(Alliance News) - European stock markets closed higher on Tuesday, with Milan joining the buying trend. Investors, awaiting the many PMI data for Wednesday, are shining their spotlights on the Federal Reserve's annual economic symposium to be held in Jackson Hole later this week.
Meanwhile, regarding the economic policy front, in the CME Group platform's FedWatch Tool, using futures also based on the actual federal funds rate or EFFR, the rate confirmation at the Sept. 20 meeting has an 87 percent probability for the 525/550 bps range confirmation. In contrast, the 25 bps rise in the 550/575 bps target is priced at 13%.
Thus, the FTSE Mib closed up 0.6 percent at 28,164.99, the Mid-Cap up 0.3 percent at 41,272.32, the Small-Cap closed just above par at 26,767.81, and Italy Growth closed 0.2 percent in the red at 8,831.48.
In Europe, London's FTSE 100 rose 0.2 percent, Paris' CAC 40 closed up 0.6 percent, and Frankfurt's DAX 40 picked up 0.7 percent.
On the blue chip list, it takes the top spot for Prysmian, up 4.0% after announcing that it has been selected by TSO Amprion, one of Europe's leading transmission system operators, as the preferred bidder for the two BalWin1 and BalWin2 offshore grid connection systems and the DC34 onshore cable project. The preferred bidder agreement includes an obligation for the parties to negotiate in good faith the yet-to-be-defined points of the projects, with the goal of entering into final contracts by January 15, 2024. Prysmian has committed to reserve the required production and installation capacity until that date. The contracts have a total value of about EUR4.5 billion.
High quarters also for DiaSorin, which moved ahead 2.8 percent with new price at EUR91.92 per share, after a 0.4 percent decline on the eve.
Also doing well was STMicroelectronics, which closed up 2.5 percent at EUR43.61. The stock since the beginning of the year marks an increase of more than 33 percent.
On a negative note, among others, is Campari, which is down 0.7 percent, after a 0.7 percent gain on the eve.
Also in the rearview for Telecom Italia, down 0.8 percent after 0.4 percent profit on the eve.
On the Mid-Cap, Carel Industries took home 2.4 percent after 0.8 percent green in the previous session.
Alerion brought home 0.8 percent after two sessions ended in the red.
OVS, on the other hand, advanced 1.7 percent on the heels of the previous session's 0.3 percent, with the company proceeding steadily with its buyback program.
Ceding ground, among the many bearish performers, MFE, with class A shares leaving 1.6 percent on the parterre after closing the same percentage but up the night before.
Among small-cap companies, doValue brought home a 3.2 percent gain, following up on the eve's gain, albeit coln a tepid 0.6 percent.
Good buys also on Giglio Group, which brought home 1.0%, following eve's 3.2% decline.
SS Lazio rose 1.1% after closing some market transactions that overshadowed the league debut defeat at home to Lecce.
Bioera gained 1.0 percent after reporting that, at the request of Golden Eagle Capital Advisors, five convertible bonds part of the first tranche of the convertible bond cum warrant subscribed by the investor were subject to conversion. The first tranche of the POC consisted of 50 convertible bonds with a total countervalue of EUR500,000, and following the conversion, two bonds remain to be converted within the first tranche.
Among SMEs, Circle raised 4.7 percent. On Monday the company announced that it had signed a contract with yet another leading port in the eastern Mediterranean Sea. The value of the order is about EUR135,000 and the duration of the assignment is nine months.
H-Farm, on the other hand, picked up 5.7 percent after two sessions closed in the red.
Innovatec gives up 1.1 percent despite the fact that Modefinance, an Italian rating agency registered with ESMA, has confirmed a public 'B1+' rating to its creditworthiness. "This rating-equivalent, based on the current mapping, to the 'BBB+' rating of the main international rating agencies-represents a higher score than the minimum required to consider the company's issues investment grade," the company explained in a note.
Deodato.Gallery gave up 4.2 percent with price at EUR0.5080, at its new 52-week low.
In New York, the Dow Jones is giving up 0.3 percent, the Nasdaq is up 0.3 percent, and the S&P 500 is just below par.
Among currencies, the euro changes hands at USD1.0851 versus USD1.0887 in Monday's European stock close while the pound is worth USD1.2737 from USD1.2735 on Monday evening.
Among commodities, Brent crude is worth USD84.02 per barrel versus USD85.39 per barrel at Monday's close. Gold, meanwhile, trades at USD1,897.87 an ounce from USD1,889.12 an ounce on Monday evening.
On Wednesday's economic calendar, between 0915 CEST and 1000 CEST will come the manufacturing and services PMIs from France, Germany, and the Eurozone. At 1030 CEST, the one from the United Kingdom will be due.
At 1300 CEST, it is the turn of the U.S. mortgage report, while at 1400 CEST comes data on building permits. At 1630 CEST the Cushing inventory and EIA report.
At 1900 CEST an auction of bonds with a 20-year maturity is scheduled.
No special announcements are expected among companies.
By Maurizio Carta, Alliance News reporter
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