(Alliance News) - Piazza Affari is expected to open Wednesday's session slightly up, in another day that is expected to be light on the macroeconomic front, following the Federal Reserve's minutes released yesterday.

Federal Reserve officials indicated that interest rates are to remain high for "some time," deeming it "critical" to bring "unacceptably high" inflation back to the 2 percent target.

Minutes from the Oct. 31-Nov. 1 U.S. central bank meeting showed that officials "continued to believe it is critical that the stance of monetary policy be kept sufficiently tight to bring inflation back to the 2 percent target over time."

Maintaining this restrictive stance of monetary policy would support further progress toward the target while allowing more time to gather additional information to assess that progress.

Meanwhile, news came from Moody's that it raised the ratings of Italy's major banks and affirmed those of utilities listed on the highest-capitalization list in Piazza Affari.

The FTSE Mib is expected to rise 42.5 points or 0.2 percent after closing Tuesday down 1.3 percent at 29,153.42.

London's FTSE 100 is given up 7.2 points or 0.1 percent, Paris' CAC 40 is expected up 14.0 points or 0.2 percent, and Frankfurt's DAX 40 is indicated up 21.2 points or 0.1 percent.

In Milan last night, the Mid-Cap gave up 0.8 percent to 41,540.47, the Small-Cap lost 0.9 percent to 25,793.35, and the Italy Growth was down 0.1 percent to 7,768.67.

On the main list in Piazza Affari, among the few bullish stocks was a good session for Nexi, which rose 1.0%, ending its third straight session among the bullish.

Bringing up the rear was Banca Monte dei Paschi di Siena, which gave up 7.9%. The Ministry of Economy and Finance announced that it had successfully completed the sale of nearly 315 million ordinary shares of the Siena-based institution - equal to 25 percent of its share capital - through an accelerated book building reserved for Italian and foreign institutional investors. With the demand raised amounting to more than five times the initial amount, the offer was increased from 20 percent to 25 percent of the share capital.

The consideration per share is EUR2.92, for a total consideration of about EUR920 million, and incorporates a discount of 4.9 percent compared to the closing price of the bank's shares on Tuesday and is almost 50 percent higher than the subscription price of the bank's share capital increase carried out in November 2022. As a result of the transaction, the MEF's stake in MPS will fall from 64.2 percent to about 39.2 percent of the share capital.

UniCredit -- down 1.6 percent -- reported Tuesday that it had purchased 4.4 million of its own ordinary shares between Nov. 13 and 17 for a total value of EUR109.3 million.

Stellantis sales -- in the red by 1.8 percent -- in October increased in Europe, along with the positive trend in the performance of the European market, where registrations grew by 15 percent.

As data from ACEA, the European Automobile Manufacturers' Association, showed on Wednesday, the merged PSA Groupe and Fiat Chrysler Automobiles giant reported an 11 percent increase in sales in October, having registered 180,327 cars compared to 162,815 in October 2022, with market share, however, falling to 17.4 percent from 17.9 percent in 2022.

Intesa Sanpaolo lost 1.4 percent after successfully placing a USD3.00 billion total dual tranche issue in the US.

In detail, the bank placed a 10-year bullet senior preferred bond for a nominal USD1.5 billion, at a level equal to US Treasury plus 280 basis points and fixed-rate coupon of 7.20 percent; and a 30-year senior preferred bond for a nominal USD1.5 billion, at a level equal to US Treasury plus 325 basis points and fixed-rate coupon of 7.80 percent.

This is the largest issuance for Intesa Sanpaolo in 10 years, finalized at a total cost that is in line with what is theoretically replicable in euros. In addition, the 30-year tranche is the longest senior preferred issued in 2023 by bank issuers in dollars.

On the cadet segment, Webuild was up 0.7 percent and GVS up 1.4 percent, posting the best performances in a mostly bearish basket.

Buzzi rose 2.7 percent after eve's 0.7 percent decline, doing better than all and bringing the price to EUR27.68.

Ferretti, on the other hand, left 4.7 percent on the parterre after two sessions closed higher.

Technogym--in the red by 1.4 percent--announced Tuesday that it had purchased 146,026 of its own shares in the period between Nov. 13 and Nov. 17. The shares were taken over at a daily weighted average price of EUR7.82 for a value of EUR1.1 million.

Carel Industries lost 2.6 percent. Luigi Rossi Luciani and Athena announced Monday evening that they had successfully completed the accelerated book building procedure involving valid option rights for the subscription of Carel Industries ordinary shares arising from the capital increase. As a result of the placement, which was reserved for Italian and foreign institutional investors, a total of 31.2 million option rights were placed. The unit price was EUR0.50, for a total consideration of approximately EUR15.6 million.

On the Small-Cap, Gabetti rose 4.1 percent, ending its third bullish session in a row.

Openjobmetis also did well, up 4.1 percent after declining 1.9 percent on the eve.

Unidata -- in the red by 3.6 percent to EUR37.80 -- on Monday reported that its board of directors reviewed and approved an updated business plan with extended targets to 2026. Among them, the company expects total revenues between EUR130 million and EUR140 million, with Ebitda between EUR37 million and EUR41 million, with margins between 28 percent and 29 percent. Unidata expects cumulative capex of about EUR56 million and net debt of about EUR23 million.

Among SMEs, good session for GEL, up 6.4 percent after two bearish sessions.

IMD International Medical Devices - up 5.5 percent - reported Monday evening that, taking into account the information available to date, the group's growth trends remain unchanged at the moment. Turnover and Ebitda targets of around EUR50 million and EUR8 million respectively are planned for 2024. In addition, the CEO disclosed the unaudited management figure of net financial debt, which as of September 30, 2023 shows a net cash position of about EUR5.1 million.

Convergences, on the other hand, gained more than 14 percent, in its third session on the bullish side.

In Asia, the Nikkei rose 0.3 percent Wednesday to 33,451.83, the Shanghai Composite lost 0.8 percent to 3,043.61, and the Hang Seng is down 0.3 percent to 17,686.70.

In New York, the Dow closed last night down 0.2 percent to 35,088.29, the Nasdaq was down 0.6 percent to 14,199.98 and the S&P 500 gave up 0.2 percent to 4,538.19.

Among currencies, the euro changed hands at USD1.0902 against USD1.0938 recorded at Tuesday's European stock close while the pound was worth USD1.2520 from USD1.2537 last night.

Among commodities, Brent crude is worth USD82.24 per barrel from USD81.74 per barrel at Tuesday's close. Gold, on the other hand, trades at USD2,000.64 an ounce from USD2,003.61 an ounce Tuesday night.

Wednesday's macroeconomic calendar includes the European Central Bank's report on Eurozone financial stability, at 1000 CET, followed by the UK Autumn Statement, at 1100 CET, and US mortgage data, at 1300 CET.

German import prices will be released at 1330 CET, one hour before US jobless claims and goods orders. At 1600 CET, eyes on euro area consumer confidence, half an hour before U.S. crude oil stocks data. At 1900 CET, focus on Baker Hughes data on U.S. drilling rigs.

Among companies listed on the Milan Stock Exchange, the accounts of MFE-MediaForEurope are scheduled.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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