(Alliance News) - European stock markets are headed for an upward opening Wednesday, on the heels of a global rally that has seen lackluster data on producer inflation in the United States reinforce expectations of several interest rate cuts by the Federal Reserve later this year.

Thus, the FTSE Mib-after closing Tuesday up 0.3 percent to 32,006.45-is marking a 140.00 point rise.

London's FTSE 100 is advancing 50.80 points, Paris' CAC 40 is up 47.40 points, and Frankfurt's DAX 40 is up 54.70 points.

Among the smaller listings last night, the Mid-Cap rose 0.2 percent to 45,206.76, the Small-Cap gave up 0.1 percent to 27,816.82, and Italy Growth finished essentially flat at 7,869.11.

On the Mib last night, Nexi did best of all, up 2.4 percent and with a closing price of EUR5.8140. The shares were among the most traded on the list, with nearly 5.0 million changed hands.

Brunello Cucinelli rose 1.5 percent, with shares coming in at EUR84.00 each, albeit with trading volumes well below average.

Telecom Italia, on the other hand, closed at the bottom, complicit in a 1.5 percent decline. The former monopolist, together with Impulse I - a consortium led by Ardian - and Daphne 3, reached an agreement to sell TIM's remaining 10 percent stake in the holding company Daphne 3, which holds a 29.9 percent stake in Inwit, which gained 0.4 percent today.

The deal is based on a valuation of Inwit shares of EUR10.43 and implies a proceeds for TIM, in addition to the 2024 guidance, of about EUR250 million, taking into account existing net debt at the Daphne 3 level.

On the other hand, Hera, the best among utilities, did well, with a 1.4 percent increase bringing the share value to EUR3.34 each.

On the Mid-Cap, PharmaNutra rose 1.7 percent, in its third session with a bullish candle.

Alerion, on the other hand, did better than all, accomplishing a 4.0% rise, after two bearish sessions and priced at EUR15.78.

Cembre rose 1.3 percent, following the 1.1 percent increase with which it closed Monday evening.

OVS reversed its initial decline and rose 0.1 percent to end the session%, after reporting that it had purchased--in the period between August 5 and August 9--520,594 of its own ordinary shares. The average unit price was EUR2.4051, for a total value of just under EUR1.3 million.

Marked decline, however, for Zignago Vetro, which gave up 4.0 percent, in its fourth bearish session in a row and with a price of EUR10.48 per share.

On the Small-Cap, Bastogi rose 2.6 percent to EUR0.3960 per share, after 3.0 percent red on the eve of the session, and with the day's high at EUR0.4030.

Landi Renzo lost 0.2% despite a positive start and after a 1.4% rise on eve.

Among SMEs, Defence Holding rose 4.2% to EUR3.48 after a 0.3% decline on the eve.

Circle - down 0.3% - on Tuesday reported that it has signed a major contract with a Mediterranean port to implement advanced Port Community System (PCS) services. The deal is worth more than EUR150,000.

Askoll Eva closed up 1.9 percent after opening down more than 10 percent and after two sessions closed in the red.

Ambromobiliare, on the other hand, lost 4.3 percent in what was its third consecutive session among losers.

In New York last night, the Dow rallied 1.0%, the Nasdaq advanced 2.4%, and the S&P 500 closed ahead 1.7%.

In Asia, the Hang Seng is giving up 0.5 percent, the Shanghai Composite equally gives up 0.5 percent, while the Nikkei picked up 0.6 percent.

Among currencies, the euro changes hands at USD1.0988 versus USD1.0954 in Tuesday's European stock close while the pound is worth USD1.2826 from USD1.2847 last night.

Among commodities, Brent crude is trading at USD81.09 per barrel versus USD81.26 per barrel at Tuesday's close. Gold, on the other hand, trades at USD2,460.50 an ounce from USD2,470.43 an ounce on Friday night.

Wednesday's macroeconomic calendar includes data on Gross Domestic Product, unemployment and industrial production for the Eurozone, to be released at 1100 CEST.

In the afternoon, focus on U.S. mortgages, at 1300 CEST, and U.S. inflation, at 1430 CEST. Crude oil stocks will be released at 1630 CEST.

Among the companies in the Square of Business, no special events are expected.

By Maurizio Carta, Alliance News reporter

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