(Alliance News) - On Wednesday, Piazza Affari opened higher again, taking the point bar to the 33,800 area, with the ECB's rate cut looking increasingly likely for June. The European Central Bank will cut the cost of money in the spring, with June more likely than April for an initial move, Bank of France Governor Francois Villeroy de Galhau said.
"We will probably cut rates in the spring, and spring in Europe runs from April to June 21," Villeroy told France Info radio. "Maybe it's more likely in June. We are very pragmatic and we will see depending on the data."
Yesterday's data showed that the U.S. headline inflation rate unexpectedly rose to 3.2 percent in February from 3.1 percent in January while the core inflation rate slowed to 3.8 percent from 3.9 percent but was above market forecasts of 3.7 percent.
Thus, the FTSE Mib, is in the green by 0.2% at 33,812.66.
In Europe, Paris' CAC 40 advances 0.2 percent, London's FTSE 100 is just above parity while Frankfurt's DAX 40 rises 0.1 percent.
Among the smaller lists, the Mid-Cap is picking up 0.1 percent to 46,867.42, the Small-Cap is at a perfect parity at 27,638.69 while Italy Growth is up 0.1 percent to 8,089.05.
On the Mib, it pushes well Leonardo, which advances 1.2 percent with price at EUR20.11 per share, following up 0.8 percent on the eve. Société générale raised its target price to EUR21.70 from EUR15.80.
Still strength on Banca Monte dei Paschi, which is advancing 1.0% to EUR4.10, updating its new 52-week high to EUR4.11 per share.
Italgas, on the other hand, is advancing 0.9 percent, bringing its price to EUR5.40 per share, after declining 0.1 percent on the eve of the meeting. reported Tuesday that it ended 2023 with revenues rising to EUR1.77 billion from EUR1.54 billion a year earlier. The company's board proposed a dividend of EUR0.352 per share, up from EUR0.317 last year.
ERG -- down 5.8 percent -- reported Wednesday that reported group net income was EUR179 million compared to EUR379 million in 2022. The adjusted one from continuing operations was EUR226 million compared to EUR129 million in 2022. The board proposed a dividend of EUR1.00 per share, confirming the previous year's amount.
Telecom Italia, on the other hand, retreats 1.9 percent with price at EUR0.2066, with red in the weekly frame approaching 25 percent.
On the MidCap,sprint of De'Longhi, which advances 4.7% with price at EUR33.80 after good accounts. The company reported Tuesday that it closed 2023 with net income up 41% year-on-year to EUR250.4 million from EUR177.4 million in 2023 and to EUR108.2 million from EUR78.0 million in the fourth quarter. The board of proposed to shareholders the distribution of a dividend of EUR0.67 from EUR0.48 paid last year.
Purchases also on Caltagirone after the 2023 accounts released last night. Net income was EUR261.6 million, up 20 percent from the previous year when it was EUR217.4 million. The board also proposed a dividend of EUR0.25 per share, up from EUR0.15 a year earlier.
Tod's Spa -- flat at EUR43.00 -- reported Tuesday that it ended 2023 with revenues up 12 percent year-on-year, to EUR1.13 billion from EUR1.01 billion in 2022. Consolidated profit for 2023, net of current and deferred taxation for the period, was EUR50 million, more than double the net profit for 2022.
Tail of the list for Alerion, which marks a minus 3.3 percent. The stock in 2024 is performing bearishly by about 22%.
On the SmallCap, Exprivia is advancing well, posting plus 3.4 percent after the previous session's 1.9 percent green after good 2023 accounts. Net income was EUR13.2 million compared to EUR11.5 million in 2022.
Olidata, on the other hand, marks a plus 3.3 percent. The stock--which has been detaching its dividend since 2004--raises its head again after a five-session bearish run.
The board of FNM -- in the red by 1.8 percent -- examined the draft financial statements for the year ended Dec. 31, which show a consolidated net profit of EUR80.9 million, up EUR12.4 million from 2022, when it was EUR68.5 million. The board proposed an ex-dividend of EUR0.0230 per share, confirming the previous year's amount.
Segment tail for Neodecortech, which gives up 5.9 percent to EUR2.85. The company reported Tuesday that it ended 2023 with revenues down 18 percent year-on-year to EUR161.6 million from EUR196.5 million a year earlier. Net income fell 66 percent to EUR2.8 million from EUR8.4 million.
Among SMEs, strength on DHH, which advancing 3.5 percent places the price bar at EUR14.80.
Altea Green Power is advancing 2.5 percent to EUR8.20 per share after two sessions ended in contraction.
Circle -- down 2.3 percent -- reported Tuesday that it ended 2023 with a value of production of EUR13.2 million, up 22 percent from EUR10.9 million in 2022.
In New York last night, the Dow picked up 0.6 percent, the Nasdaq is advancing 1.5 percent, and the S&P 500 is rising 1.1 percent.
In Asia, the Nikkei has given up 0.3 percent, the Hang Seng is in the fractional red, and the Shanghai Composite is marking minus 0.4 percent.
Among currencies, the euro changed hands at USD1.9031 against USD1.0916 recorded at Tuesday's European stock close, while the pound is worth USD1.2800 from USD1.2780 on Monday evening.
Brent crude is worth USD82.11 per barrel versus USD82.37 per barrel at Tuesday's close. Gold, on the other hand, trades at USD2,159.08 an ounce from USD2,164.98 an ounce Tuesday night.
Wednesday's macroeconomic calendar includes, at 1100 CET, from the Eurozone, industrial production, followed ten minutes later by an auction of three-, seven-, 15-, and 30-year BTPs.
At 1200 CET, from the US, will come the mortgage market report, followed, at 1530 CET, by crude oil stocks, the EIA count and the Cushing inventory.
At 1800 CET, a 30-year Treasury bond auction is scheduled instead.
Among companies, the many results coming in include those of Avio, Cellularline, Comer Industries, Digital Bros, Eni, MARR and Snam.
By Maurizio Carta, Alliance News reporter
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