(Alliance News) - European stock markets opened lower Thursday, with investors remaining cautious ahead of corporate results being released as they are released and as they prepare for several important central bank meetings in the coming weeks.

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 May 3 meeting has a 16 percent probability priced in for confirmation in the 475/500 bps range. In contrast, it is at 84 percent probability for an increase in the 500/525 bps area, an increase equivalent to 25 bps. The current target is between 475 and 500 bps.

The FTSE Mib, therefore, opened down 0.8 percent at 27,718.94 points.

In Europe, London's FTSE 100 is giving up 0.1 percent as is Paris' CAC 40, while Frankfurt's DAX 40 is stepping back 0.4 percent.

The Mid-Cap is giving up 0.8 percent to 43,637.25, the Small-Cap down 0.7 percent to 29,786.26, and Italy Growth is in the red 0.3 percent to 9,238.27.

On the main list of Piazza Affari, Saipem -- up 3.1 percent -- reported Wednesday that first-quarter revenues were EUR2.58 billion from EUR1.82 billion in the corresponding period of 2022. Net income broke even, compared with a loss of EUR98 million in the corresponding period of 2022.

Also advancing well is UniCredit, which is picking up 1.3 percent bringing the price to EUR4.15.

Reflecting the good momentum in the banking segment, BPER Banca, Banco BPM, and Intesa are also rising, all with assets above 1.0 percent.

Prevailing sales, however, on Stellantis, which contracted 3.0% and brought the price to EUR16.46 following up the eve's red with 0.4%. Sales in March increased, following the positive trend in the performance of the European market, where registrations grew by about 29 percent.

As data from ACEA, the European Automobile Manufacturers' Association, showed on Wednesday, the merged PSA Groupe and Fiat Chrysler Automobiles giant posted a 23% increase in sales in March having registered 251,122 cars compared to 203,635 in February 2022, with market share, however, down to 17.7% from 18.1% in 2022.

Low quarters also for Ferrari, which gives up 1.6 percent pointing its snout toward the fourth session to end on the bearish side.

On the cadet segment, Antares Vision advances 2.2% and takes the price to EUR6.56 and heads toward the third session in a row to end on the bullish side.

Good buying also on MFE, with class B shares carrying the bar up 2.9 percent. The company reported Wednesday that 2022 revenues fell year-on-year to EUR2.80 billion from EUR2.91 billion in 2021. Net income also fell, to EUR216.9 million from EUR374.1 million but still higher than the last pre-Covid figure in 2019 of EUR190.3 million. Adjusted net income, on the other hand, was EUR247.5 million. However, the board thus decided to propose the distribution of a dividend of EUR0.05 per share.

Brunello Cucinelli, on the other hand, gives up 0.3 percent with price at EUR88.10. On the stock Deutsche Bank raised its target price to EUR82.00 from EUR70.00.

OVS - down 1.9 percent - reported Wednesday that it closed the year to January 31, 2023 with net sales at EUR1.51 billion, up more than 11 percent from EUR1.36 billion recorded a year earlier. This performance, the company explained, characterized all of the group's brands and distribution channels and affected all periods, with the trend more pronounced in May, thanks in part to favorable weather conditions and in the months of Christmas shopping and winter sales. In addition, the board of directors resolved to propose to the shareholders' meeting the payment of a dividend for fiscal year 2022 of EUR0.06 per share. Adjusted net income amounted to EUR78.4 million up more than 75 percent from EUR44.8 million recorded in 2021.

On the Small-Cap, Softlab advances with 3.7 percent and new price at EUR1.96, with the shares also slightly active on the weekly.

Piquadro--which still does not trade and is priced at EUR1.74--reported Wednesday that revenues for the fourth quarter and full year ending March 31, 2023, rose by double digits year-on-year. In fiscal year 2022-2023, revenues increased 18 percent to EUR175.6 million from EUR149.4 million while, in the fourth quarter alone, they improved 22 percent to EUR48.8 million from EUR40.0 million.

Eems Italia--down 3.8 percent--reported that it had approved its main results for the year ended Dec. 31, 2022, having reported a net loss of EUR2.3 million, from a loss of EUR287,000 in the same period last year.

On Italy Growth, Casta Diva Group -- up 5.0 percent -- on Thursday reported that its board of directors reviewed its quarterly consolidated value of production as of March 31, which marks a 73 percent increase over the same figure for the previous year, to EUR21.2 million from EUR12.2 million.

Ilpra, on the other hand, rises 3.0 percent to EUR4.76 per share, breaking a six-session downtrend.

In New York overnight Europe, the Dow gave up 0.2 percent, while the Nasdaq finished fractionally higher. The S&P 500, on the other hand, closed just below par.

In Asia, the Hang Seng is stepping back 0.3 percent, the Shanghai Composite gave up 0.1 percent, while the Nikkei closed ahead 0.2 percent.

Among currencies, the euro changed hands at USD1.0970 versus USD1.0953 at Wednesday's close. In contrast, the pound is worth USD1.2446 from USD1.2439 on Wednesday evening.

Among commodities, Brent crude is worth USD81.59 per barrel USD84.49 per barrel on Wednesday evening. Gold, on the other hand, trades at USD1,996.30 an ounce from USD1,988.41 an ounce at Wednesday's close.

On Thursday's economic calendar, the Eurozone trade balance is due at 1200 CEST.

At 1430 CEST come the continuing unemployment claims, while at 1600 CEST it is the turn of the home sales report. At 1730 CEST an auction of 4- and 8-week Treasury bonds is scheduled. At 1800 CEST a speech by Waller of the Fed is scheduled and at 2215 CEST by Schabel of the ECB.

On the corporate calendar, results from Aedes, Convergenze, Eprcomunication, Farmaè, Finlogic, Labomar, Racing Force, and Salvatore Ferragamo are expected.

By Maurizio Carta, Alliance News reporter

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