(Alliance News) - On Wednesday, Piazza affari finished higher, taking the point level above 26,800, buoyed by good quarterly results and hopes that the U.S. Federal Reserve later today may at least signal a long-awaited pause in its campaign of monetary tightening, after an expected rate hike that is expected to be quantified at 25 basis points.

In the CME Group platform's FedWatch Tool, using futures also based on the actual federal funds rate, or EFFR, the main rate hike for tonight's communication has a 9% probability priced in for confirmation in the 475/500 bps range.

In contrast, it is at 91 percent probability for an increase in the 500/525 bps area, a rise equivalent to 25 bps, up sharply on an intraday basis. The current target is between 475 and 500 bps.

Meanwhile, the Eurosystem's balance sheet is still growing. As disclosed by the ECB routinely on Wednesday, total assets grew to EUR7,719 billion in the week ended April 28, an increase of about EUR5.6 billion from the previous week.

Thus, the FTSE Mib closed in the green by 0.8 percent at 26,835.31, after having stroked and broken the 27,000-point mark earlier in the day.

Among Italy's smaller lists, the Mid-Cap rose 0.2 percent to 43,038.66, the Small-Cap picked up 0.1 percent to 28,741.11, and Italy Growth, on the other hand, gave up 0.6 percent to 9,159.69.

In Europe, Paris' CAC 40 closed in the green by 0.3 percent, the FTSE 100 up 0.2 percent while Frankfurt's DAX 40 marked a 0.6 percent gain.

On the main list in Piazza Affari, Amplifon advanced 7.2 percent to EUR35.49 per share, benefiting from excellent first-quarter numbers.

UniCredit, on the other hand, closed up 3.8 percent after announcing that its board of directors on Tuesday approved its first quarter 2023 results, calling it "the best first quarter ever and the ninth consecutive quarter of improved results in every respect." Net book profit amounted to EUR2.1 billion from EUR274 million in the same period of 2022.

Reflecting the good session for the banking sector, Mediobanca took home a plus 3.8 percent to EUR9.75 per share. In this regard, Francesco Bonazzi writes in Alliance News, "It was Turin's "La Stampa" this morning that revealed the Roman financier's leap in Mediobanca's capital, where the latest official announcements gave it at 5.6 percent, after purchases that began in February 2021. At this point, Caltagirone is the second largest shareholder in the bank founded by Enrico Cuccia with 9.9 percent, behind the Del Vecchio group, which holds 19.8 percent and in the past was its ally in the (lost) battle for control of the Leone di Trieste."

Campari also travels well, picking up 1.5 percent rewarded by analysts after a good quarterly report. Raising the target price were Jefferies, Deutsche Bank, Goldman Sachs and Credit Suisse.

Among the negative notes Telecom Italia gave up 4.4 percent, on which Société Générale cut its target price to EUR0.30 from EUR0.30 with 'hold' title.

On the Mid-Cap, Credito Emiliano closed up 4.3%, rearing its head after two bearish sessions.

Brunello Cucinelli, up 2.9 percent, also rebounded after four sessions in which the sell side prevailed.

Maire Tecnimont's board of directors on Wednesday reviewed and approved the interim management report as of March 31 that closed with a consolidated net profit of EUR26.2 million, up 47 percent. Group net income amounted to EUR25.2 million, up 37 percent from the first quarter of 2022. Despite the good numbers, the stock closed lower, giving up 2.1 percent at the end of the day.

Saras, on the other hand, gave up 3.1%, dragged down by the bearish direction of the barrel price. It is reported that board of directors on Wednesday confirmed the appointment of Massimo Moratti as chairman and chief executive officer. Franco Balsamo, general manager of the company, was instead appointed deputy ceo.

On the Small-Cap, Giglio Group gave up more than 15 percent with new price at EUR0.7140.

Conafi Prestitò's board of directors - flat at EUR0.40 - approved Tuesday the financial statements as of December 31, 2022 reporting a net loss of EUR3.4 million for the full year, worsening from a net loss of EUR1.7 million in 2021. Consolidated revenues amounted to EUR5.9 million up from EUR2.7 million in 2021.

FILA, on the other hand, took home 2.9 percent, turning upward after two bearish sessions.

Good buys were also made on Piquadro, pushing the stock ahead 2.5 percent after declining - by 0.8 percent - on the eve of the session.

Finally, among SMEs, Fenix Entertainment gives up 7.2 percent after closing on top with more than 14 percent. It reported Friday that its first-quarter 2023 production value will amount to EUR7.5 million from EUR4.6 million in the first quarter of 2022.

Pharmacosmo, on the other hand, gives up nearly 12 percent. The stock traded high, with more than 120,000 traded compared to a three-month daily average of just under 30,000.

Boost on Convergenze, which appreciates 3.0 percent, repeating eve's green also up 3.0 percent.

Friulchem, on the other hand, brings home 3.9%, signing its fourth session in surplus.

In New York, the Dow Jones is giving up 0.1%, the Nasdaq is up 0.2%, and the S&P 500 is advancing with 0.1%.

Among currencies, the euro changes hands at USD1.1053 against USD1.0959 at Tuesday's close. In contrast, the pound is worth USD1.2549 from USD1.2468 on Tuesday evening.

Among commodities, Brent crude is worth USD71.91 per barrel versus USD75.61 per barrel on Tuesday evening. Gold, meanwhile, trades at USD2,023.71 an ounce from USD2,012.09 an ounce at Tuesday's close.

On Thursday's macroeconomic calendar, at 0345 CEST, from China will come the manufacturing PMI index while at 0800 CEST space will be given to Germany's trade balance and current account balance.

At 0945 CEST, Italy's services PMI will be released and, at five-minute intervals, those of France, Germany and the Eurozone. At 1030 CEST, the same data will come instead for the United Kingdom.

At 1100 CEST, for the Eurozone, the producer price index will be released.

At 1415 CEST, eyes on the ECB and the interest rate announcement. This will be followed half an hour later by the cosuete press conference with the central bank president, Christine Lagarde.

At 1430 CEST, focus on U.S. claims for unemployment benefits while, at 1730 CEST, an auction of four- and eight-week U.S. Treasury bonds is scheduled.

Among the companies in the Piazza Affari, the accounts of Ferrari, Italgas, Moncler and Edison, among others, are scheduled.

By Maurizio Carta, Alliance News reporter

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