(Alliance News) - Piazza Affari closed Tuesday's session on a timid rise, on the eve of the Federal Reserve's decision on rates and two days before the European Central Bank also makes a decision on its monetary policy.

A 25 basis point increase by the Federal Reserve on Wednesday is seen as a foregone conclusion to the meeting that begins today, although analysts are divided on whether it will be "one and done" or more rate hikes are in sight for the U.S. central bank.

The Federal Open Market Committee kicks off its two-day meeting Tuesday, with a decision on interest rates scheduled for 2000 CEST on Wednesday. This will be followed shortly thereafter by a press conference with Federal Reserve Chairman Jerome Powell.

According to the CME FedWatch Tool, there is a 99 percent probability that the central bank will raise rates by 25 basis points, which would bring the federal funds rate range from 5.25 percent to 5.50 percent. The Fed decided against a hike last month, ending a string of 10 consecutive rate hikes.

The FTSE Mib closed Tuesday up 0.2 percent to 28,966.41, the Mid-Cap fell 0.3 percent to 42,202.09, the Small-Cap rose 0.1 percent to 26,835.58, and Italy Growth lost 0.1 percent to 9,074.07.

In Europe, London's FTSE 100 gained 0.2 percent, Paris' CAC 40 lost 0.3 percent and Frankfurt's DAX 40 rose 0.1 percent.

On the highest-capitalization list in Piazza Affari, Italgas closed down 1.3 percent after reporting Tuesday that it closed the first half of the year with a net profit of EUR228.7 million, up from EUR197.8 million in the same period last year.

Total revenues for the first half amounted to EUR931.8 million, up EUR224.4 million from the corresponding period in 2022 or up 32 percent, and related to natural gas distribution regulated revenues of EUR722.3 million and miscellaneous revenues of EUR209.5 million. As of June 30, revenues from the inclusion of the DEPA Infrastructure group in the scope of consolidation as of September 1, 2022 amounted to EUR87.0 million. Activities in energy efficiency recorded EUR194.7 million, driven by the progressive progress of construction sites related to the Superbonus.

Ebitda is EUR607.0 million, up EUR93.7 million or 18 percent from the corresponding period in 2022, when the figure was EUR513.3 million. This change includes EUR61.2 million resulting from the consolidation of the DEPA Infrastructure group, EUR29.9 million resulting from ESCo activities, and the growth of gas distribution in Italy, which more than offset the divestment of Naples, with the net positive effect of distribution Italy being EUR3.1 million.

Eni lost 0.7 percent after reporting the acquisition of Chevron's interests-including operatorship-in the Ganal PSC, Rapak PSC and Makassar Straits PSC blocks in the Kutei Basin, East Kalimantan, offshore Indonesia. Eni already owns a 20 percent stake as a nonoperator in the Ganal and Rapak blocks.

"The acquisition is an important step in particular because it will accelerate the development of the Gendalo and Gandang gas project, part of the Indonesia Deepwater Development in the Ganal PSC, near the Jangkrik FPU, with gas reserves estimated at about 2TCF," the Six-legged Dog said.

Poste Italiane's board of directors -- up 1.0 percent -- disclosed that it had approved financial results for the first half of 2023, which closed with a net profit of EUR1.14 billion, compared to EUR985 million in the same period last year.

Revenues were EUR6.05 billion compared to EUR5.58 billion in the first half of last year. Ebit was EUR1.56 billion, compared to EUR1.41 billion in the same period last year.

On the mid-cap, Acea lost 1.5 percent after seeing adjusted net income grow during the first half, a period in which capital expenditures increased and revenues declined slightly year-on-year, as disclosed Tuesday.

The company's adjusted net income -- post minority interests -- rose 6% to EUR144 million from EUR138 million in the same period a year earlier while the unadjusted figure fell 22% to EUR142 million from EUR183 million.

Revenues fell 2 percent to EUR2.30 billion from EUR2.35 billion in the previous year. Revenues related to the Water, Energy Infrastructure and Environment areas accounted for 52 percent of the total and increased by about 5 percent.

