(Alliance News) - The Mib index opened in the green Thursday, outperforming other European exchanges trading in bearish terrain, despite ECB President Lagarde taking a "hawkish" tone and signaling that reducing inflation is the central bank's priority.

The Fed raised interest rates by a quarter percentage point on Wednesday, resisting the urge to suspend increases in the face of banking sector turmoil. The central bank's rate hike brings the federal funds rate band from 4.75 percent to 5.00 percent. The vote of the Federal Open Market Committee was unanimous. This was a widely expected outcome, although tumultuous developments in the global banking sector meant that the Fed may have been tempted to decide against a hike.

In the statement, the Fed said that "further tightening of monetary policy may be appropriate." The market interpreted this as more accommodative than the Fed's previous guidance, which stated that "the committee anticipates that continued increases in the target range will be appropriate."

In a press conference shortly thereafter, Fed Chairman Jerome Powell then moved to calm fears in the banking sector.

Thus, the FTSE Mib, is rising 0.2 percent to 26,586.62.

Among the smaller listings, the Mid-Cap is up 0.2 percent to 42,908.64, the Small-Cap is up 0.2 percent to 30,024.25 while Italy Growth is up 0.3 percent to 9,324.85.

In Europe, London's FTSE 100 is giving up 0.5 percent, Paris' CAC 40 is down 0.3 percent while Frankfurt's DAX 40 is down 0.2 percent.

On the Mib, among the bullish few, Inwit rises 4.6 percent with price at EUR11.84. JP Morgan on Tuesday raised Inwit's target price to EUR15.20 from EUR13.30 with an 'overweight' recommendation.

Banca Monte dei Paschi also advances, advancing 2.8 percent to EUR2.02 per share. As Francesco Bonazzi writes in Alliance News, "the big waltz of appointments in Italian state-owned companies begins at Monte dei Paschi di Siena. By Sunday, the Treasury must present the list for the renewal of the board of directors ahead of the April 20 shareholders' meeting, and the confirmation of the current CEO, Luigi Lovaglio, currently enjoys a good chance.

"Discounted, however, is the change at the chairmanship, where Patrizia Maria Grieco has already made it known that she is not aiming for a renewal and the favorite is a current director, Nicola Maione," Bonazzi writes.

Italgas gives up 1.5 percent instead, in the track for the third session to close with bearish trend.

Iveco instead retreats 1.1 percent, with price at EUR8.97, reversing course after three sessions in the green.

In the MidCap, Salcef steps up 1.8 percent to EUR20.15 per share, on the heels of eve's 3.9 percent green.

Tamburi, on the other hand, marks a plus 1.5 percent to EUR8.58 per share, bringing weekly assets over 19 percent.

Industrie De Nora gives way, with a minus 3.2%. The board of Industrie De Nora Spa approved the consolidated annual financial report as of Dec. 31, 2022, which closed with the group's net income rising 35 percent to EUR89.7 million from EUR66.4 million in 2021. The board proposed the distribution of a dividend of EUR0.12 per share.

Saras, on the other hand, gives up 1.2 percent to EUR1.4410 per share, on the heels of eve's 1.6 percent red.

On the SmallCap, Eukedos advances with 8.9% to EUR1.28 per share, more than rebounding from the eve's red closed with minus 4.5%.

Class Editori - up 0.2% - reported that it returned to profit in 2022 and that revenues rose, despite a decline in the advertising market in the second half of the year. Net income returns EUR17.3 million from the EUR13.0 million loss a year earlier, and pretax profit is EUR22.8 million and compares with the pretax liability of EUR13.3 million a year earlier.

Seri Industrial contracted 7.5 percent to EUR5.70. The board of directors reviewed and approved the draft operating budget for 2022, in which it posted a loss of EUR4.4 million compared to EUR462,000 in the previous year. Total revenues amounted to EUR204.1 million compared to EUR177.1 million in the previous year, due to both increased sales volumes in certain business segments and higher average prices.

SIT, on the other hand, gives up 3.9 percent to EUR5.00 per share, with the share price stepping back 16 percent in the past month.

Among SMEs, boost on Gambero Rosso, which advances more than 11 percent. On Tuesday, the board reviewed and approved the issuer's draft financial statements as of December 31, 2022, and the consolidated financial statements as of December 31, 2022, which closed with a consolidated net profit of EUR1.6 million compared to a balanced budget in 2021.

High quarters also for Innovatec, which advances 4.7 percent aiming for the bullish trifecta.

Casta Diva, on the other hand, gives up 2.6 percent to EUR0.7380, with the stock live active on the weekly frame.

In New York - on European night - the Dow gave up 1.6 percent as did the Nasdaq, while the S&P 500 slipped 1.7 percent.

Among the Asian exchanges, the Nikkei gave up 0.2 percent, the Shanghai Composite advanced 0.6 percent, while the Hang Seng advanced 2.4 percent.

Among currencies, the euro changed hands at USD1.0918 versus USD1.0799 at Wednesday's close. In contrast, the pound is worth USD1.2331 from USD1.2239 last night.

Among commodities, Brent crude is worth USD76.30 per barrel versus USD76.22 per barrel on Wednesday evening. Gold, meanwhile, trades at USD1,979.87 an ounce from USD1,949.14 an ounce at yesterday's close.

On Thursday's economic calendar, at 1300 CET, the interest rate decision by the Bank of England will be announced.

In the afternoon, from the US will come initial claims for unemployment benefits at 1330 CET and new home sales at 1500 CET.

At 1600 CET will come the European consumer confidence index while at 2300 CET is the Australian manufacturing and services PMI index.

Among the companies listed in Piazza Affari, results from doValue, Iren, Pirelli & Co, Unipol and UnipolSai are expected.

By Maurizio Carta, Alliance News reporter

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