Mib rises to 27,700; Monte dei Paschi good

(Alliance News) - European stock markets move in a bullish trend on Wednesday -- confirming the trend of futures in pre-opening trades -- as investors await the upcoming Federal Reserve rate decision this evening and the European Central Bank meeting scheduled for tomorrow.

As for the Fed, it is widely expected that there will be no interest rate hikes this month as members are likely to adopt a "wait-and-see" approach to assess the effects of the unprecedented monetary tightening implemented over the past year. However, the central bank is expected to maintain a "hawkish" attitude to reinforce the idea that the tightening cycle may not yet be over.

In Europe, the ECB is expected to announce another quarter-point rate hike on Thursday.

On the economic data front, however, German wholesale prices fell 2.6 percent year-on-year in May, the largest decline since July 2020.

Thus, the FTSE Mib, rose 0.6 percent to 27,728.45.

In Europe, Paris' CAC 40 is up 0.4 percent, Frankfurt's DAX is in the green by 0.2 percent while London's FTSE 100 rises with 0.1 percent.

The Mid-Cap is in the green by 0.3% to 44,087.82, the Small-Cap is up with 0.4% to 27,636.10 and Italy Growth is in the green by 0.2% to 9,154.54.

On the Mib, good start for Banca Monte dei Paschi, which scores a plus 1.0% at EUR2.2010.

High quarters also for UniCredit, which moves ahead 0.7% in its third bullish session, while Banca Mediolanum steps up 0.7%.

A2A - equally among the best at the start - steps forward 0.7 percent.

Among the few bearish performers, Saipem, which gives up 0.9 percent, closes the list. Saipem reports that Capital Fund Management cut its short position on the stock to 1.13 percent from 1.21 percent previously.

On the Mid-Cap, doValue moves ahead 7.7% to EUR4.45 per share. The company announced that Avio Sarl and Sankaty European Investments Sarl have signed a shareholders' agreement regarding the resignation of a director from the board of directors afferent to Fortress' list; the proposed appointment by co-optation of a new director indicated by Bain Capital at the first useful meeting of the board of directors; and cooperation to reach agreement on a joint list by Fortress and Bain Capital to be presented for the next appointment of corporate bodies.

WIIT, on the other hand, rises 2.1 percent, positioning its snout toward the fifth session to end in an uptrend.

Ceding ground - the subject of profit taking - MFE shares of both class a and B shares, down 4.4 percent and 3.2 percent, respectively, after marked rises in the past two sessions.

Technogym, on the other hand, gives up 1.0%, pulling the oars after six bullish sessions.

On the Small-Cap, Conafi rises instead by 7.9% with new price at EUR0.3540.

AbitareIn, on the other hand, rises 6.3 percent. The board of directors of AbitareIn Spa on Tuesday approved the consolidated half-year report as of March 31, 2023. The first half of the fiscal year ended with consolidated revenues of EUR76.7 million from EUR66.4 million as of March 31, 2022. The board decided to propose the distribution of an extraordinary dividend of EUR0.376, totaling more than EUR10 million.

Eukedos in the rear gives up 2.6 percent to EUR1.1225, after the 0.4 percent green on the eve.

d'Amico International Shipping--up 1.7 percent--reported Tuesday that shareholders approved the amalgamation of the company's shares in the ratio of one new share for every ten existing shares. Following the amalgamation, the company's share capital will be USD62.1 million and divided into 124.1 million shares with no par value.

Gabetti - up 7.0 percent - on the other hand, seeks an encore, following eve's green with 3.9 percent.

Among SMEs, Gibus rises in double digits by picking up 7.4% positioning itself toward the ninth session in a row on the bullish side.

Good buying also on Alfonsino, leading the stock to appreciate 5.4 percent.

In a still uneventful list, Alfio Bardolla gives up 1.5 percent.

In New York last night, the Dow closed in the green by 0.4 percent, the Nasdaq up 0.8 percent, and the S&P 500 picked up 0.7 percent.

Among the Asian exchanges, the Nikkei closed up 1.5 percent, the Shanghai Composite down 0.1 percent, while the Hang Seng is stepping back 0.7 percent.

Among currencies, the euro changed hands at USD1.0792 versus USD1.0748 at yesterday's European equities close. In contrast, the pound is worth USD1.2610 from USD1.2510 on Tuesday evening.

Among commodities, Brent crude is worth USD75.06 per barrel versus USD71.77 per barrel last night. Gold, on the other hand, trades at USD1,950.18 an ounce from USD1,949.76 an ounce last night.

Wednesday's macroeconomic calendar has Eurozone industrial production at 1100 CEST.

At 1300 CEST, focus on the U.S. mortgage market report while at 1430 CEST will come data on the producer price index.

At 1630 CEST, the EIA refineries count will be released while at 2000 CEST eyes will be on the FOMC decision on the federal funds rate, followed at 2030 CEST by Federal Reserve Chairman Jerome Powell's press conference.

Among the companies in the Piazza Affari, the results of OVS and Zucchi are expected.

By Maurizio Carta, Alliance News reporter

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