(Alliance News) - European stock markets -- according to the futures market -- are headed for a mixed opening Wednesday. Before the bell rings, of note, May British inflation data came in line with expectations.

Headline and core annual rates came in at 2 percent and 3.5 percent, respectively. The data were one day ahead of the Bank of England's June monetary policy decision, which is expected to keep interest rates unchanged at 5.25 percent before cutting them in August.

On Wednesday, the EU is expected to "admonish" nearly 10 governments, including France and Italy, for their overspending after new budget rules take effect. The decision comes at a particularly difficult time for France, where both the far left and far right are piling up spending pledges ahead of early elections following President Emmanuel Macron's heavy defeat in European elections.

In the corporate sector, Enel Finance International - a financial subsidiary of Enel - announced Wednesday that it has launched a multi-tranche "Sustainability-Linked Bond" aimed at institutional investors in the U.S. and international markets for a total amount of USD2 billion. The issuance, guaranteed by Enel, has received oversubscribed applications about 3 times, totaling total orders of about USD5.6 billion. Proceeds from the issue are expected to be used to finance the group's ordinary needs, including refinancing maturing debt.

The FTSE Mib-after closing Tuesday up 1.2 percent at 33,315.68-is trading just above par.

In Europe, London's FTSE 100 is giving up 6.10 points, while Paris' CAC 40 and Frankfurt's DAX 40 are both just below par.

Among the smaller lists last night, the Mid-Cap rose 1.2 percent to 47,216.62, the Small-Cap gained 0.6 percent to 28,709.43, and Italy Growth was up 0.2 percent to 8,073.22.

On the blue-chip list last night, Saipem posted the best performance on the list, complicit with a 3.5 percent rise to EUR2.09 each at the end of the session.

High quarters also for banks, with rumors about the banking resurgence linked to Monte dei Paschi pushing bank stocks up. Shares of the World's oldest bank rose 3.3 percent while those of UniCredit gained 2.8 percent.

BPER Banca also did well, up 3.0 percent. DBRS Morningstar on Monday revised its long-term and short-term issuer ratings and Senior Debt ratings from Stable to Positive. "This positive rating action rewards the company's growing ability to generate profitability, improved operating efficiency and lower cost of credit," the company explained in a note.

STMicroelectronics closed up 0.8 percent at EUR40.0650 per share. On the stock, Goldman Sachs revised the target price to ER45.50 from the previous EUR33.00.

Nexi - up 1.4 percent - reported that between June 10 and June 14, it bought back 4.8 million of its own ordinary shares at an average price of EUR6.5.9439 and a total value of EUR28.5 million. Thus, the company holds 14.2 million treasury shares or 1.1 percent of the share capital.

Among the few bearish performers are the two fashion companies, Moncler and Brunello Cucinelli, down 2.7 percent and 0.3 percent, respectively.

On the Mid-Cap, Maire Tecnimont rose 4.1 percent, rearing its head again after three sessions closed down. The company reported Tuesday that Kinetics Technology was awarded an EPC project by Holborn Europa Refineries to build a vegetable oil hydrogenation plant within the Holborn refinery in Hamburg, Germany.

When completed, the plant will produce about 220,000 tons per year of high-quality renewable diesel and sustainable aviation fuel, using waste feedstocks, biomass, and the residues of the agribusiness industry, as well as low-carbon hydrogen.

The plant, which will be operational in early 2027, includes the pretreatment unit, HVO unit, and interconnection infrastructure with existing plants. The contract value is approximately USD400 million.

OVS's buyback program continues, rising 3.8 percent to EUR2.7560 per share. The company bought back its own ordinary shares last week for a total value of EUR2.3 million.

Webuild--up 2.0 percent--reported that between June 10 and June 14 it purchased 755,000 of its own shares for a total consideration of EUR1.5 million.

Also up was PharmaNutra, up 0.4%. The company announced that it will begin a new step of expansion in foreign markets, specifically in Mexico.

The company's foreign team recently attended the launch event for the three products that will be distributed in Mexico starting this month, following the contract signed in November 2022 with partner SMS Pharma.

On the Small-Cap, Newlat Food rose 2.2 percent to EUR11.24 per share. The stock updated its 52-week high during trading to EUR11.88 per share.

Sogefi - up 11 percent - reported that its board of directors has resolved to propose to the July 18 shareholders' meeting the distribution of an extraordinary unit dividend of EUR0.923, gross of withholding taxes, for each of the outstanding shares with the exclusion of treasury shares held at the record date, for a total estimated amount of EUR110 million.

Zucchi -- up 2.5 percent -- announced Monday that it reported a first-quarter profit of EUR1.2 million from EUR1.9 million in the same period of 2023. As of March 31, consolidated sales stood at EUR29.3 million from EUR33.3 million in 2023.

Among the negative notes, Centrale del Latte d'Italia lost 4.1 percent. On the stock, there was a high trading volume of more than 50,000 changed hands, compared with a three-month daily average of about 7,600

Among SMEs, boost on ISCC Fintech, up 5.7 percent, on the heels of the bullish session on the eve, which closed 1.9 percent higher.

ErreDue - up 1.5% to EUR10.00 - on Tuesday reported that it has signed a new agreement with a Dutch company - active in the development of hydrogen and electric solutions for vehicles to build a 1.5 MW plant. The value of the supply is approximately EUR2 million.

Caribbean Company - up 5.0 percent - reported a loss for 2023, reporting a negative EUR2.9 million from adjusted net income of EUR2.0 million in 2022. Revenues for the period stood at EUR52.8 million from EUR49.7 million as of Dec. 31, 2022.

Among the few negative notes on the list, Cloudia Research lost 5.8 percent, down for the third consecutive session.

In New York on European night, the Dow rallied 0.2 percent, the Nasdaq closed just above par, and the S&P 500 rose 0.3 percent.

Among Asian exchanges, the Nikkei picked up 0.2 percent, the Shanghai Composite is giving up 0.1 percent, while the Hang Seng is advancing 2.7 percent.

Among currencies, the euro changed hands at USD1.0738 from USD1.0747 on Tuesday in closing European equities while the pound is worth USD1.2714 from USD1.2708 on Tuesday evening.

Among commodities, Brent crude trades at USD85.32 per barrel from USD84.77 per barrel at Tuesday's close. Gold, on the other hand, trades at USD2,330.03 an ounce from USD2,323.46 last night.

Wednesday's macroeconomic calendar includes, at 1000 CEST, the Eurozone current account data.

Also for the eurozone, eyes will be on construction sector output, expected at 1100 CEST, half an hour before a 30-year German Bund auction and an hour before the Bundesbank's monthly report and Spanish consumer confidence data.

From the US, will come data on 30-year mortgage rates, on a day that will see US stock markets closed for Juneeteth.

Among companies in the stock market, no special events are expected.

By Maurizio Carta, Alliance News reporter

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