(Alliance News) - The Mib moves in an uptrend on Wednesday, taking the point bar above 29,000, mirroring the performance of most of its European counterparts, ahead of the Fed's upcoming monetary policy decision expected in the evening.
In the CME Group platform's FedWatch Tool, using futures also based on the actual federal funds rate or EFFR, rate confirmation has a 99 percent probability in the current range of 525/550 bps. In contrast, the 25 bps rise in the 550/575 bps target is priced at 1%.
On the economic data front, German producer prices fell nearly 13 percent in August, the largest drop on record, due to falling energy prices. In addition, the UK inflation rate unexpectedly slowed to 6.7%, the lowest since February 2022 and below the market consensus of 7.0%.
The FTSE Mib, thus, marks a 1.0% rise to 29,054.97.
The Mid-Cap is in the green by 0.6 percent to 40,892.78, the Small-Cap is up 0.3 percent to 26,401.07, and Italy Growth is in the green by 0.2 percent to 8,592.53.
In Europe, London's FTSE 100 is up 0.7 percent, Paris' CAC 40 is floating up 0.4 percent, and Frankfurt's DAX 40 is up 0.7 percent.
On the main list of Piazza Affari, Amplifon confirms the bullish trend seen since the bell rang, advancing 3.2 percent.
UniCredit -- up 4.2% -- on Wednesday announced plans to launch a tranche of its share buyback program for up to EUR2.5 billion.
Sales of Stellantis - up 1.3% - rose in August 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 giant of PSA Groupe and Fiat Chrysler Automobiles 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, advanced 4 percent, bringing its price to EUR89.88 and rearing its head again after three sessions among the bearish.
Among the few bearish performers, Leonardo is giving up 1.4 percent after 1.6 percent green on eve.
The tail end of the list, on the other hand, is for Saipem, which trades minus 2.4 percent in the EUR1.58 per share area.
On the cadet segment, good session for Tinexta, which advances 2.6% to EUR17.15 per share rearing its head after four sessions among the bearish.
Alerion, on the other hand, advances 3 percent to EUR27.85, with the company continuing with its buyback plan. Lastly, Alerion Clean Power 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 - in the green by 2.3 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 starting in the fourth year.
Among the few bearish performers, Salvatore Ferragamo marks minus 2.3 percent at EUR13.86 following up from 0.1 percent on the eve.
On the Small-Cap, Olidata marks a plus 7.5%, bringing the weekly balance to plus 50%.
Also among the top wagons is Centrale del Latte d'Italia, which advances 2.8% after six sessions ended among the bearish.
Good buys also on Geox, which marks a plus 3.2% with new price at EUR.74 per share.
Tail of the list for Gefran, which marks a minus 3.3 percent with new price at ER8.68 per share after two sessions ended on the bullish side.
Among SMEs, boost on Ambromobilire, which is picking up 2.7 percent after 2.7 percent green on eve.
The top of the list, however, is for FOS, which appreciates 3.5 percent after two sessions among the bearish.
Also trading among the best is Gibus, whose 3.0 percent gain brings its price to EUR11.95 per share.
Italian Design Brands - in the green by 1.3 percent to EUR10.04 per share - on Tuesday disclosed 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.
Negative notes include Green Oleo, which gives up 5.8 percent positioning itself toward its third session to close with a negative balance.
In New York on Tuesday's European night, the Dow closed down 0.3 percent, while the Nasdaq closed down 0.2 percent as did the S&P 500.
Among currencies, the euro changed hands at USD1.0692 versus USD1.0690 in Tuesday's European stock close, while the pound was worth USD1.2360 from USD1.2402 on Tuesday night.
Among commodities, Brent crude is worth USD93.35 per barrel versus USD95.16 per barrel at Tuesday's close. Gold, on the other hand, trades at USD1,928.87 an ounce from USD1,934.41 an ounce Tuesday evening.
On Wednesday's macroeconomic calendar from the U.S., eyes are on mortgages, whose data will arrive at 1300 CEST, and crude oil, with inventory numbers to be released at 1630 CEST. The day closes with the most anticipated moment, namely the Federal Reserve's decision on rates, which will be released at 2000 CEST, with a press conference by the chairman, Jerome Powell, to follow half an hour later.
By Maurizio Carta, Alliance News reporter
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