(Alliance News) - The Mib moved tepidly higher Wednesday, extending gains from the previous session, as traders focused on corporate results and assessed key inflation data in the eurozone, ahead of the Fed's monetary policy decision later in the day.

Inflation in the eurozone unexpectedly rose to 2.6 percent from 2.5 percent, compared with forecasts for a slowdown to 2.4 percent, but the services segment reported deflation for the first time in three months.

On the domestic front, Italy's annual inflation rate rose to 1.3 percent in July, up from the previous month's 0.8 percent increase and above market expectations of 1.2 percent, according to a preliminary estimate released by Istat on Wednesday.

Thus, the FTSE Mib is advancing 0.1 percent to 33,928.45.

Among the smaller listings, the Mid-Cap is advancing 0.4 percent to 47,631.82, the Small-Cap is up 0.3 percent to 29,069.54 while Italy Growth is up fractionally to 8,009.66.

In Europe, Paris's CAC 40 is advancing 1.2 percent, London's FTSE100 is up 1.4 percent, while Frankfurt's DAX 40 is marking plus 0.4 percent.

On the Mib, Iveco Group advances 2.4 percent with price at EUR9.46 per share. The company announced Tuesday that it bought 430,000 of its own ordinary shares between July 22 and 26, for a total value of EUR4.3 million.

Campari--best on the list--appreciates 2.2 percent, rearing its head after two sessions closed with a negative balance.

Recordati, on the other hand, advances 2.7 percent, after eve's 6.8 percent decline.

The board of directors of Inwit -- in the red by 0.6% -- on Tuesday reviewed and approved the financial report as of June 30, reporting a net profit of EUR179.1 million, up from EUR163.7 million in the same period 2023.

Sales also on Banca Mediolanum, which is leaving 1.3 percent on the parterre, on the eve of the publication of the accounts.

On the cadet segment, strength on Danieli&C, which advances 3.1% in its third bearish session.

The board of the Caltagirone group -- in surplus by 3.3% -- on Tuesday approved accounts for the first half of the year, in which it reported a net profit of EUR143.1 million, up 12% from the previous year's EUR127.8 million. The net financial position is positive EUR94.9 million, from negative EUR108.4 million as of June 30, 2023, an improvement of EUR203.4 million.

Industrie de Nora, on the other hand, advances 2.9 percent to EUR10.95 per share. Of note, Goldman Sachs cut its target price to EUR14.40 from EUR15.50, confirming its 'buy' recommendation.

In contrast, MARR - awaiting accounts due out on Friday - advances 2.1 percent, in its second bullish session and with new price at EUR11.58 per share

The board of directors of Fincantieri - in the red by 2.1% - on Tuesday reviewed accounting data as of June 30, a period that ended with revenues of EUR3.68 billion, almost unchanged year-on-year. The net financial position shows a debt-to-equity figure of EUR2.42 billion, an improvement from EUR2.81 billion last June, and up slightly from the end-of-2023 figure, when it stood at EUR2.27 billion.

Philogen, on the other hand, gives up 1.0 percent, following eve's gain of 1.0 percent.

On the Small-Cap, Softlab advances 7.6 percent to EUR1.27 per share, after eve's loss of 4.8 percent.

The board of directors of Zest -- ahead 10 percent and best on the list -- on Wednesday evening reviewed and approved the financial results attributable to the activities conducted until March 31, recording a positive change of EUR400,000 from EUR200,000 in the first quarter of 2023, "to which the sale of the stake held in Futura contributed," the company wrote in the note released.

Zucchi, on the other hand, moves ahead 5.4 percent, after declining 1.4 percent on the eve.

At the tail end, Fidia closes the convoy, which gives up 8.6 percent after eve's 3.3 percent red.

Among SMEs, Cofle - in the green by 2.0% - rears its head again after two sessions closed with bearish trends.

Edil San Felice, on the other hand, marks a plus 2.2%, turning positive after two bearish sessions.

expert.ai, on the other hand, is advancing 3.6 percent, on the heels of the eve's close with plus 9.5 percent.

At the tail end, H-Farm is giving up 6.3%, in its third bearish session.

ISCC Fintech, on the other hand, is giving up 7.2 percent, in its second in the red after eve's 2.3 percent decline.

In New York last night, the Dow rallied 0.5 percent, the Nasdaq gave up 1.3 percent, and the S&P 500 contracted 0.5 percent.

Among Asian exchanges, the Hang Seng rallied 2.0 percent, the Shanghai Composite closed up 2.1 percent, while the Nikkei rose 1.5 percent.

Among currencies, the euro changed hands at USD1.0831 versus USD1.0804 in Tuesday's European equities close while the pound was worth USD1.2838 from USD1.2832 Tuesday evening.

Among commodities, Brent crude trades at USD79.89 per barrel from USD79.63 per barrel at Tuesday's close. Gold, on the other hand, trades at USD2,421.30 an ounce from USD2,388.04 an ounce last night.

Wednesday's macroeconomic calendar includes, from the States in the afternoon, the mortgage report at 1300 CEST, followed at 1430 CEST by the ADP data, i.e., nonfarm employment. At 1630 CEST, coming up is the oil stocks data, the EIA report and the Cushing inventory. The FOMC interest rate decision will close the day, with the press conference to follow thirty minutes later.

By Maurizio Carta, Alliance News reporter

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