(Alliance News) - European stock markets Tuesday opened with a bullish trend -- with only Milan at the monent on the losing side -- as trading desks expressed caution ahead of the U.S. Federal Reserve's two-day meeting. This is expected to hold interest rates steady, but U.S. inflation could prompt the central bank to keep rates higher for longer.
In Asia, the Bank of Japan ended its negative rate policy and abandoned yield curve control as wages and inflation rose.
Kazuo Ueda - governor of the BoJ - ended more than a decade of ultra-dovish monetary policy, abandoning a series of easing measures put in place to stimulate Asia's most advanced economy.
Following a 7-2 majority vote, the BoJ declared that the overnight interest rate will remain in a range of zero to 0.1 percent, becoming the latest central bank to end the use of negative rates as a monetary policy tool. Previously, its benchmark rate was minus 0.1 percent.
Thus, the FTSE Mib is giving up 0.1 percent to 33,924.86, the Mid-Cap is giving up 0.2 percent to 46,981.03, the Small-Cap is falling 0.1 percent to 27,462.29, and Italy Growth is up 0.1 percent to 8,070.17.
In Europe, London's FTSE 100 is picking up 0.1 percent as is Frankfurt's DAX 40, while Paris' CAC 40 is just above par.
On the Mib, DiaSorin is off to a good start, leading the price up 1.3 percent to EUR94.72 per share after a 1.9 percent green light on the eve of the meeting.
Iveco advances equally with 1.3%, with new price at EUR13.24.
BPER Banca - up 1.1 percent - on Monday informed that rating agency S&P Global, upon completion of the evaluation process, assigned its long-term and short-term issuer ratings, which were rated at "BBB-" and "A-3," respectively. The outlook regarding all assigned ratings is rated "Positive."
Moncler, on the other hand, is giving up 1.9 percent, heading for a third bearish session.
On the Mid-Cap, Mutuionline is instead climbing 1.7 percent to EUR35.30 per share, pointing to its fourth daily bullish candle. The company announced on Tuesday an institutional re-branding plan, "after a 2023 closed under the banner of strong growth despite an unfavorable market environment for mortgages," the company points out.
Specifically, it will be proposed at the next shareholders' meeting to change the company's name to "Moltiply Group Spa."
Juventus FC, on the other hand, marks a plus 1.5 percent, following the eve's green with 4.6 percent.
Alerion, in the rear, is giving up 2.9 percent to EUR19.22 per share.
Lottomatica - at the tail end of the list with minus 4.5 percent - is repricing in the EUR11.25 area. Gamma Intermediate completed the placement of 20 million Lottomatica shares representing about 7.9% of the share capital through a private placement via accelerated bookbuilding. The sale price was set at EUR10.90 per share for a total gross consideration of EUR218 million.
Gamma Intermediate will retain a 57.4 percent stake in Lottomatica's share capital after the completion of the placement.
On the Small-Cap, Fidia sprints up to bring the price up 8.5% and in the direction for the bullish trifecta.
PLC, on the other hand, advances 2.9 percent, after 0.7 percent green in the previous session.
The board of directors of Centrale del Latte d'Italia -- down 5.1 percent -- on Tuesday announced the approval of its financial report for fiscal year 2023, which closed with a net profit for the year of EUR2.96 million, compared to the net profit of EUR154,000 reported in the previous year.
Among SMEs, Gentili Mosconi advances well, rising 2.0 percent to EUR3.64 per share. The company announced Monday that it had finalized the acquisition of 70 percent of Tintoria Comacina, a historic company in the province of Como. The deal is the first acquisition netted by Gentili Mosconi and confirms the growth and integration process announced a year ago when the company was listed on the stock exchange, aimed at creating a central hub of synergies by internalizing skills and crucial phases of the production process.
FAE Technology advances 1.9 percent to EUR4.80 per share, following a 0.2 percent green in the previous session.
Estrima, however, is giving up 5.0%, with price at EUR0.5380. The company announced Monday the sale of its stake in Birò Hellas to NextCom, specifying that it had mandated the CEO to review the business plan approved on September 27.
These transactions, the company specified in a note, "are necessary in light of recent developments and feedback on sales, which disregard growth expectations denoting a slowdown in demand."
In New York, the Dow rose 0.2 percent, the Nasdaq advanced 0.8 percent, and the S&P 500 closed up 0.6 percent.
In Asia, the Nikkei picked up 0.7 percent, the Shanghai Composite marks a minus 0.7 percent, while the Hang Seng is giving up 1.2 percent.
Among currencies, the euro changes hands at USD1.0847 versus USD1.0873 recorded in Monday's European stock close, while the pound is worth USD1.2691 from USD1.2724 on Monday evening.
Brent crude is worth USD86.68 per barrel versus USD86.31 per barrel at Monday's close. Gold, meanwhile, trades at USD2,153.04 an ounce from USD2,159.77 an ounce on Monday evening.
On Tuesday's economic calendar, at 1100 CET there will be the release of the ZEW index of economic conditions and sentiment for Germany and the Eurozone.
At the same time, Eurostat will report the fourth quarter labor cost index.
In the afternoon, at 1330 CET, U.S. building permits and new construction data are expected while February inflation will come from Canada.
A number of results are expected in Piazza Affari including Confinvest, FILA and GEL.
By Maurizio Carta, Alliance News reporter
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