(Alliance News) - European stock market futures are signaling a negative open on Wednesday, as trading floors brace for the widely anticipated interest rate cut by the U.S. Federal Reserve.
Despite expectations of imminent action from the Fed, uncertainty over the monetary policy trajectory for the coming year continues to weigh on overall sentiment, exerting downward pressure across markets.
On the European front, ECB board member Isabel Schnabel expressed strong confidence in the region's economic outlook, reiterating that she feels "comfortable" with the possibility of another rate hike. This maintains a distinctly hawkish stance compared to the dovish pivot seen in the United States.
The Mib--after closing up 0.3% at 43,574.50 points last night--is now marking a drop of 102.50 points.
Paris' CAC 40 is down 21.30 points, London's FTSE 100 retreats by 35.30 points, and Frankfurt's DAX 40 slips by 24.80 points.
Last night, the Mid-Cap rose 0.2% to 58,671.54, the Small-Cap gained 0.1% to 36,114.29, while Italy Growth fell 0.5% to 8,450.79 points.
On Piazza Affari, the ongoing impasse in the Russia-Ukraine conflict boosted Leonardo, mirroring gains across defense stocks. Leonardo climbed 2.6% to EUR49.46 per share after completing a key test of the Michelangelo system.
The banking sector also saw solid buying, recently buoyed by a Fitch rating upgrade. Banca Mediolanum, Generali, and BPER Banca closed in positive territory, up 3.3%, 3.0%, and 1.4% respectively.
Monte dei Paschi di Siena, up 1.3%, accelerated on Mediobanca. The board confirmed its confidence in CEO Luigi Lovaglio and decided to bring forward the presentation of the industrial plan for the merger with Mediobanca, of which Siena holds 86.3%. The project will be presented to the market and sent to the ECB by early March, about a month ahead of schedule.
Eni's subsidiary Plenitude, up 0.3%, inaugurated the new Caparacena photovoltaic plant in Chimeneas and Ventas de Huelma, Granada province, one of its most significant projects in Spain. Meanwhile, Eni also discovered a major gas field in Indonesia.
Azimut Group--up 1.9%--reported net inflows of EUR889 million in November, with EUR705 million (79%) allocated to managed solutions. Year-to-date inflows stand at EUR18.0 billion, in line with the full-year target range of EUR28 to EUR31 billion.
On the Mid-Cap, Avio gained 3.1% after signing two production orders with MBDA under an existing framework agreement. The contracts cover the supply of propulsion engines and related aerodynamic surfaces for an air defense system, with a total value exceeding EUR35 million.
Anima Holding--up 0.4%--announced that net inflows in managed savings for November were negative by EUR1.15 billion, while year-to-date figures remain positive at EUR3.37 billion. Total managed savings inflows for November were negative by EUR2.55 billion, but up EUR80 million since the start of the year.
Banca Generali--up 1.4%--reported net inflows of EUR649 million in November, a 27% increase compared to the same period last year.
MFE-MediaForEurope NV announced Tuesday that RadioMediaset has expanded its network by acquiring Radio Norba. Both class A and class B shares fell by 0.7% each.
Technoprobe, down 1.5%, signed a strategic agreement with WinWay Technology Co, a leading IC test interface provider listed on the Taiwan Stock Exchange, and MS Sun Technology Company, a Taiwanese distribution firm. The deal grants WinWay Technology Co., Ltd the right to use Technoprobe's proprietary TPEG technology for testing solutions.
On the Small-Cap, Ops eCom--down 3.7%--took another step in expanding its business into express transport and logistics by signing a preliminary agreement to acquire 100% of KCT, a Galliate-based road freight transport company.
EPH closed the basket with a sharp 24% loss, while Netweek led the gainers, advancing 26%.
Among SMEs, Spindox--not traded--announced the appointment of Enrico Zilio as new Chief Financial Officer, effective December 1.
Circle--down 0.3%--reported Tuesday that it has won, as lead partner and based on the published rankings, the SEAMLESS project--Smart Environmental and Mobility Logistics Enhanced by EO Satellite Systems.
The 18-month project, valued at around EUR840,000, includes a grant of over EUR210,000 for Circle and over EUR102,000 for Circle Garage.
Mare Group--down 0.5%--announced initiatives concerning Eles, which remained flat at EUR2.64 per share.
The company has called for an ordinary shareholders' meeting to propose expanding the board from six to nine members, introducing three independent directors and defining their terms and compensation.
Execus saw strong buying, jumping 18% to EUR1.41 per share, gaining over 10 cents per share since the start of trading.
In New York, the Dow Jones slipped 0.4%, the Nasdaq edged up 0.1%, while the S&P 500 closed down 0.1%.
In Asia, the Nikkei lost 0.1%, the Shanghai Composite fell 0.2%, while the Hang Seng is hovering just above parity.
On the currency front, the euro is trading at USD1.1638 from USD1.1639 at Tuesday's equity close, while the pound is at USD1.3322 from USD1.3314 last night.
In commodities, Brent crude is trading at USD62.08 per barrel from USD61.98 per barrel at last night's close, while gold stands at USD4,206.12 an ounce from USD4,214.34 an ounce yesterday evening.
On Wednesday's economic calendar, Italian industrial production data is due at 1000 CET, followed by the 12-month BOT auction at 1110 CET.
At 1155 CET, the ECB president is scheduled to speak, with U.S. mortgage data due from 1300 CET. U.S. labor market reports are expected from 1430 CET, and the Fed's interest rate decision is set for 2000 CET.
Piazza Affari awaits results from Homizy, Netweek, and OPS Italia.
By Maurizio Carta, Alliance News Reporter
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