(Alliance News) - European stock markets showed a bullish path Thursday, following Wednesday's rally and a good close on Wall Street last night, with the pan-European STOXX 600 index touching its highest level since mid-March. Boosting the buying was speculation that major central banks may soon end their monetary tightening cycle, as well as diminishing fears due to the recent banking turmoil.

U.S. regulators in charge of overseeing Silicon Valley Bank before its collapse this month said Wednesday they shared the blame for its rapid failure after the bank took on too much interest rate risk.

"I think every time a bank failure like this occurs, the bank's management has clearly failed, the supervisors have failed, and our regulatory system has failed," Federal Reserve Vice President for Supervision Michael Barr told the House Financial Services Committee.

"I think we as regulators of the institution had responsibility," Federal Deposit Insurance Corporation President Martin Gruenberg said during the hearing, also blaming SVB management for its failure.

In economic news, Spain's inflation rate slowed sharply to 3.3 percent in March, the lowest since August 2021.

Thus, the FTSE Mib advanced 0.9 percent to 26,967.97.

In Europe, Paris' CAC 40 is picking up 43.2 points, London's FTSE 100 is in the green by 36.00 points, and Frankfurt's DAX 40 is advancing 105.00 points.

Among the smaller lists, the Mid-Cap is picking up 1.0 percent to 43,404.06, the Small-Cap has advanced 0.6 percent to 29,987.69, and Italy Growth is advancing 0.4 percent to 9,380.13.

On the main list in Piazza Affari, the banking sector got off to a good start with Banca generali advancing 1.4%, while UniCredit and Intesa Sanpaolo advanced 1.3%.

The board of Poste Italiane -- down 0.1% -- approved its 2022 annual financial report, reporting a profit of EUR1.51 billion from EUR1.58 billion a year earlier. The board proposed the distribution of a dividend of EUR0.45 per share compared to EUR0.59 a year earlier. Total revenues were EUR11.9 billion, an increase of about 6 percent from the previous year.

Amplifon, however, gives up 0.7 percent with price at EUR31.43 per share after three bullish sessions.

On the cadet segment, Reply advances 3.7 percent to EUR116.40 per share. Of note, Beremberg initiated coverage on the stock with fair value at EUR144.00 and "Buy" recommendation.

High quarters also for Tod's, which advances with 2.2% to EUR36.30 following up on eve's 4.4% gain.

Alerion, on the other hand, is picking up 2.7 percent to EUR29.00, rearing its head after a three-session negative mini-trend.

The board of Buzzi Unicem -- down 0.1 percent -- met Wednesday to approve the statutory and consolidated financial statements for the year ended Dec. 31, 2022, in which the company reported a profit of EUR458.8 million down from EUR542.3 million in 2021. The board also approved a proposed dividend of EUR0.45 per share, effective May 24, 2023 with an ex-dividend date of May 22, 2023 and "record date" May 23, 2023.

On SmallCap, Conafi steps up 5.5 percent to EUR0.44 per share pending the results expected later today.

Il Sole 24 Ore is putting in 5.2% at EUR0.5280 after three negative sessions.

The board of directors of Trevi Finanziaria Industriale -- up 0.5 percent -- on Tuesday evening reviewed the consolidated financial statements for the year ending December 31, 2022, which closed with a loss of EUR19.1 million from EUR53 million in 2021. Total recurring revenues in fiscal year 2022 amounted to about EUR569.2 million compared to EUR494.6 million as of December 31, 2021, up about EUR74.6 million.

Bioera, on the other hand, gives up 3.9 percent to EUR0.135, heading for the fifth session to end on the bearish side.

Among SMEs, Circle advances, marking a plus 7.5 percent to EUR4.88 per share. The company reported Tuesday that as of Dec. 31 it reported consolidated production value of EUR10.9 million, up 17 percent from EUR9.3 million in 2021. Net income amounted to EUR830,000 from EUR550,000 in 2021.

Almawave, on the other hand, rises 3.55 to EUR4.55 per share after eve's 4.2 percent decline.

IDNTT gives up 5.6 percent. The company reported Wednesday that it ended 2022 with revenues up to EUR9.9 million from EUR8.5 million in the previous year. fiscal year 2022 with a net profit of EUR1.4 million, slightly lower than EUR1.7 million in 2021. Including the accounts of In-Sane, a company taken over in mid-November, pro forma revenues are EUR19.6 million.

In New York, the Dow Jones closed up 1.0 percent, the S&P up 1.4 percent, and the Nasdaq advanced 1.8 percent.

Among Asian exchanges, the Hang Seng was up 0.5 percent, the Shanghai Composite closed in the green by 0.6 percent, while the Nikkei left 0.4 percent on the sidelines.

Among currencies, the euro changed hands at USD1.0838 against USD1.0836 at Wednesday's close. In contrast, the pound is worth USD1.2319 from USD1.2316 on Wednesday evening.

Among commodities, Brent crude is worth USD78.77 per barrel versus USD79.03 per barrel last night. Gold, on the other hand, trades at USD1,966.00 an ounce from USD1,967.25 an ounce at Wednesday's close.

On Thursday's economic calendar, at 1100 CET, the producer price index will arrive from Italy while several Eurozone macros will come out, including the business health indicator, consumer confidence, and sentiment in the services and industrial sectors.

At 1110 CET, auctions of Italian 5- and 10-year BTPs are scheduled.

In the afternoon, at 1430 CET, GDP and unemployment claims will come out from the US.

At 1730 CET, the Italian producer price index for February is expected to arrive.

In Piazza Affari, the results of many companies including Arterra Bioscience, Bialetti Industrie, Clabo, and Compagnia dei Caraibi are expected.

By Maurizio Carta, Alliance News reporter

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