8 percent gain.

At the back of the pack, Restart contracted 0.9%, following Wednesday night's 2.2% gain.

Netweek, on the other hand, gave up 1.7 percent, after the previous session's 1.5 percent green. The stock had previously come from three bearish sessions.

Among SMEs, Deodato.Gallery advanced 6.3 percent, with new price at EUR0.54.

In contrast, Ambromobiliare advanced 3.9 percent, in its third bullish session.

Solutions Capital Management SIM - flat at EUR2.50 - announced Wednesday that it has signed an agreement with an insurance intermediary to refer professionals interested in signing collaboration contracts to distribute insurance products on behalf of SCM. The company believes that the expansion of the sales force will be able to contribute positively to the company's results in the medium term, following a major increase in the commission base supported by a slight increase in structural costs.

Innovatec gave up 0.8 percent. On the stock it is mentioned that Modefinance, an Italian rating agency registered with ESMA, has confirmed the public 'B1+' rating to the creditworthiness. "This rating - equivalent, on the basis of the current mapping, to the 'BBB+' rating of the main international rating agencies - represents a higher score than the minimum required to consider the company's issues investment grade," the company explained in a note.

At the tail end, among the many bearish performers, Portobello leaves 8.6 percent on the parterre, marking the third consecutive session with a bearish balance.

In New York on Wednesday, the Dow Jones closed in the red by 0.5 percent, the S&P finished down 0.7 percent, and the Nasdaq is giving up 1.3 percent.

Among currencies, the euro changed hands at USD1.0829 versus USD1.0852 in Wednesday's European stock close while the pound was worth USD1.2632 from USD1.2706 on Wednesday evening.

Among commodities, Brent crude is worth USD83.19 per barrel versus USD83.46 per barrel at Wednesday's close. Gold, meanwhile, trades at USD1,921.03 an ounce from USD1,916.81 an ounce on Wednesday evening.

On Friday's economic calendar, Japan's inflation will come in at 0130 CEST while Germany's Gross Domestic Product figure is expected at 0800 CEST. At 1300 CEST, a speech by the European Central Bank's number, Christine Lagarde, is expected at the Jackson Hole symposium, where Powell will speak at 1605 CEST.

At 1900 CEST, again from the U.S., focus on the Baker Hughes data while, at 2230 CEST, as usual on Friday, the COT Report is scheduled to be released.

On the corporate calendar in the Piazza Affari, no special events are scheduled.

By Maurizio Carta, Alliance News reporter

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