(Alliance News) - European stock markets open Wednesday showing caution amid lingering concerns about the possibility of prolonged periods of high interest rates by central banks.

Turning to economic data, as October approached, Germany experienced a more significant weakening in consumer confidence than initially expected, as the propensity to save reached its highest since April 2011 due to persistently high inflation.

On Wednesday, the dollar again confirmed its strength, with the Dollar index the index fluctuating above 106, standing at its strongest level in more than a decade and following the rise in US Treasury bond yields. The Federal Reserve offered an aggressive outlook on monetary policy because of persistently high inflation. The U.S. central bank kept interest rates unchanged at its September meeting, but signaled another rate hike before the end of the year.

Minneapolis Fed President Neel Kashkari also said there is a nearly 50 percent chance that interest rates will have to move significantly higher to reduce inflation.

As a result, the FTSE Mib marks green by 0.1 percent to 28,131.89, the Mid-Cap advances 0.3 percent to 39,035.60, the Small-Cap gives up 0.1 percent to 25,581.33, and Italy Growth is in the red by 0.1 percent to 8,353.89.

In Europe, London's FTSE 100 is just above par, Paris' CAC 40 is up 0.1 percent, and Frankfurt's DAX 40 is in the fractional red.

On the main list in Piazza Affari, good start for Saipem, which moves ahead 0.7 percent in the wake of a bullish barrel price.

Good buys also on Ferrari, which scores a plus 0.9%, rearing its head again after four bearish sessions.

Nexi, meanwhile, rises 1.1 percent to EUR5.77 per share after two sessions among the bearish.

At the tail end Iveco Group is giving up 1.5 percent, with new price at EUR8.97, after a 0.9 percent loss on the eve.

In the cadet list, El.En. is advancing 3.3 percent. It should be noted that the stock, since the beginning of 2023, marks a decline of more than 40%. The company announced Tuesday that it has kicked off its new EUR1.0 million buyback program of its own ordinary shares.

Good buys also on Reply, which advances 2.7 percent after four bearish sessions.

Salvatore Ferragamo, on the other hand, falls 1.5 percent. On the stock it is mentioned that Barclays cut its target price to EUR13.00 from EUR14.00.

Danieli & C. reported Tuesday that it closed the 2022-2023 fiscal year with year-on-year revenue up to EUR4.10 billion from EUR3.62 billion in the previous year. The stock opened trading fluctuating down 1.3 percent.

On the Small-Cap, Biesse gives up 4.5 percent, placing it at the tail end of the list and heading for its third bearish session.

Fidia, on the other hand, gives up 4.2%, after 4.8% green on eve.

Sesa--up 0.6 percent--reported that it purchased--in the period between Sept. 18 and Sept. 22--7,100 of its own ordinary shares, equal to 0.04582245 percent of its current share capital. The average unit price was EUR101.41570 per share, for a total value of approximately EUR720,000.

Head of the segment for Netweek, which moves ahead 13%, rebounding after two sessions closed with a negative balance.

Among SMEs, FAE Technology gets off to a good start, moving ahead 3.0% on the eve of the release of its half-year accounts.

Relatech - up 6.2 percent - reported Wednesday that its board of directors reviewed and approved consolidated economic and financial data as of June 30 reporting adjusted net income of EUR3.8 million, up 120 percent from EUR1.7 million for the same period in 2022. Net income amounted to EUR2.9 million from EUR2.1 million recorded as of June 30, 2022.

Value of production as of June 30 was about EUR51.1 million, up 73% from about EUR29.5 million as of June 30, 2022. Revenues amounted to EUR47.8 million, up from EUR25.3 million as of June 30, 2022.

Doxee, on the other hand, gives up 8.8 percent. It should be noted that the stock marks a loss of more than 45 percent since the beginning of the year.

In New York on European night, the Dow closed down 1.1 percent, the Nasdaq gave up 1.6 percent, and the S&P 500 lost 1.5 percent.

Among Asian exchanges, the Nikkei posted a green of 0.2%, the Shanghai Composite advanced with 0.3%, while the Hang Seng floated bullish with 0.7%.

Among currencies, the euro changes hands at USD1.0566 against USD1.0576 in Tuesday's European stock close while the pound is instead worth USD1.2149 from USD1.2163 on Tuesday evening.

Among commodities, Brent crude is worth USD94.51 per barrel versus USD93.59 per barrel at Tuesday's close. Gold, meanwhile, trades at USD1,896.60 an ounce from USD1,903.29 an ounce last night.

Wednesday's macroeconomic calendar features data on the Eurozone money supply and loans to individuals at 1000 CEST.

In the US, focus on mortgage data at 1300 CEST and durable goods orders at 1430 CEST. Crude oil stocks and refinery numbers will be released at 1630 CEST.

On the bond front, auctions of six-month Italian BOTs, 10-year German Bunds, and five-year US Treasury notes will be held.

Among the companies in Piazza Affari, the results of Bellini Nautica, Digital Bros, Relatech and Intred, among others, will be announced.

By Maurizio Carta, Alliance News senior reporter

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