(Alliance News) - European stock markets headed for an upward opening Wednesday, extending gains from the previous session, as investors prepare for the Federal Reserve's latest monetary policy decision expected in the European evening.

In Asia, the Bank of Japan raised its benchmark rate to 0.25 percent and outlined its plan to reduce bond purchases, while traders remain divided over whether the Bank of England will begin cutting rates this week.

Thus, the FTSE Mib-after closing up 0.8 percent at 33,908.02 last night-is advancing 250 points.

Among the smaller lists last night, the Mid-Cap advanced 0.5 percent to 47,461.80, the Small-Cap advanced 0.1 percent to 28,990.89, and Italy Growth picked up 0.3 percent to 8,008.88.

In Europe, Paris' CAC 40 is advancing 73.20 points, London's FTSE100 is advancing 69.30 points, and Frankfurt's DAX 40 is posting a plus 100.20 points.

On the Mib last night, strength on Poste Italiane, which rose 4.3 percent to EUR12.68 per share. The company reported Tuesday that it made a profit of EUR1.03 billion in the first half of the year, up from EUR1.14 billion in the same period a year earlier.

In contrast, Banca Popolare di Sondrio--best on the list--advanced 4.7 percent to EUR7.27 per share, after a 2.0 percent loss on the viglia.

Intesa Sanpaolo - in the green by 3.5 percent - reported Tuesday that it ended the first half of the year with a net profit of EUR4.77 billion, up from EUR4.22 billion in the same period a year earlier. In the second quarter alone, net income rose to EUR2.47 billion from EUR2.30 billion in the first quarter of this year.

Recordati -- down 6.8 percent -- reported on Tuesday that consolidated net revenues for the first half of the year were EUR1.19 billion, up 14 percent from the same period in 2023 or 10 percent on a like-for-like basis and at constant exchange rates, driven by excellent business performance in both segments, Specialty & Primary Care and Rare Diseases.

Amplifon's board of directors -- in the red by 2.7 percent -- approved the half-year financial report as of June 30, closing with net income on a recurring basis of EUR90.3 million, up from EUR89.3 million in the first half of 2023. However, NFP is negative at EUR1.0 billion compared to EUR852.1 million as of Dec. 31, 2023.

On the cadet segment, strength on Cementier Holding, which moves up 6.3 percent in the aftermath of its six-month accounts, in which it reported group net income of EUR97.0 million, up 7.4 percent from EUR90.3 million as of June 30, 2023.

The board of directors of Brembo -- in the green by 2.8 percent -- reviewed and approved Tuesday the group's half-year results as of June 30, 2024, closing with a net profit of EUR156.3 million, down 6.8 percent from the same period a year earlier,m when it was EUR167.8 million.

Good buying was also seen on Caltagirone, which advanced 1.5 percent to EUR5.40 per share after eve's loss of 5.0 percent.

On the Small-Cap, SIT rallied 6.0%, with accounts expected on Friday and with the new price standing in the EUR1.50 area.

On the other hand, I Grandi Viaggi rallied 1.2%, after the flat session on eve and with new price at EUR0.82 per share.

Seri Industrial, on the other hand, picked up 3.2 percent, after Monday evening's 2.8 percent loss and new price at EUR4.02 per share.

Sales--among many--on Zest, which gave up 6.4% to EUR0.1750, in its fifth bearish session and updating its new 52-week low price to EUR0.1710.

Among SMEs, Caribbean Company gave up 6.3 percent, after two bullish sessions.

Ecosuntek, on the other hand, gave up 5.7 percent, in profit taking after two active sessions in which it rallied more than 16 percent.

Askoll EVA, on the other hand, led the price up with a plus 7.8%, on its third bullish daily candle.

Strength, among the many bullish contributors, was also on Grifal, which closed ahead 2.4 percent, following a 1.9 percent green light on the eve of the session.

In New York on Tuesday, 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 is picking up 2.0 percent as is the Shanghai Composite, while the Nikkei rose 1.5 percent.

Among currencies, the euro changes hands at USD1.0821 versus USD1.0804 in Tuesday's European stock close while the pound is worth USD1.2843 from USD1.2832 Tuesday evening.

Among commodities, Brent crude trades at USD79.46 per barrel from USD79.63 per barrel at Tuesday's close. Gold, on the other hand, trades at USD2,418.94 an ounce from USD2,388.04 an ounce last night.

Wednesday's macroeconomic calendar features Germany's unemployment rate report at 0955 CEST.

From Italy, at 1000 CEST, it will be the turn of industrial sales, followed an hour later by the inflation figure for both Italy and the Eurozone. At 1200 CEST, from Italy, it will be the turn of the producer price index instead.

From the States, in the afternoon, it will be the turn der report on mortgages 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.

Among the companies-among many coming in-are expected interim results from Almawave, Anima Holding, Banca Sistema, Gabetti, Geox, Hera, Mediobanca, Prysmian, RCS, Saras, Snam, and Telecom Italia.

By Maurizio Carta, Alliance News reporter

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