(Alliance News) - European marketplaces mark a path into the red ahead of Wednesday's opening, with trading rooms taking their cue from the bearish anadmiration seen in Asia after economic data indicated a slowdown in China.

"In the absence of U.S. markets yesterday, European markets suffered a moderately negative session on a fairly quiet day, and look set to open slightly lower this morning, with Asian markets falling," noted CMC Markets analyst Michael Hewson.

Financial markets in the United States were closed Tuesday for Independence Day.

In Asia on Wednesday, sentiment was hurt by the latest PMI data, which suggested that China's economic recovery would be weakening. The Caixin services purchasing managers' index fell to 53.9 points in June from 57.1 in May. Approaching the 50-point threshold of invariance, it shows a slowdown in growth in the sector.

In China, the Shanghai Composite is down 0.5 percent, while Hong Kong's Hang Seng index is in the red by 1.5 percent and the Nikkei closed down 0.3 percent.

The FTSE Mib, therefore, marks a decline of 60.00 points after closing down 0.2 percent at 28,386.88 last night.

In Europe, London's FTSE 100 is down 12.00 points, Paris' CAC 40 is giving up 24.00 points, and Frankfurt's DAX 40 is giving up 23.00 points.

Tuesday night, the Mid-Cap finished in the green 0.1 percent at 42,618.08, the Small-Cap at 27,052.08 down 0.2 percent, and Italy Growth picked up 0.1 percent to 9,068.73.

Last night, on the highest-capitalization list in Piazza Affari, Saipem closed appreciating 4.7 percent, in its seventh closed session on the bullish side. Of note, the stock was the subject of recommendations from Redburn, which raised its target price to EUR2.57 per share.

Also doing well was parent company Eni, with the six-legged dog's stock closing up 0.4 percent, marking the fifth session ended on the bullish side.

Enel, on the other hand, advanced 1.6 percent, with new price at EUR6.3390. Of note, Goldman raised its target price on the stock to EUR7.65 from EUR7.30 with the stock on a 'conviction buy list'.

Pirelli - up 0.2 percent - on Tuesday signed an agreement to acquire 100 percent of Hevea-Tec, Brazil's largest independent natural rubber processing operator. The deal will take place for a countervalue in terms of Enterprise Value of around EUR21 million, subject to adjustments at closing, which - subject to the fulfillment of certain conditions including the green light from the Antitrust Authority - is expected to take place by the end of 2023. The acquisition will have no impact on the target of about EUR2.35 billion projected for Pirelli's net financial position at the end of 2023.

On a negative note, the rear ends saw Banca Monte dei Paschi, which gave up 2.2 percent, interrupting a five-session bullish trend.

Generali, on the other hand, gave up 0.4 percent, losing ground after three bullish sessions, after the Del Vecchio family's Delfin was allowed by IVASS to rise from its current 10 percent to a potential 20 percent in the Lion of Trieste, and with ally Caltagirone having risen to 9.9 percent in Mediobanca, the pincer of the two big losers in April 2022 is strengthened considerably.

On the Mid-Cap, push up of Tod's, which closed in appreciation of 6.6 percent marking for the fourth session in a row a close in surplus.

Mondadori a instead picked up 3.1 percent, in its sixth session with bullish trend. The company announced Tuesday that AdKaora, the Mondadori group's digital agency specializing in mobile advertising and proximity marketing, is continuing its growth by expanding into international markets and is proceeding with the acquisition of the remaining 70 percent of Adgage, a Madrid, Spain-based company specializing in mobile advertising and in-game advertising, of which it had acquired 30 percent in November 2021.

Webuild ended the session in the green by 0.1 percent, with the company continuing its buyback program with regularity. Most recently, it announced Monday that it had bought back its own ordinary shares in the week of June 26-30 for a total value of about EUR256,000.

Among the bearers, Safilo closed down 4.3 percent. High trading volume was recorded on the stock, amounting to more than 2.4 million units traded compared to a three-month daily average of about 441,000.

Anima Holding, on the other hand, gave up 3.2 percent, retracing after five sessions closed on a positive note.

On the small-cap side, Triboo posted a minus 2.9 percent, placing itself on the downside for the third session in a row.

Zucchi, on the other hand, picked up 8.3 percent on the heels of the eve's 5.1 percent red. The stock had previously come from three bullish sessions.

Bioera rallied 7.3 percent, with new price at EUR0.1180.

High quarters also for Softlab, which closed ahead 3.8 percent, on the heels of eve's 1.7 percent gain.

Among SMEs, Gambero Rosso finished up more than 12%, for the seventh session in a row on the bullish front.

Italia Independent rallied more than 17 percent, with new price at EUR0.6450, after the previous session's 6.8 percent retreat.

IDNTT closed flat at EUR3.22 per share after announcing Monday that it had exercised its option on the purchase of an additional 15 percent stake in In-Sane! from non-operating shareholder Perseo, at a price of EUR360,000.

Bifire, on the other hand, gave up 6.7 percent, in its fifth session on the bearish side.

Among currencies, the euro changed hands at USD1.0879 versus USD1.0897 at Tuesday's European equities close. In contrast, the pound is worth USD1.2701 from USD1.2727 last night.

Among commodities, Brent crude is worth USD75.74 per barrel versus USD76.23 per barrel at Tuesday's close. Gold, on the other hand, trades at USD1,924.10 an ounce from USD1,927.47 an ounce Tuesday night.

On Wednesday's macroeconomic calendar, Italy's services PMI will come in at 0945 CEST, while France's, Germany's and finally Eurozone's will also be released at five-minute intervals by 1000 CEST. At 1030 CEST, the UK services PMI.

From the US, at 1600 CEST, it is the turn of durable goods and factory orders. At 2000 CEST, the FOMC meeting minutes are released and at 2200 CEST there is the Fed's Williams speech and at 2230 CEST the release of weekly oil stocks.

No particular events are scheduled on the Italian corporate calendar.

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

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