(Alliance News) - The Mib advanced above the 35,200 area in early trading Wednesday, extending gains from the previous session, as investors await upcoming U.S. consumer inflation data that will recalibrate expectations on the Federal Reserve's interest rate policy.
Market attention is also focused on U.S. economic policies ahead of President Trump's inauguration next week.
Domestically, Italy is expected to release November foreign trade data and the final consumer inflation reading later this week.
On the topic of inflation, the annual rate in the UK unexpectedly fell to 2.5 percent in December, down from 2.6 percent in November, and compared to forecasts of 2.6 percent. The data were released Wednesday by the Office for National Statistics.
Thus, the FTSE Mib advances 0.3% to 0.9% at 35,229.93.
Among the smaller listings, the Mid-Cap advances 0.3% to 46,921.29, the Small-Cap advances 0.5% to 28,077.87, while Italy Growth is just below par at 7,900.00 points.
In Europe, London's FTSE 100 is advancing 0.8 percent, Frankfurt's DAX 40 is green by 0.2 percent, while Paris' CAC 40 marks a tentative green above the parity line.
On the Mib, strength on Iveco Group, which moves ahead 4.3% to EUR9.73 per share, on its third bullish candle session. Of note, Marshall Wace cut its short position on the stock to 1.56 percent from 1.60 percent.
Prysmian, on the other hand, advances 2.3%, with price at EUR65.14, also on its third session with a bullish candle. On the stock it is mentioned that Citigroup has raised the target price to EUR73.00 from EUR69.00, with a 'buy' recommendation.
Intesa Sanpaolo - down 0.3 percent - is the first Italian bank to invest in bitcoin, buying 11 bitcoins worth USD1 million, albeit with token amounts. CEO Carlo Messina explained that this is a limited test, considering that the bank holds EUR100 billion in its securities portfolio, as Milano Finanza writes Wednesday.
Telecom Italia, on the other hand, posted a 0.5 percent loss. The company a legal battle against partner Vivendi over the sale of the network to the KKR fund for EUR18.8 billion. The Milan court rejected Vivendi's appeal, which challenged TIM's board resolution on the sale, holding that it should go through the approval of the extraordinary shareholders' meeting and obtain the opinion of the related parties committee. However, the judges deemed the appeal inadmissible, as Vivendi did not show interest in calling the meeting or blocking the sale.
On the Mid-Cap, Alerion advances 1.6 percent to EUR15.50 per share after a long bearish streak.
Strength on Brembo, up 1.5%, rebounding after six sessions in which selling prevailed.
Safilo Group -- in the green by 1.6 percent -- announced Tuesday the renewal of its global design license agreement with sportswear company Under Armour for the production and distribution of eyewear collections through 2031.
OVS and Unigross are preparing a joint bid to take over Conbipel, the financially troubled historic clothing chain that includes about a hundred stores and employees, Il Corriere della Sera wrote Wednesday. OVS would acquire the larger stores, turning them into stores with its own brands, while Unigross would take over the smaller ones. OVS stock is advancing 0.3 percent.
MAIRE - flat at EUR8.71 - on Tuesday announced that KT-Kinetics Technology, backed by NextChem's technological know-how, has been awarded by Pengerang Biorefinery Sdn Bhd the licensing and engineering, procurement, construction and commissioning services for a hydrogen production unit to be located in Johor, Malaysia.
On the Small-Cap, Seco moves ahead 8.0% to EUR1.75 per share, rebounding after a long negative streak.
Strength also on Bastogi, with the first Italian listed company still in business moving up 7.0% to EUR0.47 per share.
B&C Speakers - in the green by 1.6 percent - reported Tuesday that FY2024 consolidated revenues amounted to EUR100.0 million, registering a 6.4 percent growth from EUR94.0 million in FY2023, according to preliminary data.
Eems is giving up 3.0 percent, after two bearish sessions and updating its price to EUR0.18 per share.
Among SMEs, Innovatec is giving up 3.4 percent to EUR0.2850, in position for the seventh bearish session.
Sicily by Car still does not trade at EUR4.20. The company announced Tuesday the start of operations of subsidiary Sicily by Car Spain with the opening of a branch at Ibiza's San Jose International Airport.
Gibus - up 1.1 percent to EUR8.98 - announced Tuesday that its board of directors approved consolidated operating revenues as of December 31, which came in at EUR84.6 million, down 7.4 percent from EUR91.4 million in 2023.
In New York last night, the Dow advanced 0.2 percent, the Nasdaq closed in the red by 0.2 percent, and the S&P 500 in the green by 0.1 percent.
Among the Asian exchanges, the Shanghai Composite marked minus 0.4 percent, the Hang Seng closed advancing 0.3 percent, while the Nikkei marked minus 0.1 percent.
Among currencies, the euro changed hands at USD1.0300 against USD1.0290 at Tuesday's European equities close. In contrast, the pound is worth USD1.2206 from USD1.2186 last night.
Among commodities, boost on oil with Brent crude worth USD80.10 per barrel from USD79.96 per barrel at Tuesday's European stock close. Gold trades at USD2,683.09 an ounce from USD2,673.33 an ounce Tuesday evening.
Wednesday's economic calendar has German GDP at 1000 CET and Eurozone industrial production will come out at 1100 CET.
In the afternoon, at 1300 CET, US mortgage data will come out while at 1430 CET the consumer price index is expected.
At 1630 CET, also from the US, crude oil stocks will be released.
In Piazza Affari, no special events are expected.
By Maurizio Carta, Alliance News reporter
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