(Alliance News) - European stock markets report an upward opening Wednesday, taking a cue from Wall Street's good close, as Federal Reserve Chairman Jerome Powell seemed less "aggressive" than markets expected.

Powell said in a conference that further rate hikes will probably be needed if the labor market remains so strong but argued that the disinflation trend has begun.

Before the open, it is reported that the board of directors of Banca Monte dei Paschi di Siena Spa on Tuesday evening reviewed and approved the results as of December 31, 2022, a period that ended with a net loss of EUR202.1 million compared to a profit of EUR312.9 million in the previous year.

Thus, the FTSE Mib, reports an uptrend of 190.00 points after closing in the green by 0.4 percent at 27,118.74 the night before.

In Europe, Paris' CAC 40 is given up 40 points, London's FTSE 100 is expected up 48.00 points while Frankfurt's DAX 40 is indicated up 113.00 points.

Among Italy's smaller listings Tuesday evening, the Mid-Cap closed in the red 0.2 percent to 44,459.38, the Small-Cap up 0.4 percent to 30,210.00, while Italy Growth closed in the green 0.7 percent to 9,963.83.

On the Mib, Saipem closed as the list's best by closing up 5.2 percent, reflecting a good session for the oil sector.

As Francesco Bonazzi pointed out on Alliance News, "with oil up, Piazza Affari today rewards oil and energy infrastructure stocks. But there is also great attention to how the Mattei Plan is progressing, a plan that is about to enter the PNRR and be the main economic policy dossier of the government led by Giorgia Meloni."

Eni - parent of Saipem - closed up 1.5 percent, while Tenaris rallied 0.8 percent.

Also seen in the highs was Telecom Italia, which moved ahead 2.3 percent. The company informed Monday at Consob's request that, in relation to press reports about the non-binding offer on TIM's fixed infrastructure submitted by KKR, unless otherwise agreed between the parties, the offer has a duration of 4 weeks from the date of sending - last Feb. 1 - and TIM's board of directors will meet on Feb. 24 to discuss it and make a decision, thus before the offer's duration deadline.

Intesa Sanpaolo - up 0.9 percent - announced that the EUR1.70 billion buyback plan will be kicked off on February 13, for a number of shares not exceeding 1.63 billion.

FinecoBank -- up 1.7 percent -- announced Tuesday that it had approved its results as of Dec. 31, 2022, reporting a record net profit of EUR428.8 million from EUR349.2 million in the same period last year and an increase of 23 percent. The board of directors approved the proposed distribution of a unit dividend of EUR0.49 per share.

Among the bearish minority, Amplifon fared worst, which gave up 2.5 percent, the subject of profit-taking after four bullish sessions.

On the Mid-Cap, a bullish session for Seco, which advanced 4.9 percent, rearing its head after two bearish sessions.

In tow on good form in the oil segment, with Saras up 2.9 percent, reversing course after a three-session bearish mini-trend.

The board of directors of Banca Popolare di Sondrio - flat at EUR4.56 - on Tuesday approved the preliminary consolidated economic and equity results for fiscal year 2022, which ended with a net profit of EUR251.3 million, down from EUR268.6 million a year earlier. The bank also confirmed the payout ratio of just under 50 percent, as per the business plan.

Sesa closed 1.3 percent in the red after announcing Tuesday that it had acquired through its subsidiary Var Group a majority stake in Assist Informatica, thereby consolidating its expertise in software solutions for the agribusiness segment.

Alerion, on the other hand, gave up 2.7 percent to EUR32.00. The company-which is continuing with its buyback plan-most recently announced that it had purchased its own ordinary shares for a total value of about EUR238,000.

On the Small-Cap, Tesmec rose 9.4 percent. The stock marks high trading volume, with more than 30 million pieces changed hands compared to a three-month daily average of 2.6 million.

algoWatt appreciated 5.9 percent. The company reported that on Tuesday it was awarded a grant of about EUR500,000 for digital energy solution provider and system integrator activities on the Masterpiece project - Multidisciplinary approaches and software technologies for engagement, recruitment and participation in innovative energy communities in Europe - funded under the Horizon Europe program.

Also doing well was d'Amico, which stretched 4.4 percent, closing on the bullish side for the third time in a row.

Servizi Italia closed 1.4 percent in the red, profit taking after three bullish sessions.

Beghelli, on the other hand, gave up 2.6 percent, after eve's gain of 1.2 percent.

Among SMEs, expert.ai advanced more than 23 percent, taking the price to EUR0.7440.

Arterra, on the other hand, advanced 6.6 percent, after being down 2.0 percent on the eve.

Growens, on the other hand, gave up 2.5 percent. On Friday, the board approved the signing of a binding agreement to sell Growens' MailUp business unit and its holdings in Contactlab, Acumbamail, MailUp Nordics and its subsidiary Globase International to TeamSystem for a total consideration of EUR70 million on a cash/debt free basis.

Take Off - in a 4.1 percent letter - on Tuesday informed that it had received notice from shareholder AcomeA SGR that it had exceeded the 5 percent shareholding materiality threshold. AcomeA SGR thus declared that it holds a stake in the company of more than 1.45 million shares, equivalent to 9.30 percent of the share capital.

Among Asian exchanges, the Hang Seng is moving up 0.1 percent, the Shanghai Composite is in the red by 0.5 percent, and the Nikkei ended in the red by 0.3 percent.

In New York on European night, the Dow Jones closed up 0.8 percent, the S&P up 1.3 percent, and the Nasdaq up 1.9 percent.

Among currencies, the euro changed hands at USD1.0730 versus USD1.0704 at Tuesday's close. In contrast, the pound is worth USD1.2045 from USD1.2018 on Tuesday evening.

Among commodities, Brent crude is worth USD83.44 per barrel versus USD83.40 per barrel Tuesday evening. Gold, meanwhile, trades at USD1,875.10 an ounce from USD1,876.10 an ounce at Tuesday's close.

On Wednesday's macroeconomic calendar, at 1000 CET, will come Italian retail sales.

At 1300 CET, space will be given to the 30-year mortgage rate from the U.S., while at 1630 CET, the crude oil inventory figure, the Cushing inventory figure, and the EIA weekly stocks figure will be released.

At 1945 CET, a speech will be given by Federal Reserve's Waller.

Among the companies in the Piazza Affari, the results of Banca Mediolanum, BPER Banca, Cementir Holding and FOS are expected.

By Maurizio Carta, Alliance News reporter

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