(Alliance News) - On Wednesday, European marketplaces opened in a bullish trend -- confirming the trend of futures before the opening gong -- with trading rooms welcoming better-than-expected data from Germany as concerns over the recent banking turmoil eased further and strengthened risk appetite on a global scale.

German consumer morale improved for the sixth consecutive month considering the survey done for April, touching the highest level since last July, thanks to improved income expectations and while energy prices continued to fall.

It is worth noting how the Federal Reserve's vice chairman for supervision, Michael Barr, stated before the U.S. Congress that Silicon Valley Bank's problems were due to "terrible" risk management, suggesting that this may be an isolated case.

On Tuesday, the European Central Bank's chief supervisor said that "opaque" trading regarding the credit default swap segment is hurting banks' stock prices and could threaten, and consequently trigger, a run on deposits.

Andrea Enria -- chairman of the ECB's supervisory board -- is pushing for an overhaul of the market after sharp movements in CDS prices preceded a sudden drop in shares of Deutsche Bank and other European lenders last Friday.

"With a few million you can move the CDS spread of a bank that has trillion-euro assets and contaminate obviously the stock prices and probably the deposit outflows as well," Enria said at a conference in Frankfurt. "It's something that worried me a lot," the Frankfurt official stressed.

Thus, the FTSE Mib opened trading in the green by 0.4 percent at 26,445.52 points.

In Europe, Paris' CAC 40 advanced 0.8 percent, London's FTSE 100 rose 0.4 percent, and Frankfurt's DAX 40 was in the green by 0.6 percent.

Among the smaller lists on Tuesday, the Mid-Cap advances with 0.1% to 42,307.22, the Small-Cap rises with 0.3% to 29,654.76, and Italy Growth advances with 0.4% to 9,368.37.

On the Mib, STMicroelectronics advances 4.7 percent to EUR46.06 per share after contracting with 2.9 percent on eve.

Moncler, on the other hand, stretches 1.2%. On the stock it is reported that Citadel Advisors Europe raised its short to 0.50% from 0.47%.

Amplifon, on the other hand, marks a green of 1.0%, on which Marshall Wace instead cut its short to 0.53% from the previous 0.63%.

Among the bearish few, Leonardo is leaving 1.0% on the parterre, following up eve's red with 1.0%.

On the cadet segment, Industrie De Nora advances 2.6% to EUR17.57, bringing the market cap increase in 2023 over 24%.

GVS marks a plus 1.6%, with price at EUR5.582 per share and weekly marking a 19% stretch.

Sesa, on the other hand, rises 1.4% to EUR119.60 on the heels of eve's red with 0.1%.

Intercos, on the other hand, marks a contraction of 5.7% to EUR13.35. During the week, Jefferies raised the target price to EUR16.00 from EUR13.00 with a 'buy' recommendation.

On the SmallCap, Greenthesis advances with 2.9 percent to EUR9360, after eve's contraction with 0.4 percent.

The board of ePrice -- up 1.8 percent -- on Tuesday reviewed and approved the 2022 budget, reporting a net profit of EUR11.9 million, an improvement from the EUR20.2 million loss in 2021.

Trevi, on the other hand, marks a plus 2.5 percent, pending results to be published later today.

At the tail end, Bioera instead gives up 14 percent, with price at EUR0.1330 heading for the fourth session to end on the bearish side.

Among SMEs, Allacore gives way with 4.3%. The company on Wednesday reported that the board approved its draft budget for 2022, which closed with a net profit of EUR2.6 million, up 104% to the 2021 figure of EUR1.3 million. The corporate executive proposed the distribution of a dividend of EUR0.10 per share The value of production as of December 31, 2022 stands at EUR36.1 million, up 32% from the December 31, 2022 figure of EUR27.5 million.

Gambero Rosso, on the other hand, gives up 2.9 percent positioning itself for the fourth bearish session.

Destination Italia, on the other hand, rises 9.8 percent, after the eve's red with 6.5 percent.

Bellini Nautica -- up 9.7 percent -- reported a 40 percent increase in the value of production in 2022, to EUR15.2 million from EUR10.8 million a year earlier.

The board of directors of Grifal Spa on Tuesday approved the financial report as of December 31, 2022, which closed with a net profit of EUR432,047, compared to a loss of EUR836,502 in the previous year.

In New York on European night, the Dow Jones closed 0.1 percent in the red, the S&P gave up 0.2 percent while the Nasdaq closed 0.5 percent in the red.

Among Asian exchanges, the Hang Seng is picking up 1.8 percent, the Nikkei gained 1.3 percent while the Shanghai Composite gave up 0.2 percent.

Among currencies, the euro changed hands at USD1.0834 versus USD1.0845 at Tuesday's close. In contrast, the pound is worth USD1.2326 from USD1.2345 on Tuesday evening.

Among commodities, Brent crude is worth USD78.98 per barrel versus USD79.02 per barrel Tuesday evening. Gold, meanwhile, trades at USD1,963.83 an ounce from USD1,967.25 an ounce at Tuesday's close.

On Wednesday's economic calendar, at 1000 CET, the Italian unemployment rate is due while, at 1110 CET, a 6- and 12-month BOT auction is scheduled.

At 1300 CET, from the U.S., eyes on the 30-year mortgage rate, at 1630 CET on crude oil stocks, the EIA refinery report and the Cushing inventory.

At 1900 CET, a seven-year US Treasury bond auction is scheduled.

On the corporate calendar, among many upcoming results are those of Borgosesia, Buzzi Unicem, Comal, EdiliziAcrobatica, Health Italia, Poste Italiane, Racong Force, Technogym, and Websolute.

By Maurizio Carta, Alliance News reporter

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