European Markets Edge Higher Except Paris; Mib Surpasses 43,600

(Alliance News) - On Tuesday, at mid-session, European stock markets are showing slight gains with the exception of Paris, on the eve of a crucial US monetary policy meeting. The Federal Reserve is expected to cut interest rates by a quarter point tomorrow, following the release of what are considered fragile labor market data.

In contrast, markets are pricing in a 92% probability that the European Central Bank will keep rates unchanged, while the Reserve Bank of Australia has unanimously maintained its key interest rate at 3.6% for the third consecutive meeting.

On the macroeconomic front, Germany's trade surplus rose to EUR16.9 billion in October, up from EUR15.3 billion in September, surpassing market expectations of EUR15.2 billion.

The Mib is up 0.5% at 43,626.35 points, the Mid-Cap is advancing 0.5% at 58,824.38, the Small-Cap is gaining 0.1% at 36,101.79, while Italy Growth is down 0.2% at 8,477.80 points.

Paris's CAC 40 is down 0.3%, Frankfurt's DAX 40 is up 0.5%, and London's FTSE 100 is advancing 0.1%.

On Piazza Affari, the ongoing stalemate in the Russia-Ukraine conflict is boosting Leonardo, in line with the performance of defense stocks, which is up 3.2% at EUR49.73 per share.

Banking stocks are also seeing strong buying, recently buoyed by Fitch's rating upgrade. Banca Mediolanum, Generali, and BPER Banca are posting gains of 2.9%, 2.4%, and 1.3% respectively.

Monte dei Paschi di Siena, with a gain of 0.4%, is accelerating on Mediobanca. The board of directors has reaffirmed its confidence in CEO Luigi Lovaglio and decided to bring forward the presentation of the industrial plan for the merger with Mediobanca, of which Siena holds 86.3%. The project will be presented to the market and sent to the ECB by early March, about a month ahead of schedule.

Saipem, on the other hand, is down 1.6% at EUR2.43 per share, closing the list along with Amplifon, which is down 1.4%.

On the Mid-Cap, Avio is up 4.3% at EUR26.70 per share after recently signing two production orders with the MBDA group--under an existing framework contract--for the supply of propulsion engines and related aerodynamic surfaces for an air defense system, with a total value exceeding EUR35 million.

Technoprobe, up 1.2%, has entered into a strategic agreement with WinWay Technology Co, a leading provider of IC test interfaces listed on the Taiwan Stock Exchange, and MS Sun Technology Company, a Taiwanese distribution company, granting WinWay Technology Co., Ltd the right to use proprietary TPEG technology for testing solutions.

Comer Industries is advancing 2.6% at EUR44.10 per share; sales hit Brembo, which is down 1.4% at EUR9.265 per share.

On the Small-Cap, Ops eCom--down 3.0%--has taken another step towards expanding its business into express transport and logistics. The company has signed a preliminary agreement to acquire 100% of the share capital of KCT, a Galliate-based company operating in road freight transport.

EPH closes the basket with marked losses of 12%, while the best gains are seen in Fidia, up 2.8% at EUR0.1269 per share with 37 contracts signed and about 100,000 shares traded at mid-session.

Among SMEs, Spindox--untraded--announced the appointment of Enrico Zilio as new Chief Financial Officer, effective December 1.

Circle--up 0.7%--announced Tuesday it has been awarded, as project leader and following the published ranking, the SEAMLESS project--Smart Environmental and Mobility Logistics Enhanced by EO Satellite Systems.

The project, lasting 18 months and with a total value of around EUR840,000, foresees a non-repayable grant of over EUR210,000 for Circle and over EUR102,000 for Circle Garage.

Mare Group--flat at EUR4.01--announced it will intensify its initiatives towards Eles Semiconductor Equipment, which is down 1.1%.

The company has requested the convening of an ordinary shareholders' meeting to propose expanding the board from six to nine members, introducing three independent directors and defining their term of office and compensation.

Execus is seeing strong buying, up 12% at EUR1.34 per share.

In New York last night, the Dow Jones fell 0.5%, the Nasdaq slipped 0.1%, and the S&P 500 closed down 0.4%.

On the currency front, the euro is trading at USD1.1644 from USD1.1623 at Monday's equity close, while the pound is trading at USD1.3331 from USD1.3314 last night.

Among commodities, Brent is trading at USD62.63 per barrel from USD62.92 per barrel at yesterday's close, while gold is valued at USD4,204.29 an ounce from USD4,194.76 an ounce last night.

On Tuesday's economic calendar, US labor data will be released from 1415 CET, while at 1515 CET a speech by BoE members is expected.

By Michele Cirulli, Alliance News Reporter

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