(Alliance News) - Major European stock exchanges opened lower Wednesday, awaiting the Fed's interest rate decision in the evening. Trading desks also assess the stronger-than-expected U.K. inflation figure, which has lifted positioning on the bullish direction of the BoE, which will then have to continue raising interest rates to tame double-digit inflation.

As for the Eurozone-in an interview with the Financial Times-the German central bank governor said the BoE rate-setters must be "stubborn" and continue to raise the cost of money to curb inflation, discounting fears that the recent financial turmoil could further affect European banks.

"Our fight against inflation is not over," said Joachim Nagel. "There is certainly no doubt that price pressures are strong and widespread throughout the economy," adding later that "If we want to tame this stubborn inflation, we will have to be even more stubborn."

Thus, the FTSE Mib moves down 0.2 percent to 26,497.81 and put/call ratio at 0.7.

In Europe, London's FTSE 100 is giving up 0.2 percent, while Paris' CAC 40 is in the red by 0.3 percent. In contrast, Frankfurt's DAX 40 is just below par.

Among the smaller lists, the Mid-Cap is down 0.4 percent to 43,088.23, the Small-Cap is in the red 0.1 percent, 29,935.35, while Italy Growth is in the green 0.3 percent to 9,299.15.

On the main list of Piazza Affari, Terna steps back 1.3% to EUR72480.

Banca Monte dei Paschi also gives ground, posting minus 1.0% just after the bell rings.

Deutsche Bank raised its recommendation on FinecoBank to Buy from Hold with fair value confirmed at EUR17.60. The stock opened trading in the green by 1.8% at EUR14.16.

Boost also on Hera, which is rallying 2.7 percent. The company on Tuesday reported that it ended 2022 with net income up 4.3% year-on-year to EUR372.3 million from EUR356.9 million in 2021.

On the cadet segment, GVS steps up 7.3 percent, the day after reporting that it had reported a net profit of EUR24.1 million from EUR67.6 million in the same period last year. The company's total revenues amount to EUR392.0 million from EUR343.0 million as of Dec. 31, 2021.

Tamburi, on the other hand, rises 3.1 percent to EUR8.35 per share and pointing to its third session to end on the bullish side.

Seco -- down 8.2 percent -- reported Tuesday that in the year ended Dec. 31, 2022, adjusted net income amounted to EURU20.5 million from EUR11.5 million in 2021. Sales revenue of EUR200.9 million from EUR112.3 million compared to the same period last year and up 79 percent. Gross margin stood at EUR94.3 million from EUR53.1 million in FY2021.

Rear-ends also for Zignago Vetro, which gives up 1.4 percent to EUR17.46 reversing course after two bullish sessions.

On the SmallCap, Servizi Italia advances with 3.1 percent echoing the good profit of the eve closed with 5.7 percent.

Alkemy, on the other hand, is putting up 4.1 percent, taking the lead and bringing the price to EUR12.76.

Restart - in the money by 2.9 percent - announced that on Tuesday it approved 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. The loss stands at EUR1.2 million from a loss of EUR2.6 million in 2021.

Among SMEs, Gambero Rosso advances 9.8 percent to EUR0.45. The corporate board on Tuesday reviewed and approved the issuer's draft financial statements as of December 31, 2022 and the consolidated financial statements as of December 31, 2022, which closed with a consolidated net profit of EUR1.6 million compared to a breakeven in 2021. Net sales revenue as of December 31, 2022 reached EUR17.3 million from EUR12.8 million in the previous year.

Franchi Umberto Marmi also did well, up after the accounts presented in the eve, in which it reported total revenues and other income amounting to EUR76.3 million compared to EUR65.3 million as of December 31, 2021 and up 17 percent. Operating income as of December 31, 2022 was EUR17.2 million compared to EUR10.4 million as of December 31, 2021 and up 66 percent.

In New York on European night, the Dow rallied 1.0 percent, the Nasdaq 1.6 percent, and the S&P 500 took home 1.3 percent.

Among Asian exchanges, the Nikkei picked up 1.9 percent, the Hang Seng 1.7 percent, while the Shanghai Composite advanced 0.3 percent.

Among currencies, the euro changed hands at USD1.0777 against USD1.0760 at yesterday's close. In contrast, the pound is worth USD1.2276 from USD1.2249 on Tuesday evening.

Among commodities, Brent crude is worth USD74.93 per barrel versus USD74.53 per barrel on Tuesday night. Gold, on the other hand, trades at USD an ounce from USD1,944.68 an ounce at Tuesday's close.

On Wednesday's economic calendar, the Eurozone current account balance will be published at 1000 CET.

At 1200 CET it is the turn of the US 30-year mortgage rate, at 1530 CET crude oil stocks, EIA report and Cushing's inventory are released.

At 1900 CET, however, it is the turn of the FOMC decision on the federal funds rate, with the press conference at 1930 CET.

On the busy corporate calendar, coming up among many are the results of Antares, Class Editori, Juventus FC, Ratti, Somec, Terna and Unieuro.

By Maurizio Carta, Alliance News reporter

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