(Alliance News) - On Wednesday, major European stock markets are expected to open higher according to IG futures as traders await Fed-scheduled for this evening and ECB-scheduled for tomorrow-monetary policy decisions.

Thus, the FTSE Mib is given up 192.0 points or 0.7 percent after closing down 1.7 percent at 26,630.09.

In Europe, Paris' CAC 40 is expected up 43.9 points or 0.6 percent while the FTSE 100 is expected to open up 34.0 points or 0.44 percent and Frankfurt's DAX 40 is expected to be in the green 76.5 points or 0.5 percent.

"There is no banking stress in Europe comparable to that in the United States, but the latest bank lending survey released yesterday showed that credit conditions tightened considerably, and more than expected, in the first quarter. Net demand has declined the most since the global financial crisis as potential customers have insufficient creditworthiness or loans have simply become too expensive for them," commented Ipek Ozkardeskaya, Senior Analyst at Swissquote Bank.

"The good news is that core inflation in the Eurozone slowed in March, from 5.7 percent to 5.6 percent, although we saw a small increase in overall inflation to 7 percent. Tightening credit conditions and weaker core inflation suggest that the European Central Bank is likely to hike 25 basis points at this week's meeting, rather than 50 basis points," the analyst concluded.

Among Italy's smaller lists Tuesday evening, the Mid-Cap closed down 1.1 percent to 42,963.40, the Small-Cap down 1.4 percent to 28,709.06, and Italy Growth gave up 0.5.5 percent to 9,213.18.

On the main list in Piazza Affari, dragged down by falling barrel prices, heavy contraction in Saipem, which gave up 7.3 percent to EUR1.2845. On the stock, Capital Fund Management raised its short to 1.20% from 1.10%, while Voleon Capital Management raised it to 0.60% from 0.55%.

For ProiezioniDiBorsa analysts, "Saipem's stock is firmly set to the downside, but over the past three sessions the shares are trying to react by forcing upward. The key level for the coming sessions passes for EUR1.394 area. A daily close above this level, in fact, could favor an upward restart of Saipem towards recent highs in the EUR1.5 area," the analysts' team writes.

For the strategy team, failure to break it, on the other hand, could cause prices to accelerate toward the nearest target in the EUR1.2745 area. The maximum bearish extension, on the other hand, could go to the EUR1.155 area, a level that had already in the past favored the restart of the bullish.

Heavy declines were also seen for Tenaris, which closed down 5.4 percent at EUR12.35 after a 2.8 percent gain on the eve of the day.

Eni, on the other hand, finished down 4.2%, with price at EUR13.17 after eve's 2.0% green. The board of directors announced Friday that it had approved consolidated results for the first quarter, having reported adjusted pre-tax profit of EUR4.98 billion, down 5.0% from the same period last year when it was EUR5.23 billion.

Among the few bullish performers, Campari jumped 2.7 percent after reporting Tuesday that it ended the first quarter with strong year-over-year numbers, thanks to net sales that rose to EUR667.9 million from EUR534.8 million in the same quarter a year earlier.

Also doing well was STMicroelectronics, which posted plus 1.5 percent, rearing its head again after two bearish sessions.

On the Mid-Cap, boost on Salcef, which advanced 1.9 percent to EUR21.60. Of note, the stock during the session touched its new 52-week high of EUR22.00.

Tamburi Investment Partners - up 1.7 percent - announced Monday that it has reached an agreement to acquire 51 percent of Investindesign Spa, a company that currently holds a majority stake in Italian Design Brands Spa. TIP, for the purchase of 50.7 percent of Investindesign's capital will invest EUR72 million, giving IDB an economic capital value of EUR220 million.

In the red, also the prevailing color on this list, GVS gave up 6.1 percent, after last session's green of 2.3 percent.

Reflecting the oil sector's bad day, Saras stepped back 3.5 percent to EUR1.1320, after Friday's tentative gain of 0.8 percent.

On the Small-Cap, Restart finished 0.8 percent ahead, bringing the price to EUR0.2550.

In contrast, Bialetti Industrie rose 4.7 percent to EUR0.2440, after three bearish sessions.

It closed flat, however, PLC, with price at EUR1.3550. On Friday, the board of directors approved the financial statements for the year to December 31, 2022, reporting revenues down to EUR60.6 million from EUR67.6 million in 2021. It reported a loss of more than EUR15.8 million in 2022 from a profit of nearly EUR3.0 million in 2021.

At the back of the pack was Mondo TV, which posted a minus 8.2 percent tacking down after two bullish sessions.

Finally, among SMEs, Fenix Entertainment topped with more than 14 percent after announcing Friday that its first-quarter 2023 production value is EUR7.5 million from EUR4.6 million in the first quarter of 2022.

Casta Diva also rose over 14 percent to EUR1.19, rearing its head again after two bearish sessions.

Convergences gave up 9.1 percent to EUR2.00 per share, placing the stock for the fifth session on the bearish side.

MeglioQuesto, on the other hand, gave up 0.9 percent. The company reported that the board resolved to initiate a EUR7.0 million capital increase reserved for Pierluigi Ghiani and Francesco Simula. The transaction will be developed through the issuance of 4.0 million ordinary shares at a subscription price of EUR1.75 each. Of the amount of the capital increase, EUR400,000 will go to increase the company's share capital while EUR6.6 million will be allocated to share premium reserve.

In Asia, the Hang Seng trades 1.6 percent in the red at 19,613.72, while stock exchanges in Japan and China are closed for holidays.

In New York, the Dow Jones closed 1.1 percent in the red at 33,684.53, the Nasdaq finished down 1.1 percent at 12,080.51, and the S&P 500 closed negative 1.2 percent at 4,119.58.

Among currencies, the euro changed hands at USD1,015.64 from USD1.0959 at Tuesday's close. In contrast, the pound is worth USD from USD1.2468 on Tuesday evening.

Among commodities, Brent crude is worth USD75.36 per barrel versus USD75.61 per barrel Tuesday night. Gold, on the other hand, trades at USD an ounce from USD2,012.09 an ounce at Tuesday's close.

On Wednesday's macroeconomic calendar, at 1000 CEST, the Italian unemployment rate is expected, followed at 1100 CEST by the Eurozone unemployment rate. At 1300 CEST, it will be the turn of the US 30-year mortgage rate.

From the US, at 1415 CEST, will come the ADP data while, at 1545 CEST, space will be given to the tertiary sector purchasing managers' index. At 1630 CEST, it will be the turn of the EIA refinery count. Finally, at 2000 CEST, the expected FOMC decision on interest rates.

Among Piazza Affari companies, however, the results of Ariston Holding, EdiliziAcrobatica, Enel, Leonardo, Maire Tecnimont, Poste Italiane, Safilo and Stellantis are expected.

By Chiara Bruschi, Alliance News reporter

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