(Alliance News) - European stock markets extended losses for the fifth consecutive session Friday, with aggressive monetary tightening measures by major central banks casting a shadow over global economic growth prospects.

The 50-basis-point rate hike -- larger than expected -- by the Bank of England and its commitment to continue its aggressive tightening policy, coupled with the expected likelihood of further rate hikes by both the ECB and the U.S. Federal Reserve, heightened investors' concerns about the ensuing economic situation as inflation is contained.

Speaking of inflation, in Japan it unexpectedly slowed to 3.2 percent in May from April's 3-month high of 3.5 percent, missing market forecasts of 4.1 percent. The data were provided Friday by the Ministry of Internal Affairs.

Core inflation also fell to 3.2 percent in May from April's 3-month high of 3.4 percent, compared with forecasts of 3.1 percent, remaining outside the Bank of Japan's 2 percent target for the 14th month.

Thus, the FTSE Mib, is marking a 1.1 percent loss at 27,114.13.

In Europe, London's FTSE 100 marks a 0.6 percent decline as does Paris' CAC 40, while Frankfurt's DAX 40 loses 0.8 percent.

The Mid-Cap is down 0.7 percent to 42,088.95, the Small-Cap is in the red 0.4 percent to 26,953.38 while Italy Growth is giving up 0.2 percent to 9,063.46.

On the main index in Piazza Affari, Prysmian is giving up 1.6 percent to EUR35.41 per share, on the heels of eve's 0.5 percent red.

Mediobanca, on the other hand, gives up 1.3%, on the heels of the eve's red with 2.0%.

Eni--down 0.6%--reported Friday that it has signed an agreement to take over Neptune Energy Group, along with subsidiary Vår Energi for a cost of around EUR5 billion.

Rising is Telecom Italia, which trades up 1.7 percent at EUR0.2641. The board of directors said Thursday that it considered the bid submitted by Kohlberg Kravis Roberts & Co LP to be preferable in terms of executability and relative timing, as well as superior to the competing bid submitted by the consortium formed by CDP Equity and Macquarie Infrastructure and Real Assets (Europe) Limited.

On the Mid-Cap, among the few positive notes is Antares Vision, which moves ahead 0.9 percent in its third bullish session.

Also doing well is Brembo, which scores a plus 0.5 percent after four bearish sessions. The company reported Tuesday that the board of directors resolved to submit to the shareholders' meeting called for July 27 a proposal to transfer the company's registered office to the Netherlands, adopting the legal form of an NV governed by Dutch law. Brembo's fiscal headquarters will remain in Italy and shares will continue to be listed on the Euronext Milan market of Borsa Italiana.

OVS - down 0.5 percent - continues its buyback program. The company announced Thursday that it bought back ordinary shares between June 15 and June 21 for a total value of about EUR253,000.

Tamburi Investment Partners - down 0.5 percent - announced Thursday that it has reached an agreement with the Mercati family - Aboca group - to jointly invest in the development of Apoteca Natura, the first international network of benefit pharmacies, promoters of a health-conscious concept and integration in the healthcare supply chain. The investment will be made through the subscription of a capital increase in the newly formed Apoteca Natura Investment, a holding company that will hold the entire capital of Apoteca Natura.

On the Small-Cap, Fidia is advancing well, posting a plus 4.6 percent after a 4.4 percent decline on the eve.

Good purchases also on GPI, which advances 2.4 percent to EUR11.08 after three sessions in the red.

In contrast, d'Amico gives up 2.9% to EUR3.4745 per share.

Risanamento - down 0.3% - announced Thursday that the deed of merger of Milano Santa Giulia Spa into Risanamento has been signed.

Sesa - in the red by 0.4 percent - announced Thursday that it had signed an industrial partnership agreement and acquired, through its wholly owned subsidiary Var Group, a 55 percent stake in Sangalli Tecnologie, thus strengthening its expertise in the Digital Workspace and Collaboration sector.

Among SMBs, Fope gives up 3.6 percent with new price at EUR32.60 per share after eve's green with 5.0 percent.

Also in the rear is Gismondi 1754 down 2.8% to EUR5.30 per share.

Deodato.Gallery--up 2.0%--reported Friday that it had acquired from Art Backers Srl, operating in the world of art and innovation, the intellectual property rights to the Artuu, Art Bakers, The AB Factory and The AB Gallery brands, for the consideration of EUR90,000.

In New York on European night, the Dow closed marginally in the red, the Nasdaq rose 1.0 percent, and the S&P 500 closed up 0.4 percent.

In Asia, with the Shanghai Composite not trading, the Nikkei closed down 1.5 percent and the Hang Seng lost 1.6 percent.

Among currencies, the euro changed hands at USD1.0869 versus USD1.0955 at Thursday's European equities close. In contrast, the pound is worth USD1.2715 from USD1.2743 last night.

Among commodities, Brent crude is worth USD73.78 per barrel versus USD74.43 per barrel at Thursday's close. Gold, meanwhile, trades at USD1,917.73 an ounce from USD1,923.35 an ounce last night.

On Friday's economic calendar, overseas will come the US PMI at 1545 CEST.

Among companies listed on the stock market, no particular announcements are expected.

By Maurizio Carta, Alliance News reporter

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