(Alliance News) - Piazza Affari is expected to extend the recent bullish trend at the opening of trading on Wednesday, with several macro data coming in between now and the end of the week that will set the pace in the markets.

The FTSE Mib is expected to rise 120.0 points or 0.4 percent after closing up 1.2 percent at 28,889.76 Tuesday evening.

London's FTSE 100 is given up 22.5 points or 0.3 percent, Paris' CAC 40 is indicated up 18.5 points or 0.3 percent and Frankfurt's DAX 40 is expected up 17.5 points or 0.1 percent.

In Milan last night, the Mid-Cap closed up 1.0 percent to 42,054.83, the Small-Cap gained 0.9 percent to 27,261.18, and Italy Growth finished up 0.4 percent to 8,895.93.

On the blue-chip list, ERG did well, taking home a 2.5 percent rise after falling 0.4 percent in the eve. The stock had previously come off three bullish sessions.

Banca BPER closed up 0.8 percent. On the stock, Capital Fund Management revised its short position to 0.72 percent from 0.69 percent previously.

Telecom Italia continued to gain ground with a 0.1 percent rise after its 3.4 percent increase on the eve of the meeting. On Monday evening, the Italian government gave the go-ahead for a stake of up to EUR2.2 billion in Telecom Italia's fixed-line network through a joint bid with U.S. investment fund KKR.

Economy Minister Giancarlo Giorgetti said the Council of Ministers approved a decree granting the state the funds to take a stake of up to 20 percent in the network. The stake, "up to EUR2.2 billion," will allow Italy to play a role in "what we consider a decisive infrastructure for the country's future," Giorgetti told reporters.

The agreement signed in early August with KKR called for the Economy Ministry to take a minority stake in TIM's future company, combining the fixed-line network and submarine cable subsidiary.

The buy side also prevailed well on UniCredit, which brought home a 1.9 percent rise, with its buyback program proceeding steadily. Most recently, it disclosed that it bought back more than 4.5 million of its own shares from August 21 to 25. Since the start of the program, UniCredit has purchased shares for nearly 7.6 percent of the share capital.

Saipem also did well, up 1.7 percent. The company received formal notification of the completion of the Golfinho transaction between BW Energy and Petrobras, under which BW Energy acquired 100 percent of the exploitation rights to the Golfinho field.

Pursuant to the MOA, the consideration BW Energy will pay to Saipem for the sale of the FPSO is USD73 million, of which USD38 million upon completion of the Golfinho transaction and UD35 million in 18 monthly installments following the transfer of the unit. The completion of the Golfinho transaction was a condition precedent for the sale of the FPSO, which is currently operating at full capacity, and for the initial consideration payments.

On the Mid-Cap, Saras continues the bullish trend, bringing home a plus 4.5 percent. On the stock, WorldQuant revised its short position to 0.69% from 0.73% previously. Marshall Wace, on the other hand, cut its short to 1.82% from 1.99% previously.

Ariston Holding, on the other hand, rose 4.8%, on the heels of the previous session's 4.0% gain.

Alerion gained 5.2 percent after a 2.1 percent loss in the eve.

Among the minority of bearers, Intercos left 1.7 percent on the parterre after a 1.3 percent gain the previous evening. The stock was coming off seven sessions in a row that closed in negative balance.

On the Small-Cap, Olidata rallied more than 12 percent. The company announced Monday that it had been awarded a 30% RTI contract worth more than EUR30 million. The company explained that the framework agreement concerns the awarding related to the supply, maintenance and management of upgrades to Sogei's Data Connectivity Switches for the next 36 months.

Italian Exhibition Group -- up more than 10 percent -- reported Tuesday that it posted a profit of EUR10.6 million in the first half of the year, an improvement from a loss of EUR5.6 million in the same period last year. Revenues amounted to EUR119.2 million up from EUR72.7 million in the first half of 2022.

Seri Industrial, on the other hand, gained 6.1 percent, rearing its head after three sessions closed among the bearish.

Among SMEs, Imprendiroma picked up 13 percent, rebounding after four sessions closed down.

Almawave's stock, on the other hand, appreciated 7.6 percent. The company on Monday evening announced that it has signed an agreement with Microsoft Italy aimed at promoting generative artificial intelligence in Enterprise applications to optimize data management and content navigation.

VNE, on the other hand, picked up 3.2 percent after announcing on Monday that it had signed directly and through its subsidiary VNE Renting, five new contracts for the supply of products and services inherent to the gaming sector with a total value of EUR540,000.

On the negative notes, among the many declines, AAtech dropped 7.1 percent after a 2.9 percent loss on the eve of the meeting.

In Asia, the Nikkei is up 0.3% to 32,313.44, the Shanghai Composite is up 0.1% to 3,139.89, and the Hang Seng is up 0.4% to 18,561.85.

In New York Tuesday night, the Dow Jones closed up 0.9 percent to 34,852.67, the Nasdaq gained 1.7 percent to 13,943.76 and the S&P 500 rose 1.5 percent to 4,497.63.

Among currencies, the euro changed hands at USD1.0873 versus USD1.0854 in Tuesday's closing European equities while the pound was worth USD1.2633 from USD1.2624 last night.

Among commodities, Brent crude is worth USD85.76 per barrel versus USD84.69 per barrel at Tuesday's close. Gold, on the other hand, trades at USD1,935.85 an ounce from USD1,937.10 an ounce last night.

On Wednesday's economic calendar, at 1000 CEST, will come Italy's consumer confidence and industrial sales while, at 1100 CEST, the focus will be on Eurozone sentiment on services, consumers and businesses.

At 1110 CEST, there will be an auction of five- and 10-year BTPs.

From the US, at 1300, eyes on the 30-year mortgage rate and, at 1430 CEST, on Gross Domestic Product. At 1630 CEST, space on crude oil stocks, Cushing inventory and the EIA report.

On the Piazza Affari corporate calendar, no major events are scheduled.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

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