(Alliance News) - European stock markets moved mixed on Wednesday, even as investors shrugged off fears of a recession and focused on easing inflation that reinforced expectations of a slower pace of monetary policy tightening by major central banks.

Among them, the U.K. inflation rate slowed to 10.5 percent in December, moving further away from the 41-year high of 11.1 percent reached in October. However, the core rate was unchanged at 6.3 percent and food and beverage prices rose to the highest since back in 1977.

The Bank of Japan defied market expectations by sticking to its highly accommodative monetary policy. Investors are also monitoring the ongoing World Economic Forum in Davos, Switzerland, where top business and government leaders will speak and discuss the global economic outlook. German Chancellor Scholz said he is convinced that Europe's largest economy will not fall into recession, while Chinese Vice Premier Liu He welcomed foreign investment and declared his country open to the world after three years of isolation due to the pandemic.

The FTSE Mib, therefore, gives up 0.1 percent to 25,965.69, after the bullish trend seen after the bell rang with highs for the day above 26,000.

In Europe, London's FTSE 100 is down fractionally, Paris' CAC 40 is just above par, and Frankfurt's DAX 40 is down 0.1 percent.

Among the smaller lists, the Mid-Cap is up 0.6 percent to 42,452.12, the Small-Cap is up 0.2 percent to 29,552.46, and Italy Growth is bullish with 0.1 percent to 9,567.76.

On the bluechip list, Tenaris rises 1.9%, on the heels of eve's green close of 3.0%.

BPER Bank, on the other hand, moves ahead 1.7% to EUR2.22. It is worth noting that on the stock Deutsche Bank started hedging with fair value at EUR2.60.

Sales of Stellantis - up 0.2% - in December ran counter to the performance of the European market, where registrations grew 12.8%.

As data from ACEA, the European Automobile Manufacturers' Association, showed Tuesday, the merged PSA Groupe and Fiat Chrysler Automobiles giant posted a 10.3 percent drop in sales in December, having registered 159,425 cars compared to 177,712 in December 2021, with market share falling to 14.6 percent from 18.7 percent.

Ferrari drops 0.3 percent. The company announced Monday that it had bought back 25,660 of its own ordinary shares, worth a total of EUR5.5 million.

Enel also raised its target price to just below par. Barclays raised the target price to EUR7.50from EUR7.00.

Pirelli, on the other hand, gives up 1.0 percent, after finishing for de sessions in positive territory.

On the Mid-Cap, good purchases on Tinexta, which marks a plus 2.2%. The company announced Wednesday the signing of a binding agreement to acquire a 65 percent stake in Ascertia Limited through its subsidiary InfoCert Spa. Ascertia is a leading player in the digital trust market based in London and also operates in the United Arab Emirates and Pakistan.

The transaction involves the purchase of 65 percent of Ascertia's capital for a consideration of EUR18.3 million plus net financial position, which corresponds to an enterprise value of the company of EUR28.2 million.

High quarters also for Brunello Cucinelli, which marches ahead 3.4 percent after a 0.8 percent loss on the eve.

Among the few bearish performers, OVS, however, gives up 0.4 percent to EUR2.70 in its fourth session on the bearish side. The compnay on Tuesday unveiled its investment project involving the creation of a technological innovation hub and a multifunctional center with a view to sustainability and circular economy.

The project involves the hiring of 125 people that include graduates with skills in the world of digital, artificial intelligence and cyber security and specialized figures who will be employed in the rework of garments and activities related to the multifunction center.

Brembo, on the other hand, drops 0.9 percent to ER11.60, closing the list.

On the Small-Cap, Orsero moves ahead 4.6 percent and heading for its fifth session to end on the upside.

Also doing well are I Grandi Viaggi and Aquafil, up 3.4 percent and 2.4 percent respectively.

At the bottom, Bastogi gives up 3.5 percent, following eve's green with 1.3 percent.

Among SMEs, High Quality Food takes the top spot, advancing 7.4 percent.

Gibus--declining 3.3 percent--reported Tuesday that its board of directors approved consolidated operating results as of December 31, 2022, having reported revenues of EUR84.0 million, up about 16 percent from EUR72.7 million in the same period last year. The company points out that the result is due to both organic growth and the acquisition of the Leiner Group on September 30, 2022.

Alfonsino, on the other hand, rises 6.8 percent. The company reported on Tuesday that it posted sales of EUR4.6 million in 2022, up 17 percent from EUR3.9 million in the previous year. Orders, on the other hand, rose 20 percent year-on-year to 550,000.

In New York on the European night, the Dow closed down 1.1 percent, the Nasdaq in the green by 0.1 percent, and the S&P 500 closed down 0.2 percent.

Among Asian exchanges, the Hang Seng traded just above parity as did the Shanghai Composite, while the Nikkei rallied 2.5 percent.

Among currencies, the euro changed hands at USD1.0804 versus USD1.0806 at Tuesday's close. In contrast, the pound is worth USD1.2316 from USD1.2277 last night.

Among commodities, Brent crude is worth USD86.66 per barrel from USD85.58 per barrel last night. Gold, meanwhile, trades at USD1,904.47 an ounce from USD1,914.15 an ounce last session.

On Wednesday's economic calendar, at 1030 CET, the UK housing price index and labor productivity data are due.

At 1100 CET, December inflation and construction sector output data are released.

Overseas, at 1300 CET, it is the turn of the MBA mortgage rate.

Later, at 1430 CET, come the U.S. producer price index, retail sales data and from Canada the industrial goods price index.

Among the companies listed on the Stock Exchange, the results of I Grandi Viaggi are expected.

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

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