(Alliance News) - Europe's major stock markets began the day in the positive on Friday, on track for a fifth consecutive day of gains as investors believe interest rates may have peaked, with the Federal Reserve and the Bank of England keeping rates unchanged for the second consecutive session.

Attention then shifted to the October U.S. payrolls report due later today, which is expected to show a gradual easing of labor market conditions.

Thus, the FTSE Mib the Mid-Cap opened up 0.6 percent to 28,644.53, the Mid-Cap is in the green 0.5 percent to 39,924.23, the Small-Cap is up 0.8 percent to 25,117.23, and Italy Growth is in the green 0.1 percent to 7,700.93.

In Europe, London's FTSE 100 rises 0.4 percent, Paris' CAC 40 is up 0.1 percent and Frankfurt's DAX 40 is in the green by 0.3 percent.

Among the morning macros, it is reported that China's services sector expanded marginally in October but overall business activity remained stagnant.

China's services PMI compiled by Caixin and released Friday rose slightly to 50.4 in October from September's 9-month low, indicating the tenth consecutive month of growth in services activity as Beijing continues its efforts to stabilize the economy.

The overall composite PMI, however, fell to 50.0 in October from 50.9 in September, marking the lowest reading this year.

On the main list in Piazza Affari, Tenaris opens in the tail, in the red by 1.0 percent after closing up 8.3 percent driven by good results and the announcement of a new buyback of up to USD1.2 billion. In addition, the board of directors approved the payment of an interim dividend. As for the third quarter, the group reported net income of USD547 million, down from USD608 million in the same period of 2022, with earnings per share of USD0.46 from USD0.51 in the previous year's third quarter. Net sales were USD3.24 billion, up 9 percent from USD2.98 billion in the same period of 2022.

At the top, then, are Nexi, up 5.8 percent, Banca Monte dei Paschi di Siena, up 2.3 percent, and FinecoBank, up 1.8 percent.

Just below, Ferrari opens up 1.8 percent after closing up 5.6 percent. The company reported Thursday that it closed the third quarter with strong year-over-year indicators. Adjusted net income is EUR332 million up 46% from EUR228 million in the same period last year. Net revenues for the third quarter amounted to EUR1.54 billion, up 24% from the same period a year earlier. In the third quarter, cars delivered reached 3,459 units, an increase of 271 units over the previous year, thanks to a very strong order backlog reflecting volumes, geographies and product allocation plans by quarter.

It should also be noted that RBC raised the target price of the stock to EUR344.00 from EUR335.00 with an 'outperform' rating

Terna, in the green by 0.4 percent, announced on Thursday that it has signed two new agreements with two new institutional partners in the U.S., in San Francisco, to promote and enhance the Italian innovation ecosystem abroad, "supporting the development of startups and innovative SMEs in our country and favoring their access to the U.S. market," as the company explained.

On the Mid-Cap, Saras, up 0.2 percent, reported Friday that Urion Holdings (Malta) Ltd bought 11.6 million ordinary shares in the Moratti's company.

The shares were taken over at an average price of EUR1.25 per share, for a total value of EUR14.5 million.

Lottomatica Group opens up 1.2 percent after reporting Thursday that GBO Spa, a wholly owned subsidiary of Lottomatica, has signed an agreement to acquire 100 percent of the share capital of SKS365 Malta Holdings Limited. SKS365 has been valued in the context of this transaction with an Enterprise Value of EUR639 million. The transaction will be financed through a combination of available cash and additional debt, for which Lottomatica has already obtained a EUR500 million commitment in the form of a bridge debt facility.

On the Small-Cap, Giglio Group opens 4.5 percent in the red after closing up 17 percent. The company announced Thursday in the evening that, following the transfer of 100 percent of the shares in IBox SA, it has proceeded to acquire a set of e-commerce-related assets currently recorded on the balance sheet of the former subsidiary, for a total value equivalent to the amount of the divestment, which is EUR5.9 million.

This transaction, therefore, will not result in any overall cash flow or financial and economic benefits, but is "strategic for the rationalization of corporate costs through the reduction of resources allocated to a foreign company that is no longer essential to Giglio Group operations," the company specified in the note.

Fidia, down 1.6 percent, informed Tuesday evening that its board of directors reviewed and updated the business plan approved in March. With regard to revenues, it expects a limited reduction in revenues for fiscal year 2023 from EUR30.1 million to EUR28.9 million, "which, however, at the level of added value implies a reduction of EUR148,000 compared to the originally planned figure," the company note states.

BasicNet--green by 0.9 percent--reported Tuesday that the board of directors reviewed results for the first nine months, during which revenues grew 5.3 percent to EUR297.5 million from EUR282.6 million in the same period of 2022. Ebitda increased to EUR44.7 million from EUR44.1 million, a minimal change to positive 1.3 percent.

The board of directors of Risanamento -- in the green by 6.4 percent -- approved the interim report as of September 30, which closed with a positive net result of EUR16.7 million, which compares with the figure recorded in the same period last year corresponding to a loss of EUR21.1 million.

Among SMEs, the board of directors of Pozzi Milano - in the green by 2.0 percent - on Thursday approved the signing of a contract between the company and related party Forma Italia Srl, concerning the latter's supply of tableware products made of porcelain and other materials limited to promotional operations and/or loyalty programs.

The estimated maximum total amount is EUR3.0 million, while the contract is valid from November 2, 2023 to October 31, 2024.

At the top end, SIF Italy advances 5.6 percent and Clabo 5.5 percent.

In Asia, with Japan closed for holidays, the Hang Seng finished up 2.6 percent at 17,687.00 and the Shanghai Composite closed in the green by 0.7 percent at 17,649.50.

In New York overnight Europe, the Dow rose 1.7 percent to 33,839.08, the Nasdaq closed up 1.8 percent to 13,294.19, and the S&P 500 rallied 1.9 percent to 4,317.78.

Among currencies, the euro changed hands at USD1.0622 against USD1.0615 recorded at Thursday's European equities close, while the pound was worth USD1.2188 from USD1.2176 last night.

Among commodities, Brent crude is worth USD87.22 per barrel from USD86.34 per barrel at yesterday's close. Gold, meanwhile, trades at USD1,986.86 an ounce from USD1,982.01 an ounce last night.

On Friday's macroeconomic calendar, at 1000 CET it will be the turn of Italy's unemployment rate, followed an hour later by that of the Eurozone.

At 1330 CET the US unemployment rate, at 1445 CET the services PMI and fifteen minutes later the manufacturing. At 1800 CET the Baker Hughes trivelazation plants report and at 2130 CET, as usual on Fridays, The COT Report.

On the corporate calendar, results from Anima Holding, DiaSorin, Fenix Entertainment, Intesa Sanpaolo, Riba Mundo Tecnologia, and Safilo Group are expected.

By Chiara Bruschi, Alliance News reporter

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