(Alliance News) - The Mib moves in a bullish trend on Wednesday, on the day of the decision by the U.S. Federal Reserve. The Fed is expected to hold rates steady, but markets will focus on Chairman Jerome Powell's comments amid growing speculation supporting rate cuts in the first half of 2024.
The U.K. economy unexpectedly contracted in October, driven by declines across all sectors and fueling concerns that high interest rates could push the country into recession. Gross domestic product fell 0.3 percent between September and October, according to data released Wednesday by the ONS. Economists had not expected any change in GDP after the previous month's 0.2 percent expansion.
The FTSE Mib, thus, marks a 0.4 percent rise to 30,453.13.
In Europe, London's FTSE 100 rises 0.2 percent, Paris' CAC 40 advances 0.3 percent, and Frankfurt's DAX 40 is advancing 0.1 percent.
Among the smaller lists, the Mid-Cap advances 0.2% to 42,686.67, the Small-Cap rises 0.1% to 26,604.19, and Italy Growth advances 0.1% to 8,077.08.
On the Mib, good start for Prysmian, which moves ahead 0.8% to EUR39.20 pointing to its fourth session on the bullish side.
Amplifon -- in the green by 0.8 percent -- on Wednesday disclosed that it has signed a binding agreement that will allow the company to enter Uruguay through the acquisition of the Audical Group, the leading national player in the hearing care sector. The Audical network, with the Audical and Centro Auditivo brands, consists of 25 direct outlets and various distributors located throughout the country, has annual sales of about EUR10 million, which have been growing steadily in recent years, and about 130 employees and collaborators.
Deutsche Bank raised its target price on Banca Monte dei Paschi to EUR4.40 from EUR4.10 per share. The stock trades in the green by 1.1 percent.
Enel's buyback plan continues steadily, currently appreciating 0.5 percent. The company, most recently, announced Tuesday that it bought back 309,000 of its own shares in the period between December 4 and 8, for a total value of EUR2.0 million.
Banco BPM also increased its target price to EUR6.10 from EUR6.00 by HSBC. In contrast, JP Morgan cut it to EUR5.90 from the previous EUR6.40. The stock moves in the red by 1.2 percent to EUR5.03.
On the cadet segment, boost on Alerion, which moves ahead 1.2% after two sessions in the negative.
GVS, on the other hand, advances 1.1%, rearing its head after two sessions closed with a bearish candle.
Tod's turns green by 0.5% to EUR33.88. On the stock it is reported that JP Morgan cut its target price to EUR35.00 from EUR38.00.
At the back of the pack, Technoprobe gives ground, posting a minus 0.9 percent to EUR7.61 after four sessions among the bearish.
On the SmallCap, Softlab pushes ahead 9.5 percent to EUR1.49 per share after two bearish sessions.
Triboo, on the other hand, marks a plus 6.2% at EUR0.8180, after a 0.8% gain on the eve.
Good buys also on Giglio.Group, which moves ahead 3.7 percent after declining 1.8 percent on eve.
Among SMEs, good buying on Convergenze, leading the stock up 3.1% to EUR1.35 per share rearing its head again after three bearish sessions.
Talea Group - up 1.7 percent - announced on Wednesday that it had acquired the availability of the "Farmahome" and "Superfarma" brands.
At the back of the pack, among the many bearish sell-offs, marked sales on G Rent, which posted minus 4.9 percent following two previous bearish sessions.
In New York on European night, the Dow rallied 0.5 percent, the Nasdaq rose 0.7 percent, and the S&P 500 closed up 0.5 percent.
Among currencies, the euro changed hands at USD1.0783 against USD1.0792 recorded in Tuesday's European stock close, while the pound was worth USD1.2524 from USD1.2569 on Tuesday night.
Brent crude is worth USD72.82 per barrel versus USD73.81 per barrel at Monday's close. Gold, meanwhile, trades at USD1,980.00 an ounce from USD1,983.29 an ounce last night.
Wednesday's macroeconomic calendar predicts, Eurozone industrial production will be released at 1100 CET, ten minutes before an auction of three- and seven-year BTPs.
From the US, focus on mortgage data at 1300 CET and the producer price index at 1430 CET. Gas and gasoline scrote numbers will be released at 1630 CET while the most important event of the day is at 2000 CET with the Federal Reserve's rate decision, followed by a press conference by the chairman, Jerome Powell, half an hour later.
Among the companies in the Piazza Affari, the accounts of AbitareIn and OVS are scheduled.
By Maurizio Carta, Alliance News reporter
Comments and questions to redazione@alliancenews.com
Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.
