(Alliance News) - European stock markets marked a bearish path Wednesday, with investors nervously awaiting the final vote on the U.S. debt ceiling deal.

Wall Street closed mixed after reopening after three days. The Dow Jones Industrial Average closed down 0.2 percent, the S&P 500 flat and the Nasdaq Composite up 0.3 percent.

The deal to raise the U.S. debt ceiling has, as mentioned, passed its first major test in Congress on Tuesday. Congressmen have until Monday next week to give the green light to a deal between Republicans and Democrats to allow an increase in government borrowing and ensure that the country does not default on loan repayments, which would send the world's number one economy into a tailspin.

Thus, the FTSE Mib, before the bell rang showed a decline of 250.00 points, after closing 0.2 percent in the red at 26,575.76.

In Europe, Paris's CAC 40 contracts 48.00 points, London's FTSE 100 gives up 46.80 points, and Frankfurt's DAX retreats 109.00 points.

Among the smaller listings last night, the Mid-Cap fell 0.4 percent to 42,015.19, the Small-Cap closed in the red 0.5 percent to 27,399.03, and Italy Growth picked up 0.1 percent to 9,109.19.

On the main index in Piazza Affari on Tuesday, Prysmian took the top spot with a 2.8 percent stretch. Goldman raised its target price to EUR54.00 from EUR51.00 with a 'buy' recommendation. In addition, the company announced Friday that Massimo Battaini - the company's current director and chief operating officer - is the nominee to become the group's chief executive officer.

Battaini will be introduced at the shareholders' meeting that will be called to approve the 2023 budget, then next year. The current CEO, Valerio Battista, has expressed his unwillingness to continue in the role for the 2024-2027 period.

A2A, on the other hand, rallied 1.6 percent, with price at EUR1.5445, after a 0.4 percent decline on the eve of the meeting.

Banco BPM--declining 1.1 percent--reported Monday that it had exercised its option to buy 65 percent of Vera Vita and Vera Assicurazioni under agreements signed two years ago with Cattolica Assicurazioni. BPM will pay EUR332.5 million for 65 percent of the own funds of the two Vera companies, net of T2 instruments, and a fixed component of EUR60 million.

Tenaris, on the other hand, gave up 2.7 percent after two sessions ended in the green.

Eni, on the other hand, closed down 2.4 percent , after announcing Monday that it has signed an agreement with RINA, a multinational inspection, certification and engineering consultancy firm, with the aim of developing joint initiatives "to contribute to the process of energy transition and decarbonization of their respective activities with particular attention to the shipping sector, in which RINA and Eni will be able to enhance each other's expertise," according to the press note.

On the cadet segment Saras gave up 2.3 percent, on the heels of eve's loss in which it gave up 0.3 percent.

Banca Ifis stock, on the other hand, contracted 2.3 percent after a 0.3 percent decline on the eve.

Maire Tecnimont closed 1.4 percent in the red. The company announced Thursday that it had signed a new EUR40 million loan agreement with BPER Corporate & Investment Banking, assisted for 80 percent of the amount by a guarantee granted by SACE, in order to further strengthen the group's financial structure.

Juventus, on the other hand, closed ahead of the segment, advancing 4.4 percent. The club announced on Tuesday that it had settled to all intents and purposes with the bodies of Sports Justice the FIGC proceedings relating to the so-called "2019/2020 and 2020/2021 salary maneuvers," relations with certain sports agents, as well as certain alleged "partnership relations" with other clubs, against the imposition of a fine of EUR718,240.00.

In addition, the club will waive the filing of an appeal before the Collegio di Garanzia dello Sport at CONI against the decision issued by the FIGC Federal Court of Appeal on May 22 in the capital gains case.

On the Small-Cap, strength on Risanamento stock, which took home 4.8 percent. at EUR0.1028 per share. Volume registered over 21 million units traded, compared with a three-month daily average of 3.6 million.

High quarters also for Restart, which posted a plus 3.8 percent after a 2.1 percent decline on eve.

Eems gave up 9.2%, trailing the eve's red by 3.8%.

In contrast, Monrif contracted 3.5% with price now at EUR0.0600, after eve's gain of 3.7%.

Among SMEs, High Quality Food closed up 3.4 percent. Last week the board approved two capital increases. The first is EUR533,600 and reserved for Francesco Paltoni, to be subscribed by contribution in kind of a 46 percent stake in the capital of HQF Agricola, with issuance of 456,068 new shares at a unit price of EUR1.17. The second is for a maximum of EUR3.0 million and reserved for institutional investors and strategic partners, to be subscribed in cash with issuance of a maximum of 2.7 million new shares, at a unit price of EUR1.11.

Casta Diva Group closed in the green by 1.8 percent, after announcing Monday evening that it had approved its draft financial statements as of December 31, 2022, in which revenues stood at EUR83.6 million, up 210 percent from EUR26.9 million in the same period last year. Value of production stood at EUR83.9 million, up 182% from EUR29.7 million. Profit is EUR1.8 million from EUR429,211 in 2021.

Imvest--green by 3.0 percent--reported that it approved the draft financial statements for the year ended Dec. 31, 2022, having reported sales revenue of EUR4.0 million from EUR2.8 million in the same period in 2021. Value of production is EUR4.6 million from EUR2.6 million in the same period of the previous year. The loss amounted to EUR1.2 million from one of EUR5.3 million in 2021.

At the back of the pack, Fenix Entertainment gave up 14 percent, following the previous session's drop of 13 percent.

Among Asian exchanges, the Nikkei marks a 1.4 percent red, the Hang Seng is giving up 2.7 percent, and the Shanghai Composite is in the red by 0.8 percent.

Among currencies, the euro changes hands at USD1.0691 versus USD1.0723 at Tuesday's European equities close. In contrast, the pound is worth USD1.2387 from USD1.2407 on Monday evening.

Among commodities, Brent crude is worth USD73.56 per barrel versus USD74.27 per barrel last night. Gold, on the other hand, trades at USD1,962.39 an ounce from USD1,961.39 an ounce Tuesday night.

On Wednesday's macroeconomic calendar, at 0730 CEST, room for Germany's inflation, followed at 0955 CEST by the German unemployment rate. At 1000 CEST, it will be the turn of Italian GDP.

At 1300 CEST, focus on the US mortgage rate and applications, at 1600 CEST on new jobs JOLTs, and at 2230 CEST on weekly oil stocks.

Among the companies in the Piazza Affari, the results of MeglioQuesto are expected.

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

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