(Alliance News) - Major European stock markets began the day subdued Wednesday as investors balanced concerns over escalating conflict in the Middle East and persistently high inflation in the UK with better-than-expected Chinese GDP data.

Official data released Wednesday showed that annual consumer price inflation in the UK remained at 6.7 percent in September, defying market expectations of a slowdown to 6.6 percent.

In addition, economic growth in China fell less than expected to 4.9 percent in the third quarter.

The FTSE Mib then, gives up 0.2% to 28,322.65, the Mid-Cap is in the fractional red at 38,907.66, the Small-Cap rises with 0.2% to 25,308.41 as Italy Growth at 7,947.92.

In Europe, London's FTSE 100 is in the red by 0.5 percent, Paris' CAC 40 gives up 0.1 percent and Frankfurt's DAX 40 retreats with 0.2 percent.

On the main list in Piazza Affari, Saipem does best of all and rises with 3.0% followed by Telecom Italia up 1.7%.

Also doing well are Eni, up with 0.7%, and Tenaris in the green by 0.4%.

Among the bearish, Mediobanca remains at the bottom giving up 1.9% after it announced that Compass, the group's consumer credit company, has finalized the acquisition of 100% of HeidiPay Switzerland AG, a Swiss fintech specializing in Buy Now Pay Later.

The deal signed last June strengthens the partnership with HeidiPay AG, a holding company specializing in the development of fintech platforms to support BNPL in the world of e-commerce and for physical points of sale, in which Compass already holds a 19.5 percent stake as of August 2022.

In addition, DBS cut its target price to EUR10.30 from EUR11.30, downgrading the stock to 'sell' from 'hold'.

Terna gives up 0.2 percent after reporting Tuesday that Eoliann and Fast Computing are the two startups chosen to collaborate with the blue chip as part of the "Data Science for Resilience" challenge.

The challenge was launched in December last year to identify digital solutions for increasing the resilience of the national transmission grid, which consists of some 75,000 km of high- and extra-high-voltage power lines and more than 900 power stations throughout Italy.

Italgas retreats 0.9 percent. The company announced Monday that it had completed the acquisition from the Veolia Environnement SA group of the business unit to which the concessions held in Italy in the water sector belong. For the purchase, the company will be able to pay the Veolia group a total of up to EUR115 million -- in terms of equity value --, partly contingent on the achievement of certain targets of the operating companies.

On the Mid-Cap, Banca Popolare di Sondrio opens in the green by 0.5 percent after announcing on Tuesday that it had successfully placed a new covered bond issue with institutional investors for a benchmark amount of EUR500 million and 5-year term.

The placement was carried out as part of the EUR5 billion covered bond program backed entirely by residential mortgages.

MFE-MediaForEurope announced on Monday that on October 23, the reverse split of class A ordinary shares -- in the green by 0.3 percent -- and class B ordinary shares -- in the green by 0.4 -- will be executed, according to which every 5 A shares will be reverse split into 1 new A ordinary share with maintenance of the par value per unit of each new A ordinary share at the pre-grouping amount, i.e. EUR0.06.

On the Small-Cap, Netweek is on top with a 5.9 percent rise. Also doing well are Brioschi and Softlab, picking up 4.5 percent and 4.3 percent, respectively.

Among the bearish, however, Sabaf opens down 3.0% and SS Lazio gives up 2.1%.

Among SMEs, TraWell Co opened up 7.4 percent after announcing on Tuesday that following its strong first-half performance, the board of directors approved an update to the 2023-2027 Business Plan. Specifically, expected full-year revenues rise to EUR31.1 million from EUR23.6 million, an increase of 32 percent. Ebitda is expected at EUR10.60 million from EUR4.60 million, the of the expected value in October 2022.

The board of ESI-which still does not trade after closing up 9.4 percent-on Monday evening approved the industrial development plan for the period 2024-2026, "aimed at capturing the strong growth trend in installed PV capacity globally, and with the objective of continuing to create value for the company and shareholders," the released note says.

Upon completion of the plan, ESI expects to achieve a value of production of EUR69.3 million, with a CAGR (2022A-2026E) of 23 percent. Expected Ebitda to the end of 2026 is EUR6 million with an Ebitda margin of 8.7%.

In Asia, the Nikkei closed up 0.2 percent at 32,076.00, the Hang Seng gave up 0.1 percent to 17,742.50, and the Shanghai Composite closed 0.8 percent in the red at 3,058.71.

In New York on European night, the Dow closed in fractional green at 33,997.65, the Nasdaq gave up 0.3 percent to 13,533.75 while the S&P 500 finished below par at 4,373.20.

Among currencies, the euro changed hands at USD1.0572 against USD1.0582 recorded in Tuesday's European equities close, while the pound was worth USD1.2195 from USD1.2190 on Tuesday evening.

Among commodities, Brent crude is worth USD91.44 per barrel from USD89.77 per barrel at Monday's close. Gold, meanwhile, trades at USD1,938.55 an ounce from USD1,925.01 an ounce on Monday evening.

On Wednesday's macroeconomic calendar, at 1000 CEST, from Italy, the trade balance is expected.

From the Eurozone, inflation and construction production data will come out at 1100 CEST.

In the afternoon, as usual, will come US mortgages at 1300 CEST and building permits at 1430 CEST.

At 1630 CEST, US oil stocks will come out.

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

By Chiara Bruschi, Alliance News reporter

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