(Alliance News) - European stock markets began trading with a bullish opening on Wednesday. Investors await preliminary data on manufacturing and services activity across Europe for clues on the likely path of monetary policy in the region.
The European Central Bank is expected to hold interest rates steady on Thursday, but officials are likely to continue to keep markets on their toes by expressing caution.
Meanwhile, China's central bank will cut by 0.5 percent the amount of reserves banks must maintain as of Feb. 5, People's Bank of China Governor Pan Gongsheng said Wednesday, as the world's second-largest economy battles strong deflationary pressures. The cut to the central bank's reserve requirement ratio follows two reductions last year.
Pan said the direction of the Federal Reserve's monetary policy this year, with markets predicting that the U.S. central bank will soon begin easing rates, suggests that the PBoC will have more room for its own monetary policies after the renminbi came under devaluation pressure last year.
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Thus, the FTSE Mib advances 0.2 percent to 30,139.50 points.
In Europe, Paris's CAC 40 is advancing 0.6 percent, London's FTSE 100 is advancing 0.5 percent, and Frankfurt's DAX 40 is posting a green of 1.1 percent.
Among the smaller Italian listings, the Mid-Cap is in the green by 0.3 percent to 44,776.41, the Small-Cap is up 0.5 percent to 27,727.38 while Italy Growth is advancing with 0.3 percent to 8,315.63.
On the Mib, good start for the banking segment, with Banca Monte dei Paschi advancing 2.9% to EUR3.32 per share rearing its head again after two bearish sessions.
Good buying also on BPER Banca, which scores a plus 1.8% at EUR3.34 after two bearish sessions.
Iveco, meanwhile, advances 1.3%, with price at EUR9.43, in its third bullish session.
Among the few bearish performers, STMicroelectronics is giving up 1.9%, on the eve of the release of its accounts.
In the cadet segment, Cembre advances 1.8 percent with new price at EUR39.40 per share, at its new 52-week high.
Technoprobe, meanwhile, marks a plus 2.3% at EUR9.50, touching a new 52-week high during the session at EUR9.57.
SOL, on the other hand, is giving up 1.5 percent, closing the list with price at EUR26.20 per share.
Rear-ends also for Ariston Holding, which marks a minus 0.7 percent, after two sessions closed higher.
On the Small-Cap, Cellularline advances well, marking a plus 7.8 percent at EUR2.63 per share. High trading volume is reported on the stock at more than 46,000 pieces changed hands compared to a three-month daily average of about 17,500.
Olidata, meanwhile, advances 6.6 percent, with new price at EUR0.7250.
SIT is giving up 2.2 percent, following eve's green with 0.3 percent, after six sessions closed among the bearish.
Giglio.Group is giving up 2.1 percent, after two sessions closed positive.
Among SMEs, Aton Green Storage is advancing 10 percent, pointing to its fifth session to close on the bullish side.
Health Italia advances 5.9 percent, after 8.2 percent green on eve.
In the rear, in a still uneventful list, Italia Independent is giving up 9.9%, with new price at EUR0.15.
In New York overnight Europe, the Dow gave up 0.3 percent, the Nasdaq advanced 0.4 percent, and the S&P 500 picked up 0.3 percent.
Among Asian exchanges, the Hang Seng closed up 3.6 percent, the Shanghai Composite closed in the green by 1.8 percent, while the Nikkei gave up 0.8 percent.
Among currencies, the euro changed hands at USD1.0878 against USD1.0827 recorded at Tuesday's European stock close, while the pound was worth USD1.2715 from USD1.2658 last night.
Brent crude is worth USD79.83 per barrel versus USD79.74 per barrel at Tuesday's close. Gold, meanwhile, trades at USD2,029.79 an ounce from USD2,026.01 an ounce last night.
On Wednesday's macroeconomic calendar, coming up at 1030 CET is PMI data from the UK.
In the afternoon, from the US, the mortgage rate at 1300 CET. At 1545 CET the manufacturing and services PMI will be released, at 1630 CET the Cushing inventory and oil stocks data, and at 1900 CET an auction of five-year Treasury securities is scheduled.
Among companies , the results of Grifal and Tod's will be released.
By Maurizio Carta, Alliance News reporter
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