(Alliance News) - Mid-session Friday, European stock exchanges are struggling and in negative territory in the aftermath of the Fed's rate cut, with Piazza Affari retreating below 33,700 after the release of disappointing macroeconomic data on industrial production.

The FTSE Mib is down 0.5 percent to 33,804.86, the Mid-Cap is down 0.4 percent to 46,707.45, the Small-Cap is down 0.6 percent to 27,783.88, and Italy Growth gains 0.1 percent to 7,816.38.

In Europe, London's FTSE 100 is down 0.7 percent, Paris' CAC 40 is down 1.0 percent and Frankfurt's DAX 40 gives up 0.9 percent.

On the macroeconomic front, Italy's seasonally adjusted index of industrial production is estimated to fall 0.4 percent in September compared with August's flat reading, while in trend terms the index's 20-month-long contraction deepens.

The overall index declines in trend terms by 4.0 percent from last August's 3.2 percent decline, Istat reported.

On the currency front, long positions on USD are easing after the US election.

EUR/USD briefly broke above 1.080 thanks to the broad unwinding of long positions on USD after the elections.

"We believe we have entered a period where the EUR/USD pair could hover around its recent range as markets return to macro focus," explains Pesole, market analyst at ING.

Back in Milan, at the top of the largest-capitalization list at the turnaround, Saipem gains 2.8 percent.

It is followed by Nexi -- up 2.6 percent -- after it reported its results for the first nine months of the year in the morning, reporting total revenues of EUR2.57 billion, up 5.6 percent from EUR2.44 billion in the same period of 2023.

Also on the podium in mid-session was Pirelli, which rose 2.1 percent after it reported Thursday that it closed the first nine months with revenues of EUR5.18 billion, up just 0.5 percent year-on-year.

In the third quarter alone, the company posted revenues of EUR1.74 billion from EUR1.72 billion in the same period a year earlier.

It resets opening gains DiaSorin, which now retreats 0.5 percent. Morgan Stanley upgraded the company's stock to 'equal weight' and set the target price at EUR100.

Unipol - down 3.9 percent - reported Friday that it closed the first nine months of the year with a consolidated net profit of EUR724 million from EUR769 million in the first nine months of 2023.

Monte dei Paschi di Siena also hurt, giving up 2.3 percent. The bank announced its results for the first nine months on Friday showing a profit of EUR1.57 billion from EUR929 million in the same period 2023, up 69%.

Net interest income for the nine months was EUR1.77 billion from EUR1.69 billion and up 4.7 percent from 2023.

It remains at the back of the list Iveco Group -- down 4.2% -- despite reporting Thursday that it closed the third quarter with adjusted profit of EUR106 million, up from EUR96 million in the same period a year earlier. Adjusted diluted earnings per share were EUR0.39, up from EUR0.32 compared to the third quarter 2023.

Marshall Wace limited its short position on the automotive group to 1.12 percent from 1.08 percent.

On the Mid-Cap, topping the mid-session list, BFF Bank gained 2.1 percent after it reported Thursday that it improved its accounts for the first nine months, with net book profit up 65 percent year-on-year to EUR189.9 million from EUR115.0 million.

Net interest income rose to EUR291.1 million from EUR194.5 million and net interest and other banking income increased to EUR366.9 million from EUR269.9 million.

Technoprobe did well, gaining 1.4 percent. The company announced Wednesday that it had concluded its buyback program that began July 2.

During the program, the company bought back 5.0 million of its own ordinary shares, at an average price of EUR6.8889 per share, for a total value of EUR34.7 million.

Profit taking for Anima Holding - down 1.3% - after gains in recent sessions on news of takeover bid by Banco BPM.

Datalogic loses 2.5 percent at the turnaround. The company reported Thursday that it closed the first nine months with a profit of EUR12.6 million from EUR10.8 million as of Sept. 30, 2023.

Fincantieri--losing 0.7 percent--announced Friday that it had finalized an agreement with Crystal to build a new high-end cruise ship.

Banca Ifis is hurting, giving up 3.6 percent. The bank announced Thursday that it closed the first nine months of the year with a consolidated net profit of EUR126.6 million from EUR124.7 million as of September 30, 2023.

Net income for the period stood at EUYR531.8 million from EUR512.4 million from the first nine months 2023.

Remaining at the bottom of the list, retreating further, Safilo Group -- down 4.9 percent -- after it reported Thursday that it closed the first nine months of the year with revenues of EUR757.4 million from EUR785.1 million as of Sept. 30, 2023.

Banca di Desio e della Brianza -- in the red by 1.4 percent -- reported Thursday that it closed the nine months with consolidated net income of EUR116.4 million from that of EUR225.7 million as of Sept. 30, 2023.

On the Small-Cap, Banca Profilo gives up 1.1 percent after it reported that it closed the first nine months of the year with consolidated net revenues of EUR53.0 million, down 6.8 percent from EUR56.9 million as of Sept. 30, 2023.

Consolidated net income is also down, down 32 percent to EUR7.2 million from EUR10.6 million in the first nine months 2023.

Servizi Italia -- flat at EUR2.36 -- reported Thursday that it closed the first nine months of the year with a profit of EUR5.1 million, down from EUR5.8 million in the same period of 2023.

At the top of the list Netweek gains 6.0 percent.

Among SMEs, Eprcommunication, unchanged at EUR1.15, totally wipes out its opening momentum after the stock had risen 10 percent. The company announced Friday that it had won the tender for press office services for Jubilee 2025 activities and initiatives.

Ecosuntek -- in the green by 2.8 percent -- announced Friday the completion of the merger by incorporation of its wholly owned subsidiary, Independent Eco System Srl.

No trade for Eurocommercial Properties, which let it know Friday that it reprojected overall retail sales growth of 2.3 percent for the nine months to the end of September compared to 2023 and 3.1 percent for the third quarter alone.

At the top of the PMI list, Monnalisa gained 6.8 percent.

In Asia, the Shanghai Composite gave up 0.5 percent to 3,452.30, the Nikkei picked up 0.3 percent to 39,500.37, and the Hang Seng gave up 1.1 percent to 20,728.19.

In New York on European night, the Dow closed fractionally in the red at 43,729.34, the Nasdaq was up 1.5 percent at 19,269.46, while the S&P 500 closed in the green by 0.7 percent at 5,973.10.

Among currencies, the euro changed hands at USD1.0777 from USD1.0811 on Thursday in closing European equities. The pound is worth USD1.2960 versus USD1.2998 last night.

Among commodities, Brent crude is worth USD74.50 per barrel from USD74.91 per barrel Thursday night. Gold trades at USD2,694.05 an ounce from USD2,697.96 an ounce last night.

Friday's macro calendar features the results of the Michigan Confidence Survey in the afternoon at 1600 CET while, at 1900 CET, eyes will be on Baker Hughes' drilling rig numbers.

By Antonio Di Giorgio, Alliance News reporter

Comments and questions to redazione@alliancenews.com

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