(Alliance News) - Major Euoropean exchanges open bearish, influenced by corporate results, as investors await U.S. inflation data due this afternoon.

"Today's data on core PCE inflation could help further guide the thinking process on whether to raise rates again by another 25 basis points," comments Michael Hewson, Chief Market Analyst at CMC Markets. "With the latest economic projections calling for a Fed funds rate of 5,6 percent by the end of the year and another spike in oil prices putting further upward pressure on prices, as well as wages, the Fed will want markets to think that another rate hike is on the table between now and the end of the year."

The FTSE Mib opens 0.2 percent in the red at 27,465.83, the Mid-Cap is tied at 37,559.59, the Small-Cap is up 0.2 percent at 24,054.77, and Italy Growth gives up 0.1 percent to 7,606.81.

In Europe, London's FTSE 100 is in fractional red, Paris' CAC 40 gives up 1.2 percent and Frankfurt's DAX 40 is given fractional green.

On the main list in Piazza Affari, Eni opens up 0.5 percent after reporting Friday morning that its board of directors approved consolidated results for the third quarter and nine months, reporting a sharp decline in earnings but announcing an upward revision of estimates for Ebit and cash flow for the full year, along with an acceleration of its buyback program.

Campari drops 0.8 percent after sharing results for the first nine months of the year, with group profit for the nine months to September 30 of EUR473.8 million, down 2.0 percent from the same period a year earlier when it was EUR483.3 million.

Net sales were EUR2.20 billion, up 9.8% from EUR2.00 billion in the same period of 2022.

Saipem picks up 2.9 percent and takes the top spot. The company reported Wednesday that in the first nine months of the year it reported revenues of EUR8.36 billion, up 19 percent from EUR7.03 billion in the same period a year earlier.

As of September 30, adjusted Ebitda stood at EUR640 million, up 44% from EUR445 million in 2022.

Pirelli & C is in the red by 0.3 percent after announcing Thursday that Saudi Arabia's Public Investment Fund and Pirelli Tyre Spa of the Pirelli Group, a global leader in tire production, have signed a joint venture agreement to build a tire factory in Saudi Arabia.

PIF will hold a 75 percent stake in the JV, while Pirelli will have the remaining 25 percent and will be a strategic and technology partner to support the development of the project, providing technical and commercial assistance.

STMicroelectronics is 2.3% in the red after closing up 5.0%. On Thursday, it announced that it closed the third quarter of the year with net revenues at USD4.43 billion, up 2.4 percent from the previous quarter and 2.5 percent from the same period in 2022, when they were USD4.32 billion.

Quarterly net income is USD1.09 billion down slightly by 0.8 percent with USD1.10 billion in the same period 2022.

Stellantis - down 0.2% - and Leapmotor announced Thursday that Stellantis plans to invest about EUR1.5 billion to acquire roughly 20% of Leapmotor, in which Stellantis will become a major shareholder. The deal also includes the establishment of Leapmotor International, a 51-49-share joint venture led by Stellantis, with exclusive rights to export and sell as well as manufacture Leapmotor products outside the Chinese region.

UniCredit, opens up 1.1 percent. Thursday received approval from the European Central Bank to execute a tranche of its share buyback program for up to EUR2.5 billion.

FinecoBank is up 1.5 percent, with S&P Global confirming its long-term "BBB" rating with stable outlook, while maintaining its short-term "A-2" rating.

Intesa Sanpaolo is in fractional green after it reported Wednesday evening that the extraordinary tax calculated on the increase in net interest income amounts to about EUR828 million for the group and about EUR797 million for the parent company.

The board of directors resolved that it will propose to the shareholders' meeting, when approving the annual financial statements, that an amount of about EUR1.99 billion, corresponding to 2.5 times the amount of the tax of about EUR797 million, be allocated to non-distributable reserves.

On the Mid-Cap, Fincantieri advances 2.0 percent. On Wednesday, it announced that it had signed with the Consortium coordinated by Naviris and bringing together the company, France's Naval Group the Spain's Navantia and other components from Greece, Denmark and Norway, all contract documents related to the Modular and Multirole Patrol Corvette for the implementation of the first phase of the European Patrol Corvette project.

The total value of this first phase is EUR87 million and is strongly supported by the European Commission through the European Defense Fund.

Maire Tecnimont gives up 0.3 percent. It reported Thursday that in the first nine months of the year it reported revenues of EUR3.08 billion, up 23 percent from EUR2.51 billion in the same period a year earlier.

As of Sept. 30, net income amounted to EUR88.6 million from EUR61.4 million a year earlier and up 44%

On the Small-Cap, Seri Industrial in the red by 1.1 percent, reported Thursday evening that the board of directors reviewed some data for the first nine months of the year, which closed with revenues at EUR127.3 million, down 10 percent from EUR140.7 million in the same period in 2022.

Elica gives up 1.5 percent. In the first nine months of the year, it reported normalized net income of EUR11.7 million from EUR17.1 million in the same period a year earlier, down 32%.

As of September 30, revenues amounted to EUR360.1 million from EUR419.0 in 2022 and down 14%.

CY4Gate opens up 2.4 percent after announcing Friday that it has signed "two major contracts" in Europe and Italy for the supply of Decision Intelligence systems with a total value of EUR3.5 million and a duration of 18 months.

Among SMEs, Farmacosmo opens flat after reporting Thursday evening that it had revenues of EUR52.5 million for the first nine months of the year, up 14 percent from the same period last year.

No trade on Allcore, which reported Thursday evening that it closed the first nine months of the year with consolidated group revenues of EUR30.1 million, up from EUR26.0 million over the same period 2022

Convergences still does not trade. The company reported Thursday that it ended the first nine months with revenues of about EUR16.5 million compared to EUR22.6 million in the same period of 2022

In Asia, the Nikkei closed in the green 1.4 percent to 31,024.50, the Hang Seng rose 2.3 percent to 17,423.00, and the Shanghai Composite advanced 1.2 percent to 3,023.43.

In New York, the Dow closed 0.8 percent in the red at 32,784.30, the Nasdaq finished 1.8 percent in the red at 2,595.61 and the S&P 500 gave up 1.2 percent to 4,137.23.

Among currencies, the euro changed hands at USD1.0553 against USD1.0542 recorded at Thursday's European equities close while the pound was worth USD1.2117 from USD1.2127 last night.

Among commodities, Brent crude is worth USD89.08 per barrel from USD88.98 per barrel at yesterday's close. Gold, meanwhile, trades at USD1,987.54 an ounce from USD1,979.31 an ounce last night.

Friday's macroeconomic calendar features Italian industrial sales numbers, at 1100 CEST.

In the afternoon, room for US PCE, at 1430 CEST, an hour and a half before Michigan consumer confidence.

Among the companies in Piazza Affari, the accounts of Esautomotion, Imprendiroma and Indel B are expected.

By Chiara Bruschi, Alliance News reporter

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