(Alliance News) - The major European stock markets closed lower on Wednesday, with traders fearing further hikes by the ECB and BoE while overseas, the US Bureau of labor statistics reported that the US inflation rate slowed to 4.9 percent in April, the lowest since April 2021, from 5.0 percent in March and below forecasts of 5.0 percent.

In the U.S., therefore, "tech stocks are the real winners in today's weaker CPI figure, pushing higher while other indexes struggle," commented Chris Beauchamp of IG. "Inflation seems to be moving in the right direction for the Fed, but at a snail's pace, and while the pause in rate hikes looks set to last, it seems cuts are still off the table, whatever the market thinks."

European markets, on the other hand, "failed to join the Nasdaq in its rally this afternoon, hampered by a stronger pound and euro, while fears that the BoE and ECB still need to do more given the stronger inflation on this side of the Atlantic."

Thus, the FTSE Mib closed in the red 0.4 percent to 27,264.77, the Mid-Cap ended down 0.9 percent to 42,941.71, the Small-Cap gave up 0.4 percent to 28,480.64, and Italy Growth gave up 0.3 percent to 9,107.55.

In Europe, Paris' CAC 40 closed down 0.6 percent, London's FTSE 100 in the red 0.4 percent, and Frankfurt's DAX 40 contracted 0.5 percent.

On the Mib, Banca Mediolanum gave up 2.2 percent and finished among the worst performers. On Wednesday it reported that it approved its management report as of March 31, which showed a net profit of EUR178.2 million from EUR112.3 million in the first quarter of 2022, up 59 percent.

The board of directors of the Hera Group -- which closes up 0.7 percent -- on Wednesday approved the consolidated results for the first quarter of 2023, which closed with net income rising to EUR140.3 million from EUR138.6 million in the first quarter of 2022. Net income attributable to the group's shareholders, on the other hand, stood at EUR128.2 million compared to EUR127.3 million as of March 31, 2022.

The board of Infrastrutture Wireless Italiane -- in the red by 1.5 percent -- reviewed and approved the interim report as of March 31, 2023, with net income standing at EUR82.9 million, up 22 percent from the same period in 2022.

Among the bullish, which are the majority, TIM rises, in the green by 3.9%, followed by ERG, which closes up with 3.8%. The two companies announced Tuesday that, through their respective subsidiaries ERG Power Generation and Telenergia, they have signed a new 9-year agreement to supply about 200 GWh/year of green energy for the period 2023-2031.

On the Mid-Cap, Saras closes on top with 4.9 percent after announcing Wednesday that it posted a net income of EUR139.1 million in the first quarter of the year, up from EUR76.6 million in the first quarter of 2022.

Reported Ebitda amounted to EUR246.4 million from EUR156.3 million in the same period last year.

Fincantieri follows, closing up 4.0 percent after approving its interim financial information as of March 31 on Tuesday, with first quarter 2023 revenues and income of EUR1.76 billion, mark a 4.9 percent increase over the same period in 2022.

Autogrill closes in the green by 0.3 percent after reporting Tuesday that first-quarter revenues increased to EUR1.03 billion or 40 percent from EUR719.8 million in the same period last year.

High quarters also for Acea -- up 1.7 percent --, which announced Wednesday that it had approved first-quarter operating data in which the company reported revenues of EUR1.24 billion from EUR1.19 billion in the same period a year earlier and up 4.0 percent.

Net income was EUR73 million, down 27% from EUR99 million.

On the Small-Cap, Unieuro finishes at the bottom and gives up 8.0%.

Tesmec retreats 5.4% after reporting that it reported EUR57.5 million in revenues in the first quarter, up from EUR55.9 million in the same period last year.

Ebitda came in at EUR7.0 million, down from EUR8.3 million as of March 31, 2022, in line with expectations for the period.

The board of directors of Aeffe -- in the red by 6.2 percent -- released its results for the first quarter of the year on Wednesday, reporting a net loss of EUR300,000 from a profit of EUR8.9 million in the same period of 2022.

Consolidated revenues amounted to EUR93.2 million down from EUR101.6 million in the first quarter of 2022,

Tinexta reported Wednesday that first quarter revenues rose 10 percent year-on-year to EUR86.1 million from EUR78.2 million in the same period a year earlier.

Ebitda rose 17 percent to EUR13.5 million from EUR11.6 million while the adjusted figure marks an increase to EUR15.0 million from EUR14.5 million.

Fiera Milano -- in the green by 1.9 percent -- reported Wednesday that it made a net profit of EUR8.4 million in the first quarter of the year, an improvement from a loss of EUR12.9 million in the first quarter of 2022.

Revenues amounted to EUR48.1 million, up from EUR23.5 million in Q1 2022.

Among SMEs, Finanza.Tech, up 18 percent, and Italia Independent, closing up 22 percent, are flying.

Mondo TV Suisse - in the green by 0.9% - announced Tuesday that it has signed a memorandum of understading with Chinese company Youxin Agogo (Hangzhou) Culture and Media Ltd for both media and L&M production and exploitation of the IP Robot Trains series.

The contract is worth about 50 percent of Mondo TV Suisse's estimated 2023 revenues.

Relatech closed in the green by 2.8 percent. It reported Wednesday that it had reviewed management data as of March 31, where it showed consolidated sales revenues at the end of the first quarter of about EUR24 million from EUR10.4 million -- up about 130 percent -- compared to the first quarter 2022.

In New York, the Dow Jones gives up 0.2%, the Nasdaq 0.6%, while the S&P 500 is in the green by 0.2%.

Among currencies, the euro changes hands at USD1.0972 versus USD1.0951 at Tuesday's close. In contrast, the pound is worth USD1.2615 from USD1.2612 on Tuesday evening.

Among commodities, Brent crude is worth USD76.82 per barrel versus USD75.42 per barrel Tuesday evening. Gold, meanwhile, trades at USD2,023.19 an ounce from USD2,024.83 an ounce at Tuesday's close.

On Thursday's macroeconomic calendar, China's CPI is expected at 0330 CEST while at 1100 CEST there will be an auction of Italian 3-year BTPs.

At 1200 CEST the Thomson Reuters Ipsos monthly Global Primary Consumer Sentiment Index for Italy, France and Germany will be released.

At 1300 CEST the Bank of England will release its interest rate decision and at 1300 CEST the OPEC monthly report will be released.

In the afternoon, at 1430 CEST from the US will come the producer price index the unemployment data.

In Piazza Affari are expected of many results including A2A, Banca Generali, Banca Ifis and BFF Bank.

By Chiara Bruschi, Alliance News reporter

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