(Alliance News) - European stock markets mark a bullish opening according to the futures market, a sign of cautious optimism ahead of the latest interest rate decision by the Federal Reserve.

The U.S. Federal Reserve is expected to leave interest rates unchanged at its meeting today. In the CME Group platform's FedWatch Tool, using futures also based on the actual federal funds rate or EFFR, the rate confirmation in today's meeting has a 98 percent probability for the 525/550 bp range confirmation. In contrast, the 25 bps rise in the 550/575 bps target is priced at 1%.

The FTSE Mib, therefore, after closing up 1.5 percent at 27,741.91 last night, marks a rise of 98.00 points.

London's FTSE 100 advances 39.00 points, Paris' CAC 40 marks a rise of 32.00 points, and Frankfurt's DAX 40 advances 98.00 points.

Among the smaller lists last night, the Mid-Cap finished up 1.4 percent to 38,383.28, the Small-Cap closed in the green 1.3 percent to 24,372.55, and the Italy Growth up 0.3 percent to 7,618.90.

On the main list of Piazza Affari last night, Stellantis finished up 3.3 percent after reporting Tuesday that it posted a 7 percent year-on-year increase in third-quarter revenues to EUR45.1 billion. The number of vehicles delivered was 11% higher than a year ago to 1.43 million, the Amsterdam-based automaker reported. For the first nine months, sales grew 10 percent year-on-year to EUR143.5 billion.

Amplifon, on the other hand, advanced 5.0 percent, closing at the top. The board Monday approved financial data as of Sept. 30, a period that ended with net income on a recurring basis of EUR112.8 million, down 5.7 percent from EUR119.6 million recorded in the first nine months of 2022, " due to lower operating leverage, higher depreciation and amortization and increased financial expenses," the company note said.

Also doing well was Intesa Sanpaolo, up 2.3 percent after announcing Monday that it has taken over First Bank SA (Romania) from U.S.-based private investment fund JC Flowers & Co. thus strengthening its presence in Central and Eastern Europe.

The transaction is expected to close by the first quarter of 2024, pending approval from relevant regulatory authorities.

Prysmian closed up 2.8 percent. On Monday it announced that it had signed an agreement worth about EUR900 million with Clean Path New York to provide submarine and terrestrial cable systems for one of the largest transmission infrastructure projects in the US.

Under the agreement, Prysmian Group will be responsible for the design, fabrication, installation, and testing of a 400-kV single-core high-voltage direct current (HVDC) cable system with XLPE insulation, subject to Clean Path New York issuing its notice to proceed in spring 2024.

Only four stocks were bullish, Iveco Group, ERG, Tenaris, and Terna, which closed with declines ranging from minus 1.2 percent to minus 0.4 percent.

On the Mid-Cap, Piaggio & C. ended at the bottom giving up 4.4 percent. On Monday, the board of directors approved the interim report as of September 30, showing a net profit of EUR85.7 million, the highest recorded for the period, up 21 percent from EUR70.9 million as of September 30, 2022.

The group's consolidated net revenues were EUR1.62 billion in line with revenues as of Sept. 30 last year.

Lottomatica closed just above par. The board Tuesday approved the condensed interim consolidated financial statements for the first nine months ended Sept. 30. Revenues were EUR1.19 billion in the first nine months of 2023, up 12 percent pro forma from EUR1.06 billion in the same period of 2022.

Technogym -- in the green by 0.4 percent -- reported Monday that total revenues for the first nine months amounted to EUR565.2 million, up 13 percent from EUR498.7 million in the same period a year earlier.

The growth, the company explained, was due to double-digit increases recorded in almost all geographic areas, with above-average performance for Europe, MEIA, and LATAM.

Carel Industries closed up 5.0 percent after reporting Tuesday that revenues for the first nine months rose 24 percent year-on-year to EUR497.2 million from EUR401.1 million in the same period a year earlier.

Excluding the change in scope related to acquisitions of EUR52.1 million and the negative foreign exchange effect of EUR6.8 million, the increase would have been 13 percent.

On the Small-Cap, best of all did Aquafil, which finished up more than 10 percent.

BasicNet--declining 1.5 percent--reported Tuesday that its board of directors reviewed results for the first nine months, during which revenues grew 5.3 percent to EUR297.5 million from EUR282.6 million in the same period of 2022.

Ebitda increased to EUR44.7 million from EUR44.1 million, a slight change to positive 1.3 percent.

PLC closed up by 1.1 percent. PLC System Srl - a PLC Group company - on Tuesday announced that it has signed a contract with Lampino Wind Srl, a subsidiary of the partnership between GR Value Spa and FOR.TE., for the construction of the utility substation serving a wind farm with a capacity of about 75.6 MW, located in the province of Foggia.

The total consideration for the contract awarded to PLC System amounts to more than EUR4.5 million.

Mondo TV ended up 6.9 percent after reporting that it has signed a new agreement with Turkish distributor Media Project House.

The final agreement covers non-exclusive VOD rights against payment of a "flat fee." "Mondo TV, with this new agreement, consolidates its presence in the Turkish market," the company said.

Among SMEs, Innovatec finished up 8.0 percent after announcing Tuesday that its subsidiary Eliospower Srl, active in the renewables business, and Agri-Light Energy Systems Ltd, an international lead player that owns the innovative patented Smart Agri-PV technology for agrivoltaic power generation, have signed an agreement to develop and build new Agrovoltaic plants in Italy.

Relatech -- in the green by 1.8 percent -- on Tuesday reported that the corporate board reviewed certain management data as of September 30, which closed with consolidated group sales revenues of about EUR66.5 million, up 73 percent from about EUR38.4 million as of September 30, 2022.

GEL closed 5.8 percent in the red after reporting that the board of directors on Monday reviewed unaudited sales revenue as of Sept. 30 of EUR10.9 million, down 16 percent from the same period a year earlier when it was EUR13.02 million.

In New York, the Dow closed down 0.4 percent, the Nasdaq up 0.5 percent, and the S&P picked up 0.7 percent.

In Asia, the Nikkei advanced 2.4 percent, the Hang Seng is rising 0.1 percent, while the Shanghai Composite picked up 0.1 percent.

Among currencies, the euro changed hands at USD1.0574 against USD1.0662 recorded at Tuesday's European stock close, while the pound is worth USD1.2153 from USD1.2128 last night.

Among commodities, Brent crude is worth USD85.44 per barrel from USD88.00 per barrel at yesterday's close. Gold, meanwhile, trades at USD1,998.55 an ounce from USD1,998.95 an ounce last night.

On Wednesday's economic calendar, at 1030 CET, it will be the turn of the UK manufacturing purchasing managers' index for October.

At 1200 CET, the usual releases on US mortgage applications are expected, and at 1445 CET, focus on the PMI and ISM manufacturing index.

At 1500 CET, new jobs JOLTs for September will be released and, half an hour later, crude oil stocks.

At 1900 CET, the Fed's monetary policy decisions will be announced and, half an hour later, the usual press conference will take place.

At Piazza Affari, Iveco Group's nine-month results are expected.

By Maurizio Carta, Alliance News reporter

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