(Alliance News) -- The Mib on Wednesday moved up slightly, around the 34,400 mark Wednesday, following a positive global mood as investors continue to assess a new set of corporate results.

Nationally, April saw an unexpected drop in business and consumer morale, according to data released by Istat on Wednesday. The consumer confidence index fell to 95.2 from 96.5 in March while the composite indicator of business confidence dropped to 95.8 from 97.0 the month before.

On the monetary policy side, on Wednesday, in the CME Group platform's FedWatch Tool, using futures also based on the actual federal funds rate or EFFR, the rate confirmation in the May meeting has a 98 percent probability for confirmation in the 525/550 bps range. The 25 bps decline in the 500/525 bps target is therefore priced at 2%.

For the June meeting, futures indicate a 15% probability of a 25 bps cut and 38% for July. For September, the probability remains consistently below 50 percent, at 46 percent.

Thus, the FTSE Mib is advancing 0.1% to 34,409.77.

In Europe, Paris' CAC 40 is advancing 0.3 percent, London's FTSE 100 is up 0.5 percent, and Frankfurt's DAX 40 is in the green by 0.3 percent.

Among the smaller listings, the Mid-Cap is in the green 0.2 percent to 46,749.43, the Small-Cap scores a plus 0.2 percent to 28,379.62 while Italy Growth is down fractionally to 8,097.66.

On the Mib, STMicrolectronics is off to a good start, moving ahead 5.7 percent to EUR39.39 with the stock leading the segment since the opening trades. On the stock it is mentioned that Citadel Advisors raised its short on the stock to 0.51 percent from 0.46 percent.

Banca Mediolanum, on the other hand, advances 1.3 percent, with price at EUR10.00, after a 1.3 percent gain in the previous session.

Unipol, meanwhile, advances 0.6%, with price at EUR8.38. Barclays raised its target price to EUR9.40 from EUR7.30.

Saipem, on the other hand, gives up 3.1 percent, after a 1.5 percent gain on the eve of the day. Previously, the stock came from a six-session downtrend.

For parent Eni, however, the loss is 1.0 percent, after three sessions among the bullish. The company reported Wednesday that in the first quarter of the year it posted adjusted net income of EUR1.60 billion from EUR2.92 billion in the same period a year earlier.

Pro-forma adjusted operating profit fell to EUR4.12 billion from EUR5.87 billion in the first quarter of 2023 as a result of lower earnings from GGP, Global Gas & LNG Portfolio, - down 77 percent to EUR325 million - due to the extraordinary market conditions in the comparative quarter, and the result from the E&P business, Exploration & Production, - down 13 percent to EUR3.32 billion - due to the decline in natural gas prices.

Recordati, on the other hand, is stepping back 3.0%, the subject of profit-taking after four bullish sessions.

On the mid-cap, strength on Technoprobe, which moves ahead 2.9% with new price at EUR7.70 per share.

Brembo, on the other hand, advances 2.4 percent, with new price at EUR12.13 per share, following a 2.4 percent green in the previous session.

On a negative note, Maire Tecnimont is surrendering 2.7 percent, after eve's gain of 2.0 percent pending quarterly results expected later in the day.

Alerion, on the other hand, is retreating 2.2%, following Tuesday evening's 3.0% green.

On the Small- Cap, Eurogroup Lamination is advancing 4.6%, after a 3.3% gain in the previous session.

Also advancing well is Softlab, which is ahead 8.2% on the heels of eve's 4.3% gain and with quarterly results expected on Monday.

Fidia, on the other hand, is giving up 2.7 percent. The stock--which has been missing the ex-dividend since 2017--reverses course after two bearish sessions.

Banca Sistema, on the other hand, gives up 1.4 percent, veering lower after two sessions ended with a bullish candle and placing the price in the EUR1.42 area.

Among SMEs, Energy advances 2.7 percent, on its second session with a bullish candle.

The board of directors of Officina Stellare - in the green by 6.6 percent - on Tuesday evening approved the draft financial statements for the year ended December 31, which closed with a profit of EUR2.5 million, up EUR1.9 million from EUR600,000 in fiscal year 2022.

Fervi - flat at EUR18.00 - reported Tuesday that it had revenues of EUR14.6 million in the first three months of the year, down 3.3 percent from EUR15.1 million in the same period of 2023.

Iervolino & Lady Barcardi is giving up 3.6 percent to EUR0.48, a new 52-week low.

In New York on European night, the Dow Jones rallied 0.7 percent, the S&P advanced 1.2 percent, and the Nasdaq took home 1.6 percent.

Among currencies, the euro changed hands at USD1.0689 from USD1.0702 in Tuesday's European stock close while the pound was worth USD1.2436 from USD1.2442 Tuesday night.

Among commodities, Brent crude is worth USD88.37 a barrel from USD87.54 a barrel Tuesday evening and gold trades at USD2,321.49 an ounce from USD2,320.74 an ounce Tuesday evening.

Wednesday's macro calendar has in the afternoon, from the US, the mortgage and durable goods reports coming in at 1430 CEST, while at 1630 CEST it will be the turn of the EIA report on refineries. At 1900 CEST, on the other hand, an auction of Treasury bonds with a five-year maturity is scheduled.

By Maurizio Carta, Alliance News reporter

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