(Alliance News) - Major European stock exchanges are expected to fall Wednesday morning, according to IG futures, after touching yesterday's best levels in more than a week, with financial markets stabilizing after recent geopolitical events and awaiting this afternoon's U.S. producer price index.

Tonight, "FOMC minutes will remind investors that 'rates will stay higher for longer' if inflation remains above target," comments Ipek Ozkardeskaya, Senior Analyst at Swissquote Bank. "As for the data, both producer and consumer prices are expected to be lower."

"Despite higher crude oil prices," the analyst continues, "gasoline prices in the U.S. have been falling since mid-August due to a slump in refinery margins. The latter could temper seasonally strong spending in September. But how long gasoline prices will stay down remains to be seen. Risks on U.S. yields remain tilted upward, despite dovish Fed talk and safe-haven asset inflows into U.S. government bonds in the wake of rising tensions in the Middle East. The U.S. 2-year yield remains 50 bp above the upper range of the Fed funds policy target."

In any case, regardless of which direction the risks are pointing, lower yields are satisfying equity investors, with the US indices closing higher tonight.

The FTSE Mib, therefore, is expected to fall 130.0 points or 0.4 percent after closing up 2.3 percent at 28,318.22.

In Europe, London's FTSE 100 is given down 18.8 points or 0.3 percent, Paris' CAC 40 is expected to be down 61.3 points or 0.9 percent, and Frankfurt's DAX 40 is expected to be down 46.0 points or 0.3 percent.

Among Italy's smaller listings on Tuesday evening, the Mid-Cap gained 2.1 percent to 39,521.38, the Small-Cap closed up 1.7 percent to 25,454.96, while the Italy Growth finished in the green by 0.4 percent to 8,080.31.

On the main list of the Italian Stock Exchange, Amplifon advanced well, closing up 4.4 percent with price at EUR27.30, rearing its head after four sessions among the bearish.

Nexi did even better, closing instead up 4.8 percent at EUR5.74.It should be noted that on the stock Barclays cut its target price to EUR6.50 from the previous EUR7.60.

The buy side also prevailed on Telecom Italia, which raised the bar 4.7 percent to EUR0.2730. Several media reported on the meeting between Treasury Minister Giancarlo Giorgetti and Meloni government chief of staff Gaetano Caputi, who, at the request of Vivendi, which is TIM's largest shareholder, received Chairman Yannick Bollorè and CEO Arnaud de Puyfontaine. For Vivendi, KKR's offer does not do justice to the strategic value of the infrastructure, without solving the debt problem at its root, putting the remaining company and its employees at risk. That is why the French shareholder is ready to protect its rights in the most appropriate legal venues.

KKR has been working since June 26 together with TIM management to formulate a binding offer by Oct. 15 for Netco, the company that encompasses the primary and secondary network, and Sparkle's submarine cables-which the MEF intends to take over at a later date.

Azimut Holding--up 1.1 percent--reported Tuesday that it recorded positive net inflows of EUR247 million in September, reaching EUR5.0 billion since the beginning of the year and with a full-year 2023 target of EUR6-8 billion, of which 60 percent or EUR3 billion was directed into asset management products. Total assets under management stood at EUR59.1 billion and, including assets under administration, reached EUR87.2 billion at the end of September.

On the cadet segment, however, good momentum on Alerion, which advanced 7.2 percent, with the company continuing its buyback program on a regular basis. Most recently, it announced on Monday that it bought back 6,250 of its own ordinary shares between October 2 and 6, for a total value of EUR157,000 or so.

Carel Industries, on the other hand, rallied 3.8 percent, priced at EUR21.85 per share, after Monday's 3.9 percent decline.

Ariston Holding, on the other hand, advanced 4.6 percent, after a 1.8 percent loss on the eve.

ENAV -- in the money with 2.1 percent -- announced Tuesday that it has received a EUR160 million loan for the modernization and digitalization of its air traffic management infrastructure and systems from the European Investment Bank.

Salvatore Ferragamo ended the run in the green by 1.8 percent, with new price at EUR12.09 per share. It is mentioned that on the stock Goldman Sachs increased its target price to EUR14.00 from EUR13.70.

Among the list's small group of bearish performers, Antares left 3.9 percent on the floor, continuing its long bearish trend.

On the Small-Cap, boost on doValue, which brought home a 7.3 percent gain. The company announced Monday that it will start with a 2.0 million-share buyback program. The shares, equal to 2.5 percent of the company's share capital, can be taken over by October 25, 2024, and at Friday's price of EUR3.59, the amount invested would be EUR7.2 million.

Also showing off was Sogefi, which closed up 6.9 percent and marked its fourth consecutive bullish candle.

Giglio Group, on the other hand, moved ahead by 5.6%, rearing its head again after two sessions closed down.

Servizi Italia - up 2.1 percent - announced Tuesday that it had signed a contract with Steris Spa to acquire the latter's decontamination and sterilization services business unit. The price of the deal, which is estimated to be effective by December, has been set at EUR2.7 million between the parties and will be financed through available resources.

On a negative note, among the very few bearers, Restart gave up 6.3 percent bringing the price to EURE0.2100, subject to profit taking after two closed sessions accumulating an asset of more than 8 percent.

Among the SMBs, Gambero Rosso rallied over 10%, in its third bullish session.

Also good, Ecomembrane closed up 8.5 percent, on its third bullish session.

On a negative note, Ambromobiliare gave up 5.7 percent, repricing to EUR1.65 per share, ending its third straight bearish session.

Farmacosmo, on the other hand, fell 6.3% to EUR0.74, subject to profit taking after four sessions in which buying prevailed.

In Asia, the Nikkei rose 0.8 percent, the Hang Seng advanced 1.9 percent and the Shanghai Composite advanced 0.3 percent.

In New York, the Dow closed up 0.4 percent to 33,739.30, the Nasdaq up 0.6 percent to 13,562.84 and the S&P 500 finished up 0.5 percent to 4,358.24.

Among currencies, the euro changed hands at USD1.0602 against USD1.0606 recorded in Tuesday's European equities close, while the pound was worth USD1.2287 from USD1.2271 Tuesday evening.

Among commodities, Brent crude is worth USD87.84 per barrel from USD87.35 per barrel at Tuesday's close. Gold, on the other hand, trades at USD1,859.63 an ounce from USD1,859.00 an ounce Tuesday evening.

Wednesday's macroeconomic calendar continues at 1000 CEST with Italian industrial production. At 1110 CEST a 12-month BOT auction is scheduled.

At 1300 CEST the US mortgage report, while at 1430 CEST it will be the turn of the producer price index. At 1615 Waller's speech, and at 1815 CEST Bostic's. Expected at 2000 CEST are the FOMC minutes, while at 2230 CEST will come out the weekly oil stocks.

No particular events are scheduled in the corporate calendar.

By Chiara Bruschi, Alliance News reporter

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