Investments made in the first six months of the year amounted to EUR503 million and increased from EUR462 million in the previous year: the company invested EUR293 million in Water, EUR129 million in Energy Infrastructure, EUR18 million in Environment, EUR25 million in Generation, EUR24 million in Commercial and Trading, and EUR14 million in the other business and parent company areas. More than 87 percent of investments are in the regulated drico, regulated Energy Infrastructure and Environment businesses.

newcleo, a clean and safe nuclear technology company engaged in the development of innovative Generation IV reactors that use existing nuclear waste as fuel, announced Tuesday that it has signed an agreement with Fincantieri -- down 1.4 percent -- and RINA, a multinational ship inspection, certification, classification and engineering consultancy.

Under the agreement, the three companies will combine their deep international expertise and innovation experience to jointly conduct a feasibility study for nuclear applications in the shipbuilding sector, leveraging newcleo's small modular lead-cooled reactor technology.

Carel Industries lost 3.1 percent after signing a binding agreement to acquire a stake of more than 82 percent in Kiona Holding, a Norwegian prop-tech company.

This is active in providing Software as a Service solutions for energy optimization and building digitization in the commercial and industrial refrigeration, as well as multi-residential, commercial and public sectors.

Among the small-cap companies, Pierrel gave up 1.4 percent. The company disclosed that the period for the exercise of pre-emptive rights to a maximum of 45.8 million newly issued Pierrel ordinary shares, with no par value and with the same characteristics as the outstanding shares resulting from the capital increase optioned by the shareholders' meeting last June, has ended.

During the option offering period, 7.6 million valid option rights were exercised for the subscription of 38.2 million new shares, accounting for 83.55 percent of the total number of new shares offered, for a total countervalue of approximately EUR58.5 million.

Sogefi, a day after releasing its accounts for the first half of the year, closed as the list's worst performer, down 3.9 percent.

On the Italian stock exchange's alternative capital market, Farmacosmo lost 3.1 percent after reporting that in the first half of the year, total revenues stood at EUR36.7 million, up 17 percent from the same period last year.

As the company explained, the growth is driven by the retail component, up 33% year-on-year, whose weight is increasingly predominant compared to B2B, down 17%: as of June 30, the weight of B2B revenues was 33% compared to 56% recorded at the date of listing. In fact, the group continues to focus its efforts on the most profitable core business: retail and digital services.

The Data Appeal Company - an Almawave Group company active in the development of vertical AI analytics solutions and a leader in tourism, fintech and location intelligence - and WeVee Technologies Ltd, a European company at the forefront of climate tech, announce the launch of a three-year strategic partnership.

The collaboration, which has a countervalue of EUR1.6 million with additional revenue sharing possibilities, aims to boost innovation in the e-mobility landscape and to promote sustainable transportation practices in a wide geographic area that will prospectively cover 38 countries. Almawave's stock closed Tuesday up 0.7 percent.

In New York, the Dow is up slightly at 35,422.00, the Nasdaq gains 0.4 percent to 14,112.57 and the S&P 500 rises 0.1 percent to 4,559.23.

Among currencies, the euro changes hands at USD1.1023 versus USD1.1075 in Monday's European equities close while the pound is worth USD1.2835 from USD1.2821 on Monday evening.

Among commodities, Brent crude is worth USD82.82 per barrel versus USD82.38 per barrel at Monday's close. Gold, meanwhile, trades at USD1,959.21 an ounce from USD1,959.55 an ounce on Monday evening.

Wednesday's macroeconomic calendar opens with French consumer confidence data, due at 0845 CEST, followed by Eurozone money supply and lending to individuals numbers, due at 1000 CEST, and an auction of six-month Italian BOTs, at 1110 CEST.

From the US, focus on mortgages at 1300 CEST and housing market data, due between 1400 CEST and 1600 CEST. At 1630 CEST, U.S. crude oil stocks will be released.

The data of the day, however, will come at 2000 CEST, with the Federal Reserve's decision on interest rates, to be followed by the press conference of the chairman, Jerome Powell, half an hour later.

Among the companies in Piazza Affari, results from Campari, Enel, Hera, Inwit, Moncler, Saipem and Stellantis, among others, will arrive.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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