(Alliance News) - European indexes are projected to open higher Friday morning as investors seek to consolidate November's substantial gains. Markets rose on Thursday, driven by the possibility that the European Central Bank will accelerate rate cuts in 2024. Investors now look to final manufacturing PMI readings across the region Friday for further guidance.

Thus, the FTSE Mib is expected to rise 110.6 points or 0.4 percent after closing in the green by 0.5 percent at 29,737.38,

In Europe, Paris' CAC 40 is expected to open up 21.7 points or 0.3 percent, London's FTSE 100 is expected to be in the green 41.3 points or 0.6 percent while Frankfurt's DAX 40 is given up 55.9 points or 0.4 percent.

"The end of the month was positive for European markets," comments Michael Hewson, Chief Market Analyst at CMC Markets UK, "which posted their best gains of the year, with the notable exception of the FTSE100, which struggled to keep up with its peers due to the underperformance of big caps BP, Shell and AstraZeneca. U.S. markets closed mixed, with the Nasdaq 100 underperforming in the face of a rebound in yields, while the S&P500 posted its strongest month since July last year and the Dow hit a new high for the year."

Among Italy's smaller listings on Friday evening, the Mid-Cap advanced 0.2 percent to 41,966.14, the Small-Cap contracted 0.5 percent to 26,035.81 while Italy Growth rose 0.1 percent to 7,907.75.

Good session for oil stocks. Tenaris, in the highs, took home 2.7 percent, after a 0.8 percent loss on the eve.

Saipem announced Wednesday that it had been awarded two offshore contracts-one in Guyana and the other in Brazil- worth about USD1.9 billion. Shares closed up 3.4 percent.

Purchases were also made on parent company Eni, which closed the session taking home 0.44 percent to EUR15.16. On the stock it is reported that Jefferies cut its target price to EUR18.00 from EUR19.00 with a 'buy' recommendation.

Prysmian - in the green by 0.2% - reported Thursday that it has been awarded a contract worth about EUR850 million awarded by Eastern Green Link 1 Limited, a joint venture between UK transmission network owners SP Transmission PLC and National Grid Electricity Transmission PLC, to supply cable systems for a major national grid development project between Scotland and England.

Leonardo, on the other hand, gave up 0.4 percent. Of note, the company announced Tuesday that it has received a new order from Omni Helicopters International - OHI - for three units, comprising two AW189s, powered by General Electric engines, and one AW189, powered by Safran engines.

Also on a negative note, a minority list trend, was Ferrari, which left 1.4 percent on the parterre, marking its third session in a row with a bearish candle.

Sales also prevailed on UniCredit, which closed down 1.3% at EUR24.98. On the stock it is mentioned that JPMorgan raised the target price to EUR39.00 from EUR34.00 with 'overweight' recommendation.

On the Mid-Cap, Seco rose 1.6 percent after announcing Thursday that it has signed a new business deal with a leading global manufacturer of fully automatic coffee machines designed for both home and professional use. The company expects the design win to generate revenues in excess of EUR50 million in the two-year period 2024-2025.

The buy side also prevails well on Ariston Holding, which took home 2.0 percent, rearing its head again after a three-session downtrend.

Lottomatica Group - in the green by 1.1 percent - announced that it has completed the pricing of a total amount of EUR500 million of its senior secured floating-rate bonds maturing in 2030 at an issue price of 99.5 percent, with a coupon equal to the sum of the three-month Euribor rate - subject to a floor of 0 percent - plus 4.00 percent per annum. The offering is scheduled to close on December 14.

Saras, on the other hand, took home 0.9 percent with new price at EUR1.48 per share.

Maire Tecnimont - in the red by 1.5 percent - on Tuesday announced that it had made full early redemption of its bond to 2024 with the consequent delisting of the related bonds from the markets organized and managed by Borsa Italiana and the Luxembourg Stock Exchange. The redemption price of EUR165.3 million corresponds to 100 percent of the bond's nominal amount, together with interest accrued since the last coupon payment date.

Salcef, on the other hand, left 3.3 percent on the parterre, after a 1.6 percent decline on the eve of the meeting.

On the Small-Cap, SIT took home 5.3 percent, with new price at EUR2.58. High trading volume was recorded on the stock with more than 44,000 pieces changed hands compared to a three-month daily average of about 11,600.

Gabetti, on the other hand, marked a rise of 8.0 percent, with new price at EUR0.79, in its third bullish session.

Mondo TV - in the red by 1.1 percent - announced Wednesday the airing starting in December on Rai Yoyo of the first episodes of the new animated series Grisù, the company's "flagship product at the industrial level, currently nearing completion."

KME Group - in the red by 0.1 percent - announced Tuesday that its subsidiary KME has finalized the closing of the agreement signed on November 9 with the pool of lending institutions with an increase in the amount of the lines by an additional EUR50 million and thus for a total amount up to EUR460 million. At the same time, the closing of the outstanding factoring lines for EUR376.5 million was also completed.

Netweek, on the other hand, gave up 9.4 percent, with new price at EUR0.1395, after 2.7 percent green on the eve.

Among SMEs, Finanza.tech took home a gain of more than 11 percent, following up on Wednesday evening's gain of 2.3 percent.

H-Farm -- down 1.9 percent -- reported Thursday that it closed the year ended Aug. 31 with a loss of EUR8.9 million, from a profit of EUR17.7 million in the previous year. For the full year, production value stood at EUR36.1 million, down from EUR45.2 million in 2022.

Destination Italia -- down 5.9 percent -- reported Tuesday that the group exceeded EUR6.5 million in terms of its order book referring to tourism bookings of departures that will take place in the year 2024, marking an increase of more than 70 percent compared to the same period in the year 2022.

Digital Magics, on the other hand, left 3.9 percent on the parterre, after the 1.3 percent green on the eve.

In Asia, the Nikkei closed 0.1 percent in the red at 33,431.51, the Hang Seng was down 0.6 percent at 16,974.50, and the Shanghai Composite closed in fractional green at 3,031.64.

In New York, the Dow Jones closed up 1.5 percent to 35,950.89, the S&P finished in the green 0.4 percent to 4,567.80 while the Nasdaq closed in the red 0.2 percent to 14,226.22.

Among currencies, the euro changed hands at USD1.0907 versus USD1.0905 recorded at Thursday's European stock close while the pound was worth USD1.2641 from USD1.2642 on Thursday evening.

Brent crude is worth USD80.68 per barrel versus USD80.83 per barrel at Thursday's close. Gold, meanwhile, trades at USD2,041.81 an ounce from USD2,038.51 an ounce on Thursday evening.

Friday's macroeconomic calendar features at 0945 CET the Italian manufacturing PMI, followed by those from France, Germany, and concluding at 1000 CET with the Eurozone PMI.

At 1000 CET, the GDP figure from Italy will be in, followed at 1030 CET by the UK manufacturing PMI. At 1230 CET, a speech by ECB President Christine Lagarde is scheduled.

In the US, at 1545 CET, the manufacturing PMI data will be released, while at 1700 CET Federal Reserve Number One Powell will speak. At 1900 CET, the Baker Hughes impants report will be released. At 2130 CET, as usual on Friday, there will be the release of the COT Report.

No special announcements are expected among the companies.

By Chiara Bruschi, Alliance News reporter

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