(Alliance News) - At mid-session on Thursday, the index of the Milanese financial center slightly showed a seesaw trend, with the bar fluctuating around 27,100 points. Traders are grappling with quarterly reports from the corporate sector, as well as the daily assessment of the global economic outlook.

Important data on U.S. first-quarter Gross Domestic Product are expected today, which could influence the Federal Reserve's decision next week on interest rates, with the meeting leading the way for the European Central Bank's scheduled meeting the following day.

Consumer and business confidence in Italy improved slightly in April, according to the results of an ISTAT survey released Thursday. The consumer confidence index rose to 105.5 points in April from 105.1 in March while the business confidence index improved to 110.5 points from 110.1 in the previous month.

As for household sentiment, business and current sentiment increased to 119.0 points from 117.4 and 100.2 points from 99.5, respectively.

Thus, the FTSE Mib is currently down 0.1 percent to 27,100, the Mid-Cap gives up 0.2 percent to 43,311.17, the Small-Cap rises 0.4 percent to 29,059.70, and Italy Growth rises 0.1 percent to 9,224.70.

In Europe, London's FTSE 100 is just below par, Paris' CAC 40 is up 0.5 percent, and Frankfurt's DAX 40 is up 0.2 percent.

On the main list in Piazza Affari, UniCredit advances 2.8 percent to EUR18.51. The bank announced that, with regard to the non-cumulative temporary write-down deeply subordinated fixed rate resettable notes of UER1.25 billion, it will proceed with full early redemption on June 3 this year, after obtaining approval from the European Central Bank. The early redemption of the bonds will take place at par along with accrued and unpaid interest. Interest will cease to accrue on the same date of early redemption.

"UniCredit has a limited need for TLAC/MREL funding for the remaining part of the year and no need to issue AT1 instruments in the near future. UniCredit's funding is well diversified both by funding sources and geography," the bank explained.

Good buying also on Banca Monte dei Paschi, which advances 2.3 percent to EUR2.1360 after three bearish sessions.

Tenaris gives up 1.7 percent, sunk by both the downward trend in crude oil prices and the uncertain outlook for the rest of the year announced this morning by the company, which released its first quarter results. Tenaris ended the first quarter with net income more than doubling year-on-year to USD1.13 billion from USD503 million in the same period a year earlier. In the previous quarter, the last one in 2022, the figure was USD803 million. Earnings per share rose to USD0.96 from USD0.43 in the first quarter of 2022 while earnings per ADS increased to USD1.91 from USD0.85 as of March 31, 2022.

Net sales rose 75% year-on-year to USD4.14 billion from USD2.37 billion and 14% quarter-on-quarter from USD3.62 billion.

Also hurting was the other blue chip that released its quarterly accounts this morning, STMicroelectronics, down 7.5 percent, despite the semiconductor company reporting sharp year-over-year increases in earnings and revenues in the first quarter, with net income improving 40 percent to USD1.04 billion from USD747 million in the same period a year earlier. On a quarterly basis, however, net income marks a 16 percent decline from USD1.25 billion in the last three months of 2022. Earnings per share rises 39 percent year-on-year to USD1.10 from USD0.79, but falls 17 percent quarter-on-quarter from USD1.32.

On the Mid-Cap, Alerion advances well, posting a plus 5.5% at EUR27.70 after a 0.8% gain on the eve.

Good buys also on Carel Industries, which marks a plus 3.3% rearing its head again after four bearish sessions.

Still bad is Juventus, the worst opening stock, which in addition to news of possible exclusion from the European cups for next season at the hands of UEFA, is also paying the price for the elimination in last night's Coppa Italia semifinal. The stock is giving up 2.8 percent to EUR0.2876.

Also at the back of the pack is GVS, which marks a minus 2.7 percent with price at EUR6.0400 after eve's green with 1.6 percent.

On the SmallCap, Bastogi advances 3.4% to EUR0.6160, rearing its head after four bearish sessions.

Immsi, meanwhile, advances 3.1% to EUR0.60, reversing course after two bearish sessions.

Greenthesis rises 0.7 percent the day after announcing that the temporary grouping of companies in which it participates as the lead company with a 30 percent share has won the contract for emergency safety works on the area of the former Enel thermoelectric power plant in Torre del Sale, in the municipality of Piombino. The total amount of the works, aimed at the removal of dense fuel oil in soils, amounts to EUR20 million and the duration of the works has been quantified at 29 months from the signing of the contract.

At the tail end Bioera gives up 2.6 percent, positioning its snout toward the fifth session to end on the bearish side.

Finally, among the SMBs, Ambromobiliare advances 8.4 percent to EUR1.42, rallying after six bearish sessions.

Energy, on the other hand, is picking up 6.8 percent to EUR3.19 after a 3.4 percent loss on the eve.

At the tail end, Plants is giving up 5.0%, in its fifth bearish session.

In New York, at Wednesday's close, the Dow Jones fell 0.7%, the Nasdaq gained 0.5%, and the S&P 500 lost 0.4%.

Among currencies, the euro changed hands at USD1.1037 versus USD1.1052 at Wednesday's close. In contrast, the pound is worth USD1.2443 from USD1.2486 on Wednesday evening.

Among commodities, Brent crude is worth USD77.71 per barrel compared to USD80.75 per barrel on Wednesday evening. Gold, on the other hand, trades at USD1,996.28 an ounce from USD1,994.05 an ounce at Wednesday's close.

Thursday's macroeconomic calendar, from the US, at 1430 CEST, eyes on Gross Domestic Product and unemployment claims data. At 1815 CEST, a speech by Panetta of the ECB is scheduled.

By Maurizio Carta, Alliance News reporter

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