(Alliance News) - The major European marketplaces close without much momentum near parity on Wednesday, just hours before the Fed announces its decisions on its benchmark rates this evening.

In the CME Group platform's FedWatch Tool, using futures also based on the actual federal funds rate, or EFFR, tonight's main rate hike has a 14 percent probability priced in for confirmation in the 450/475 bps range.

In contrast, it is at 86% probability for an increase in the 475/500 bps area, a rise equivalent to 25 bps. The current target is between 450 and 475 bps.

"The usual pre-Fed calm hit the markets today, interrupting for the moment the frenetic activity after the Credit Suisse sale," says Chris Beauchamp, chief market analyst at online trading platform IG.

"No one wants to be too energetic in their trading before such an important moment. It promises to be a bravura performance for Powell, who will have to emphasize the Fed's efforts to fight inflation while avoiding causing another crisis in U.S. banks. Most of the market reaction will depend on how he performs this task," the analyst pointed out.

Thus, the FTSE Mib closed down 0.1 percent 26,523.33.

Among the smaller listings, the Mid-Cap closed 1.0 percent red at 42,814.28, the Small-Cap finished in fractional green while Italy Growth closed 0.3 percent green at 9,293.74.

In Europe, London's FTSE 100 closed up 0.4 percent, Paris' CAC 40 picked up 0.3 percent, while Frankfurt's DAX 40 closed in the green by 0.1 percent.

On the Mib, Leonardo-which closed in the green by 1.7 percent-reported that the Forza axes project for local public transport in the City of Genoa is getting under way. The EUR177 million integrated tender contract between the City and the RTI (Raggruppamento Temporaneo d'Impresa) formed by ICM, Leonardo and Colas Rail has been signed.

Better does only Iveco Group, up 4.0 percent.

Terna's board of directors -- in the red by 0.6 percent -- on Wednesday reviewed and approved the results as of December 31, 2022, which closed with a net profit of EUR857.0 million, up EUR67.6 million from EUR789.4 million in 2021.

The board proposed a dividend of EUR0.31 compared to EUR0.29 in the previous year.

Revenues for 2022 of EUR2.96 billion are EUR359.7 million higher than in 2021.

Eni - up 0.1 percent - reported Tuesday that Chief Financial Officer, Francesco Gattei, bought 6,000 ordinary shares in the company.

The shares were taken over at an average price per unit of EUR12.6087, for a total value of EUR75,652.20.

Hera closes in the green by 0.7 percent after reporting Tuesday that it closed 2022 with net income up 4.3 percent year-on-year to EUR372.3 million from EUR356.9 million in 2021.

Hera Group revenues rise to EUR20.08 billion, up sharply from EUR10.56 billion in 2021.

FinecoBank closes in the green by 0.8 percent while the other banking stocks are at the bottom of the list: Banco BPM gives up 2.7 percent, Banca Mediolanum loses 1.9 percent, Banca Generali closes in the red by 1.7 percent, UniCredit retreats with 1.3 percent, and Intesa Sanpaolo gives up 0.5 percent while Mediobanca gives up 0.7 percent.

On the Mid-Cap, Anima Holding -- in the red by 1.3 percent -- announced Wednesday that its board of directors has resolved to appoint Franco Corsico as vice chairman and Alessandro Melzi d'Eril as chief executive officer for the three-year period 2023-2025.

Among the bullish few, GVS closes up 14 percent, followed by MARR, which advances 4.9 percent.

At the bottom are Sanlorenzo, down 6.0%, and Credito Emiliano--which gives up 3.0%--along with the other bankers: BFF Bank is 2.8% in the red while Banca Popolare di Sondrio retreats 2.6%.

On the Small-Cap, Restart - in the red by 1.8 percent - reported that on Tuesday it approved its results for the financial statements as of December 31, 2022, having reported total revenues of EUR1.1 million from EUR100,000 in the same period last year.

NOI stands at EUR900,000 from EUR100,000 as of Dec. 31, 2021.

Ebitda is negative EUR600,000, an improvement from negative EUR1.7 million in the same period in 2021.

The board of directors of B&C Speakers-which closes down 0.7 percent-approved the draft financial statements for fiscal year 2022 on Tuesday and reported a total profit of EUR12.3 million, up 139 percent from EUR5.1 million in 2021.

Consolidated revenues of EUR82.1 million, up 82 percent from EUR45.2 million in 2021, represent a "never-before-reached value in the decades-long history of B&C Speakers," the company points out in a note.

Sabaf advances 1.0 percent after announcing on Tuesday that it reported a net profit of EUR15.2 million in the year ended Dec. 31, 2022, from a profit of EUR23.9 million, down 38 percent from the same period a year earlier.

Revenues for the period amounted to EUR253.1 million, down 3.9 percent from EUR263.3 million as of Dec. 31, 2021.

Among SMEs, Destination Italia flies with 32 percent after reporting Wednesday that its consolidated Gross Travel Value (GTV) as of Dec. 31, 2022 - representing the total value of tourism services sold to customers - was EUR27.6 million, up 268 percent from EUR7.5 million in the same period of 2021.

Renergetica - up 1.6 percent - reported that its board has proposed to its subsidiary Zaon to increase its capital to allow Exacto and Flame to join the company.

Specifically, the capital increase will amount to a nominal EUR100,000, with a premium of EUR2.9 million, for a total contribution of EUR3 million, which will be partly subscribed by Renergetica itself for EUR2,000 and equally by Exacto and Flame, both for a nominal share of EUR49,000.

EdiliziAcrobatica closed in the green by 19 percent after announcing Wednesday that it had closed on the acquisition of 51 percent of Enigma Capital Investments.

Enigma is a Dubai-based holding company under Emirates law that heads a group active in the Middle East in construction, rope access, residential and commercial building cleaning services, and certain facility management services.

Digitouch - up 2.2 percent - on Tuesday finalized the acquisition of a 60 percent stake in MobileSoft, a leading Mobile & Fintech IT solutions design and implementation company that has been active in the Italian market since 2004 and boasts an important portfolio of clients operating in Finance, Automotive, Utilities and Public Administration.

The transaction involves the purchase of 60 percent of the company's share capital for an equity value of EUR3.6 million - with a Neutral Net Financial Position - of which in cash for a total of EUR3.2 million and in shares for the remaining EUR400,000. The remaining 40 percent will be purchased in two tranches by 2025 and 2027, respectively, the valuation of which is based on a multiplier of five times adjusted Ebitda with contractually stipulated caps.

In New York, the Dow is giving up 0.3 percent, the Nasdaq is just below parity while the S&P 500 gives up 0.2 percent.

Among currencies, the euro changes hands at USD1.0799 versus USD1.0744 at Tuesday's close. In contrast, the pound is worth USD1.2239 from USD1.2249 on Tuesday evening.

Among commodities, Brent crude is worth USD76.22 per barrel versus USD74.53 per barrel Tuesday night. Gold, meanwhile, trades at USD1,949.14 an ounce from USD1,944.07 an ounce at Tuesday's close.

On Thursday's economic calendar, at 0930 CET the Swiss National Bank will announce its interest rate decision while an EU leaders' summit is scheduled at 1100 CET.

At 1300 CET the interest rate decision by the Bank of England will be announced.

In the afternoon, from the US will come initial claims for unemployment benefits at 1330 CET and new home sales at 1500 CET.

At 1600 CET will come the European consumer confidence index while at 2300 CET the Australian manufacturing and services PMI index is due.

Among the companies listed in Piazza Affari, results from doValue, Iren, Pirelli & Co, Unipol and UnipolSai are expected.

By Chiara Bruschi, Alliance News reporter

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