(Alliance News) - Piazza Affari closes Wednesday's session sharply higher, in line with the performance of other major European stock exchanges, just hours before the Federal Reserve's new monetary policy decision is due to be announced.

Chris Beauchamp, chief market analyst at IG, said, "The steady pace of rising oil prices came to a halt today, providing equities around the World with some much-needed breathing room. The relentless rise in oil has reignited fears of a return of inflation this year, and this has unnerved investors."

"While this may be an inconvenience, the morning's surprise U.K. inflation figure gave a further boost to the day's more positive sentiment, giving U.K.-focused sectors a change to make real progress in hopes that the Bank of England is indeed close to ending rate hikes for the time being."

"But while the day saw equities recover some losses, there is the potential for fresh losses tonight, even if the Fed opts for a pause from the hikes. With recent U.S. inflation data pointing toward a climb, there is a need to take a position, even if only in language. This threatens to undo the gains made so far in the session."

The FTSE Mib closed up 1.6 percent to 29,229.30, the Mid-Cap rose 0.5 percent to 40,875.00, the Small-Cap gained 0.1 percent to 26,367.23, and Italy Growth finished up 0.2 percent to 8,594.23.

In Europe, London's FTSE 100 rose 0.9 percent, Paris' CAC 40 gained 0.7 percent as did Frankfurt's DAX 40.

On the main list in Piazza Affari, Amplifon confirmed the bullish trend seen since the bell rang, rising 5.6 percent.

UniCredit - up 4.7 percent - on Wednesday announced plans to launch a tranche of its share buyback program for up to EUR2.5 billion.

Stellantis sales - up 3.1% - in August rose in Europe, in line with the positive trend in the European market, where registrations rose 21%.

As data from ACEA, the European Automobile Manufacturers' Association, showed Wednesday, the merged PSA Groupe and Fiat Chrysler Automobiles giant posted a 6.3 percent increase in sales in August, having registered 145,392 cars compared to 136,723 in August 2022, with market share, however, falling to 16.1 percent from 18.2 percent in 2022.

DiaSorin, on the other hand, rises 4.5 percent, bringing its price to EUR89.88 and rearing its head again after three sessions among the bearish.

Among the few bearish, Leonardo gave up 0.3 percent while the tail end of the list is Saipem, which lost 2.9 percent to EUR1.5730 per share.

On the cadet segment, good session for Tinexta, which climbs 2.2% to EUR17.09 per share rearing its head again after four sessions among the bearish.

On the other hand, Alerion Clean Power gains 3.3 percent, bringing the price to EUR27.75, with the company continuing with its buyback plan. Lastly, the company informed Tuesday that it bought back its own shares - from Sept. 11 to 15 - for a total value of EUR82,000 or so.

Banca Popolare di Sondrio - up 4.1 percent - on Tuesday concluded a placement with institutional investors of a senior preferred green bond with a benchmark amount of EUR500 million and a maturity of five years with an option for early redemption from the fourth year.

Among the bearish, Salvatore Ferragamo marks a 1.3 percent drop to EUR14.00, following up on the 0.1 percent red on the eve.

On the Small-Cap, Olidata rises 8.1%, bringing the weekly balance to plus 50%.

Centrale del Latte d'Italia retreats, tied after an initial rise but six sessions ended among the bearish.

Good buying also on Geox, which marks a plus 3.5% with new price at EUR0.7460 per share.

Among SMEs, Ambromobiliare falls, down 5.3 percent despite a good start to the session.

The top of the list, however, is for MeglioQuesto, which appreciates by 15 percent.

Italian Design Brands - down 0.6 percent - on Tuesday announced that it has reached an agreement to acquire 51 percent of Turri 2k Srl, a company headed by Turri - The Italian way to beauty, a historic brand operating in high-end furniture.

In New York, the Dow is up 0.4 percent to 34,664.80, the Nasdaq is just above par at 13,680.35, and the S&P 500 rises 0.2 percent to 4,453.84.

Among currencies, the euro changes hands at USD1.0723 versus USD1.0690 in Tuesday's European equities close, while the pound is worth USD1.2406 from USD1.2402 Tuesday evening.

Among commodities, Brent crude is worth USD94.19 per barrel versus USD95.16 per barrel at Tuesday's close. Gold, on the other hand, trades at USD1,943.42 an ounce from USD1,934.41 an ounce Tuesday evening.

On Thursday's macroeconomic calendar, net loans to the British public sector are due at 0800 CEST.

At 0900 CEST, details on the money supply and the National Bank's decision on interest rates are expected from Switzerland. At 1000 CEST, focus on Spain's trade balance and, at 1300 CEST, the Bank of England's UK decision on interest rates.

At 1430 CEST, U.S. unemployment claims will come out while, at 1600 CEST, it will be the turn of EU consumer confidence and the speech of European Central Bank President Christine Lagarde.

Among the companies in Piazza Affari, the accounts of Civitanavi Systems, Conafi, Seri Industrial and Gismondi 1754, among others, are expected.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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