(Alliance News) - Piazza Affari closed sharply higher on Wednesday after U.S. inflation data and results from some major U.S. commercial banks improved investor sentiment.

Chris Beauchamp, Chief Market Analyst at IG, said, "After an uncertain start to the year, equities seem to have found their balance, helped significantly by today's U.S. inflation and earnings data.

"Yesterday's U.S. PPI data raised the prospect that today's data would not be too 'hot,' and although the headline figures were slightly higher, the key core figures provided good news. Investors can live with a cautious Fed as long as inflation remains subdued. Today's news seems to support this view and saw risk appetite return firmly to the upside."

The FTSE Mib closed Wednesday up 1.5 percent to 35,646.96, the Mid-Cap rose 1.3 percent to 47,359.57, the Small-Cap gained 0.3 percent to 28,007.94 while Italy Growth lost 0.5 percent to 7,861.98.

In Europe, London's FTSE 100 closed up 1.2%, Paris' CAC 40 rose 1.0% and Frankfurt's DAX 40 gained 1.8%.

On the Mib, strength on Iveco Group, which closed up 6.0% at EUR9.9040 per share, in its third consecutive session with a bullish candle. Of note, on the stock, Marshall Wace cut its short position to 1.56% from 1.60%.

Prysmian rose 4.4 percent, with price at EUR66.78, also on its third straight positive session. On the stock, Citigroup raised the target price to EUR73.00 from EUR69.00, with a 'buy' recommendation.

Intesa Sanpaolo - up 0.1 percent - is the first Italian bank to invest in Bitcoin, buying 11 digital assets worth USD1 million.

CEO, Carlo Messina, explained that this is a limited test, considering that the bank holds EUR100 billion in its securities portfolio.

Strength also on Buzzi's stock, up 2.9 percent, breaking a six-session downtrend. Stifel upgraded the stock to 'buy' from 'hold' and raised the taget price to EUR41.00 from EUR38.00.

Telecom Italia rose 0.5 percent. The company won a legal battle against partner Vivendi over the sale of the network to the KKR fund for EUR18.8 billion. The Milan court rejected Vivendi's appeal, which challenged TIM's board resolution on the sale, holding that it should go through the approval of the extraordinary shareholders' meeting and obtain the opinion of the related parties committee.

However, the judges deemed the appeal inadmissible, as Vivendi did not show interest in calling the meeting or blocking the sale.

The tail end of the list sees Saipem, which gives up 4.9 percent, with price at EUR2.5960, in its third bearish session in a row.

On the Mid-Cap, Cementir Holding advances 3.4 percent to EUR10.86 per share, on its third bullish candle.

Fincantieri gives up 1.0% after announcing that it has completed the acquisition of Leonardo's Underwater Armament Systems underwater business--down 0.2% on the Mib--through the purchase of the entire share capital of the newco WASS Submarine Systems.

The total value of the deal, announced May 9, is EUR 287 million, with a possible maximum adjustment of EUR 415 million, depending on future results.

MAIRE - up 0.1 percent to EUR8.72 - announced that KT-Kinetics Technology, backed by NextChem's technological know-how, has been awarded by Pengerang Biorefinery the licensing and engineering, procurement, construction and commissioning services for a hydrogen production unit to be located in Johor, Malaysia.

OVS and Unigross are preparing a joint bid to take over Conbipel, the financially troubled historic clothing chain that includes about one hundred stores and employees, Il Corriere della Sera wrote Wednesday. OVS would acquire the larger stores, turning them into stores with its own brands, while Unigross would take over the smaller ones. OVS stock rose 1.8 percent.

Safilo Group--up 0.8 percent--reported Tuesday the renewal of its global design license agreement with sportswear company Under Armour for the production and distribution of eyewear collections through 2031.

On the Small-Cap, strength on Bastogi, with Italy's first remaining listed company going up 1.4 percent, after rising 7.0 percent during the session.

SoftLab gained 6.5% to EUR0.82, after two consecutive bearish sessions.

B&C Speakers -- on a negative note of 1.6 percent -- reported Tuesday that FY2024 consolidated revenues were EUR100.0 million, registering a 6.4 percent growth from EUR94.0 million in FY2023, according to preliminary data.

Among SMEs, Innovatec rose 0.3 percent, breaking a streak of six straight sessions among the bearish.

Sicily by Car did not trade, remaining at EUR4.20. The company announced Tuesday the start of operations of subsidiary Sicily by Car Spain with the opening of a branch at Ibiza's San Jose International Airport.

Gibus - down 0.9 percent to EUR8.80 - reported Tuesday that its board of directors approved consolidated operating revenues as of December 31, which came in at EUR84.6 million, down 7.4 percent from EUR91.4 million in 2023.

STAR7 lost 1.6 percent. The company reported that it has completed the final acquisition of the business units of Consulting Automotive Aerospace Railway Spa and STI Srl, both in judicial liquidation.

In New York, the Dow is up 1.5 percent to 43,154.44, the Nasdaq is up 2.2 percent to 19,462.08, and the S&P 500 is up 1.6 percent to 5,937.57.

Among currencies, the euro changes hands at USD1.0304 against USD1.0290 at Tuesday's European equities close. In contrast, the pound is worth USD1.2257 from USD1.2186 last night.

Among commodities, boost on oil, with Brent crude worth USD81.02 per barrel from USD79.96 per barrel at Tuesday's European stock close. Gold trades at USD2,680.37 an ounce from USD2,673.33 an ounce Tuesday evening.

Thursday's macroeconomic calendar opens with UK Gross Domestic Product, industrial production and trade balance data at 0800 CET. At the same time, focus on German inflation, which is two hours ahead of Italian inflation.

The Bel Paese's trade balance, on the other hand, will arrive at 1100 CET.

Overseas, at 1430 CET, eyes on US retail sales and jobless claims. At 1600 CET, natural gas stocks data will be released while the day will close with the Federal Reserve's balance sheet, due at 2230 CET.

Among the companies in the Piazza Affari, Fope, I Grandi Viaggi, and Saccheria F.lli Franceschetti are scheduled to report results.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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