(Alliance News) - European stock markets are expected to open higher on Friday, according to the futures market, in what has been a tumultuous week, to say the least, that has seen banking stocks plunged into a sell-off in light of the Silicon Valley Bank collapse and Credit Suisse liquidity fears. Financial markets recovered on Thursday and appear in the bullish track again today, but still set for a loss in the weekly time frame.

In the U.S., banks have turned overwhelmingly to the "window" provided by the Federal Reserve and the Federal Home Loan Bank system over the past week, borrowing the largest volume since 2008, when panic spread among U.S. depositors.

Banks borrowed USD152.85 billion Wednesday, up from EUR4.58 billion the week before, according to new data released Thursday. Average daily lending last week was EUR85 billion, compared to EUR4.4 billion the week before, the highest since the 2008 financial crisis. The rate of said lending-the discount rate-is by custom 1% above the target set on federal funds.

Thus, for the FTSE Mib, therefore, the futures market estimates a bullish opening of 235.00 points after closing the eve's session up 1.4 percent to 25,918.76.

Among the smaller listings last night, the Mid-Cap closed up 1.7 percent to 42,347.14, the Small-Cap gained 0.6 percent to 27,537.50, while Italy Growth finished in the fractional red at 9,215.41.

In Europe, London's FTSE 100 is given up 57.30 points, Paris' CAC 40 is expected to be up 51.00 points while Frankfurt's DAX 40 is indicated to be up 58.00 points.

On the main list in Piazza Affari last night, A2A did well, up 2.2 percent. The company's sales rose to EUR23.17 billion, doubling from EUR11.55 billion a year earlier. The change is mainly related to the bullish dynamics of commodity prices that characterized the year. This increase was matched by an increase in energy commodity procurement costs.

Operating income improved by 4.1 percent to EUR687 million from EUR660 million, and net income, on the other hand, fell 20 percent to EUR401 million from EUR504 million, with the ordinary figure, however, up 2.4 percent to EUR380 million from EUR371 million.

Snam is also in the black, up 3.0%. The board reported that the company reported adjusted net income of EUR1.16 billion in 2022, down 4.5% from EUR1.21 billion in 2021, due to lower operating income, offset by the positive performance of investee companies. Total revenues, net of energy costs, stood at EUR3.32 billion, up 11 percent from EUR2.99 billion in 2021.

ERG's board of directors -- in the green by 2.0 percent -- reported that the company posted a net income of EUR383.0 million as of December 31, 2022, up from EUR174.0 million in 2021. The board also proposed dividend of EUR1.00 up from EUR0.90 in 2021.

Revenues for 2022 are EUR714.0 million up from EUR601.0 million in 2021.

Among the bearish was Telecom Italia, down 1.0 percent. TIM's board of directors said Wednesday that the board had met to consider the non-binding offer submitted by the consortium formed by CdP Equity and Macquarie Infrastructure and Real Assets, acting on behalf of a group of investment funds managed or advised by the Macquarie group -- NBOs of the consortium -- for the purchase of a constituent company to which the management and infrastructure perimeter of the fixed network, including the assets and activities of FiberCop, as well as the stake in Sparkle, would essentially belong.

Thus, the board made it known that it "greatly appreciated the interest expressed in the aforementioned NBO of the Consortium, while considering that the same like KKR's NBO does not reflect the value of the asset and TIM's expectations."

On the cadet segment, Webuild rose more than 12 percent after reporting adjusted net income of EUR118.0 million, an improvement from a loss of EUR56 million in 2021.

Rai Way -- in the green by 0.6 percent -- reported core revenues of EUR245.4 million, up 6.7 percent from EUR229.9 million in fiscal 2021, partly due to indexing to inflation.

The board of directors of El.En. - down 5.4 percent - approved the consolidated financial statements as of December 31, 2022, which closed with a consolidated net income of EUR55.1 million compared to EUR45.4 million in 2021. The board proposed the distribution of a dividend of EUR0.22 per share.

The board of directors of Brunello Cucinelli -- in the green by 8.6 percent -- approved on Wednesday the 2022 consolidated financial statements and the draft 2022 operating budget reporting a profit of EUR87.2 million up 55 percent from EUR56.3 million in 2021. The board also proposes a dividend of EUR0.65 per share from EUR0.42 in 2021, with a pay-out of 50 percent.

Net revenues for the year 2022 are EUR919.7 million, up from EUR712.1 million in 2021.

Arnoldo Mondadori Editore's board of directors, which closed in the green by 2.2 percent, reported that net income for 2022 is EUR52.1 million, up 18 percent, representing the group's best result in 15 years.

On the Small-Cap, Enervit -- up 2.2 percent -- reported net income of EUR4.2 million from EUR3.6 million in the same period last year. Revenues amounted to EUR76.3 million compared to EUR64.8 million as of Dec. 31, 2021.

Gabetti Property Solutions closed flat at EUR1.12 per share after reporting Thursday that it ended 2022 with net income up to EUR11.6 million from EUR8.3 million a year earlier. Revenues fell 9 percent year-on-year to EUR152.5 million from EUR167.2 million in 2021.

Among SMEs, Circle finished down 1.2 percent after its board of directors approved some figures for the year ending Dec. 31, 2022, reporting consolidated production value of EUR10.9 million, up 17 percent from EUR9.3 million in 2021.

Fenix Entertainment rose 3.2 percent after an investment agreement was signed with investor Negma Group Investment regarding the overall capital and financial strengthening transaction, based on the issuance of a cum warrant bond, reserved for subscription by Negma.

In New York overnight Europe, the Dow closed up 1.2 percent, the Nasdaq gained 2.5 percent while the S&P 500 closed in the green by 1.8 percent.

In Asia, the Nikkei was up 1.2 percent, the Hang Seng was in the green by 1.7 percent, and the Shanghai Composite was up 0.7 percent.

Among currencies, the euro changed hands at USD1.0665 against USD1.0620 at yesterday's close. In contrast, the pound is worth USD1.2172 from USD1.2113 on Thursday evening.

Among commodities, Brent crude is worth USD75.02 per barrel versus USD74.34 per barrel last night. Gold, on the other hand, trades at USD1,933.14 an ounce from USD1,924.25 an ounce at Thursday's close.

Friday's macroeconomic calendar at 1000 CET features Italy's trade balance while half an hour later comes data on UK inflation expectations.

At 1100 CET it is the turn of inflation for the Eurozone and payroll data in the euro area.

In the afternoon, at 1415 CET, data on U.S. industrial and manufacturing production are expected.

At 1500 CET, it is the turn of Michigan expectations sentiment and the US predictive index.

Among companies listed on the Milan Stock Exchange, results from Banca Popolare di Sondrio, Centrale del Latte d'Italia, GEL, Intermonte Partners SIM, Interpump Group, Matica Fintec, Newlat Food and Softlab are expected.

By Maurizio Carta, Alliance News reporter

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