(Alliance News) - European stock markets-with Piazza Affari being the exception-marked losses Wednesday after Federal Reserve Chairman Jerome Powell took a "hawkish" tone, as widely expected, reaffirming the star-studded central bank's commitment to reduce inflation within the 2 percent target.

Almost all FOMC participants expect that it will be appropriate to raise interest rates further by the end of the year, Chairman Powell reiterated in remarks prepared for the semi-annual monetary policy report to Congress. The Fed will continue to make decisions at meeting after meeting, based on the totality of incoming data and their implications for the outlook for economic activity and inflation, as well as the balance of risks, Powell added.

As a result, the FTSE Mib closed up 0.1 percent to 27,609.37, the Mid-Cap declines 0.9 percent to 42,575.62, the Small-Cap flexes 0.3 percent to 27,158.67, and Italy Growth marks a 0.3 percent decline to 9,057.68.

In Europe, London's FTSE 100 fell 0.1 percent, Paris' CAC 40 gave up 0.5 percent, and Frankfurt's DAX 40 closed down 0.6 percent.

On the main index in Piazza Affari, Tenaris rose, marking a plus 3.2% after three sessions ended in the red.

Iveco Group, on the other hand, marks plus 1.5 percent as the company continues with its buyback plan. Most recently, it announced Monday that it bought back 182,020 of its own shares between June 12 and 16 for a total value of EUR1.4 million.

Good buying also on Banco BPM, which moves ahead by 2.1 percent, after it announced Tuesday that it had completed the placement of a new EUR750 million, 5-year covered bond issue aimed at institutional investors under its EUR10 billion BPM Covered Bond 2 program.

Saipem - up 2.6 percent - announced on Wednesday that the two new credit lines totaling EUR860 million, which had been announced in February and whose effectiveness was subject to the issuance of a special decree by the Ministry of Economy and Finance and the subsequent stamping by the Court of Auditors, which took place in recent days, had come into effect. In particular, yesterday, the EUR390 million senior unsecured term loan granted by a pool of domestic and international banks and 70% guaranteed by SACE under the "SupportItalia Guarantee" instrument was disbursed.

Moncler, meanwhile, gives up 2.0 percent to EUR64.14 per share, in its third session on the bearish side.

Pirelli & C gives up 1.3 percent, in the aftermath of the announcement of the resignation of Giorgio Bruno, who has surprisingly left the post of deputy CEO and will therefore not be the company's next CEO. This was announced Tuesday evening by Camfin-which holds 14 percent of the company-in a note. Camfin then specified that it would "nominate Marco Tronchetti Provera and Andrea Casaluci for the roles of executive vice chairman and CEO of Pirelli, respectively."

On the Mid-Cap, Brembo -- in the red by 6.0 percent and the worst performer -- reported that on Tuesday 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.

Reply, on the other hand, contracted 4.5 percent, its third session in a row on the bearish side.

Maire Tecnimont gave up 0.5 percent after announcing Tuesday that its subsidiaries part of the Integrated E&C Solutions and Sustainable Technology Solutions business units won new contracts worth a total of about USD260 million from international clients mainly in Europe, Asia and South America.

Piaggio & C. -- up 1.6 percent -- announced Wednesday that it has entered into a collaboration with Walt Disney Co that produced the Disney Mickey Mouse Edition by Vespa. For this collaboration, the 50cc, 125cc and 150cc Vespa Primavera is tinged in black, red, white and yellow-the colors of the World's most famous mouse born of Disney's genius.

Salcef Group, on the other hand, rose 3.1 percent after reporting that subsidiaries Salcef and Euroferroviaria were awarded three tenders called by Rete Ferroviaria Italiana worth a total of EUR100 million.

Good buys also on Saras, which closed bullish by 1.5 percent after eve's 1.3 percent decline.

On the Small-Cap, d'Amico left 5.6 percent on the parterre at EUR3.4260, marking a bearish close for the third time.

Sole 24 Ore, on the other hand, left 0.7 percent on the parterre, after a good close on the eve in which it gathered 4.8 percent.

Pierrel - down 2.5 percent - announced Tuesday that it has obtained marketing authorization in Saudi Arabia for Pierrel's flagship Articaine-based dental anesthetic, Orabloc, which will thus join the Xylocaine and Citanest brands already marketed by Pierrel in the Saudi Kingdom.

Seri Industrial, on the other hand, climbed nearly 16 percent after announcing the signing of a development agreement by the Ministry of Enterprise and Made in Italy and Invitalia Spa to support the industrial project proposed by Packaging to Polymers, a company jointly owned by its subsidiary Seri Plast and Unilever Ventures Holdings. The project envisages total investments of about EUR109 million, facilitated with MIMIT resources of about EUR82 million, including EUR30 million in non-repayable grant and EUR52 million in subsidized financing.

Among SMEs, Cofle closed up 6.1 percent at EUR12.20 per share, closing bullish for the fifth consecutive session.

Alfonsino rose 1.6 percent after announcing on Monday that it had reached a collaboration agreement with SIDI Piccolo, a historic family-owned business associated with the VéGé group and active in the large-scale retail sector under the Supermercati Piccolo banner, for fast home grocery delivery, further extending the scope of operations of the Groceries business unit.

Energy, on the other hand, gave up 6.7 percent to EUR3.08 per share, closing down for the third session in a row.

Among U.S. exchanges, the Dow Jones was just above par, the Nasdaq gave up 1.1 percent, and the S&P left 0.4 percent on the sidelines.

Among currencies, the euro changed hands at USD1.0952 versus USD1.0901 at Tuesday's European equity close. In contrast, the pound is worth USD1.2733 from USD1.2740 last night.

Among commodities, Brent crude is worth USD77.03 per barrel versus USD75.38 per barrel at Tuesday's close. Gold, on the other hand, trades at USD1,932.00 an ounce from USD1,934.87 an ounce last night.

On Thursday's macroeconomic calendar, with the Chinese and Hong Kong stock exchanges closed for holidays, the ECB's Panetta speech is expected in the morning at 1115 CEST, while at 1300 CEST comes the Bank of England's expected decision on interest rates.

From the US, at 1430 CEST it is the turn of unemployment claims, at 1600 CEST that of existing home sales. At 1700 CEST the EIA report is released, followed half an hour later by the auction of 4- and 8-week Treasury bonds.

On the Italian corporate calendar, no events are scheduled.

By Maurizio Carta, Alliance News senior reporter

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