(Alliance News) - Following a session at record highs, the MIB opened in positive territory again on Wednesday, in a session still influenced by developments in the Middle East conflict and the related energy shock sustaining inflationary pressures. Only Frankfurt recorded a slight decline.

In this context, markets and analysts expect the ECB to initiate the first rate hike since 2023 on Thursday with a 25 basis point increase. According to Algebris Investments, a June hike now represents the base case scenario, with an implied probability of approximately 90%, while markets are pricing in just over one further intervention by year-end, with September identified as the most likely window.

The MIB opened up 0.9% at 50,718.57, the Mid-Cap rose 0.7% to 61,959.85, the Small-Cap gained 0.2% to 35,595.14, and Italy Growth was fractionally in the red at 9,104.60.

The CAC 40 is up 0.4%, the FTSE 100 is up 0.1%, and the DAX 40 is fractionally lower at 24,423.30.

At Piazza Affari, several positive signals emerged from the meeting organized by Equita with Katherine Tonks, Head of Investor Relations at Subsea 7. The authorization process for the merger with Saipem - up 1.6% - is reportedly proceeding according to plan, and the Brazilian antitrust authority Cade is expected to approve the transaction, with the process slated for completion by mid-November.

UniCredit, up 1.4%, has strengthened its position in Commerzbank, bringing its potential stake to 54% of the capital, considering both shares held and derivatives linked to the transaction. According to the latest data, acceptances of the offer have reached 10.9% of the capital. Combined with the 34.4% already held directly, the shareholding of the bank led by Andrea Orcel rises to 37.6%.

Also on the banking consolidation front, the exchange tender offer (OPAS) launched by Intesa Sanpaolo for Banca Monte dei Paschi di Siena has reportedly been welcomed by the Sienese bank's main private shareholders, Delfin and Francesco Gaetano Caltagirone.

The Del Vecchio family holding company, MPS's largest shareholder with 17.5%, is reportedly viewing the operation positively due to the benefits it could generate for the value of the stake. In the event of full acceptance of the offer, Delfin would receive a stake equal to approximately 3.8% of Intesa Sanpaolo. MPS shares are trading up 1.7%, while Intesa Sanpaolo shares opened with a 0.4% gain.

Telecom Italia, up 1.5%, announced yesterday after the market close that S&P has raised the group's credit rating to BB+ from BB, with a stable outlook. The upgrade, as stated in a company note, 'reflects TIM's proven ability to meet its guidance and its further commitment to the deleveraging process, with S&P forecasting significant improvements in credit metrics over the 2026-2027 period'.

At the open, Nexi and STM recorded the best performances, up 2.3% at EUR3.418 per share and 2.5% at EUR63.03 per share, respectively. Prysmian started on the back foot, down 1.1% at EUR140.85 per share.

On the Mid-Cap, WIIT, which gained 1.2%, signed a financing agreement with ING Bank NV for a total amount of EUR40.0 million for European expansion. The contract includes a medium-to-long-term credit line of EUR20.0 million and a short-term credit line of EUR20.0 million, with a four-year duration expiring in 2030 and a possible 12-month extension.

Alerion Clean Power, down 2.2%, has commissioned a new photovoltaic plant in Romania, located in the municipality of Rãcari, with an installed capacity of approximately 51 MWp and an estimated total annual gross production of approximately 77 GWh at full capacity. The plant, covering approximately 85 hectares, was built using single-axis tracker technology and bifacial photovoltaic modules.

Citi confirmed its 'neutral' recommendation on Salvatore Ferragamo, up 0.8%, and raised its target price to EUR9.85 from EUR7.50: the new strategic plan has helped revive brand momentum and lay the foundations for a gradual recovery in profitability.

Cementir Holding, with gains of 4.4%, started strongly after signing a contract with the Danish Energy Agency to receive a carbon capture subsidy of approximately EUR117 per ton captured, up to 1.25 million tons annually starting from 2030.

Banco Desio e Brianza also performed well, up 3.7% at EUR10.32.

On the Small-Cap, Fidia closed 2025 returning to profit for the first time after difficult years, although directors and auditors continue to highlight elements of uncertainty regarding the group's business continuity. The machine tool company recorded revenues of EUR30.5 million, up 75%, and a net profit of EUR1 million compared to a loss of EUR9.5 million in 2024.

AbitareIn, up 7.5% at EUR3.00, signed a contract for the sale to Techbau of the entire share capital of 14 special purpose vehicles related to as many residential initiatives in the municipalities of Milan and Florence, awaiting authorization for approximately 164,000 total commercial square meters.

Zucchi stumbled at the open, falling 6.5% to EUR0.575 per share.

Among SMEs, Diadema Capital announced that the official delisting from Euronext Growth Milan will take place today. With the start of the delisting, the majority shareholder Bridgeplanet Holding will execute the commitment to purchase the shares remaining in the hands of minority shareholders who did not approve the resolution.

Casta Diva Group, which fell 1.0%, signed a framework agreement with the Bahraini company Faalyat to enter the Gulf market: projects will be evaluated on a case-by-case basis and implemented through synchronized co-branding or private-label models, leveraging Casta Diva's innovative digital languages and avant-garde storytelling alongside Faalyat's structural operational control.

In New York on Tuesday, the Dow closed up 0.2% at 50,872.11, while the Nasdaq closed down 1.0% at 25,678.82 and the S&P 500 finished 0.3% lower at 7,386.65.

Among Asian markets, the Hang Seng is down 0.7%, the Shanghai Composite shed 0.4% to 3,993.23, while the Nikkei closed 1.7% lower at 64,330 points.

On the currency front, the euro is trading at USD1.1553 from USD1.1553 on Tuesday evening, while the pound is trading at USD1.3388 from USD1.3381 last night.

Among commodities, Brent is trading at USD91.81 per barrel from USD90.83 per barrel on Tuesday evening, while gold is worth USD4,192.21 per ounce from USD4,268.60 per ounce at yesterday's close.

Wednesday's macroeconomic calendar includes the publication of April industrial production data from Italy at 1000 CEST.

At 1110 CEST, an auction of 12-month BOTs will be held in Italy. From the US, the mortgage market report is due at 1300 CEST.

At 1430 CEST, the publication of the May consumer price index. At 1900 CEST, also from the US, an auction of 10-year Treasury Notes will take place.

No significant corporate announcements are scheduled.

By Michele Cirulli, Alliance News reporter

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