(Alliance News) - Piazza Affari is expected to get off to a flat start at the opening of trading on Wednesday, in the middle of a week that was not particularly relevant from a macro perspective and with the results of the big U.S. corporations making the rounds in the markets.

Naeem Aslam, chief investment officer at Zaye Capital Markets, commented, "Risk appetite is now focused again on the Fed's next monetary policy action. Fed officials continue to offer contradictory signals, adding to the already confusing picture. For example, if we pay attention to James Bullard's remarks, it is clear that the Fed has not completed its mission of raising interest rates. Yesterday he said unequivocally that the interest rate should be raised much higher. He expects the terminal rate to be between about 5.50 percent and 5.75 percent."

"In addition, Bullard believes that funds from the good times are still available to provide an additional cushion, which is particularly worrisome for traders. When the truth is that those savings are long gone, as we have seen a decline in consumer activity in the United States, as shown by retail statistics or consumer confidence."

The FTSE Mib is given up just 5.0 points by IG futures after the main Milan index closed Tuesday up 0.7 percent at 27,891.43.

In Europe, London's FTSE 100 is given down 9.5 points or 0.1 percent, Paris' CAC 40 is shown in the red by 14.3 points or 0.2 percent and Frankfurt's DAX 40 is expected to be down 24.5 points or 0.2 percent.

Among the smaller lists in Piazza Affari, the Mid-Cap up 0.5 percent to 44,133.90, the Small-Cap gains 0.3 percent to 30,057.09, while Italy Growth loses 0.2 percent to 9,316.44.

On the main list in Piazza Affari yesterday, banks closed on top, with Banca Monte dei Paschi doing best of all with a 5.6% rise, followed by BPER Banca, up 4.1%, UniCredit, up 2.2%, and Mediobanca, up 2.0%.

Assicurazioni Generali also did well, up 0.6 percent. The company announced Thursday that it has placed a new Euro-denominated Tier 2 bond maturing April 20, 2033, issued in green format under Generali's sustainability bond framework.

The new bonds are issued at the same time as Generali's announced cash repurchase offer, with the aim of repurchasing an aggregate nominal amount of bonds not exceeding EUR500 million.

Also up is Moncler, up 1.3 percent.

On a negative note, ERG and Saipem fell 1.6% and 1.3%, respectively, placing them at the tail end of the list, where only Leonardo did worse, down 1.8%.

On the Mid-Cap, Acea - in the red by 0.8 percent - reported Tuesday that the shareholders' meeting, in addition to approving the financial statements as of December 31 and the allocation of the profit for the year, appointed the new board of directors, which will remain in office for three fiscal years, namely until the approval of the financial statements for the year 2025.

Thus, Barbara Marinali - later confirmed as chairman of the board -, Fabrizio Palermo, Nathalie Tocci, Angelo Piazza, Elisabetta Maggini, Alessandro Picardi, Luisa Melara, Thomas Devedjian, Vincenza Patrizia Rutigliano, Alessandro Caltagirone, Massimiliano Capece Minutolo Del Sasso, Antonino Cusimano and Antonella Rosa Bianchessi were elected.

Brunello Cucinelli rose 1.7 percent just before the release of quarterly results, Tod's gained 0.8 percent, and Salvatore Ferragamo closed up 0.9 percent.

Webuild--up 0.9 percent--reported Tuesday that U.S. joint venture subsidiary Lane has been selected preferred bidder to exclusively carry out the study that will define the implementation of the project, now estimated at USD1 billion in total value, to modernize Tampa's Westshore Interchange.

Among the bearish, Saras, on the other hand, gave up 0.8 percent to EUR1.2690, following the same trend as the oil sector on the Mib.

On the Small-Cap segment, the top of the list was Autostrade Merididionali, up 7.4 percent.

Elica--up 1.8 percent--reported Tuesday that it has entered into a strategic partnership with Ilve,an Italian company specializing in cooking systems, which will allow the company to grow in the world of home cooking by also marketing induction ovens and hobs.

Mondo TV rose 2.6 percent after announcing Monday that it had reached a preliminary agreement to sign a pre-sale agreement with Italian television station Rai Kids for the Agent 203 series, commissioned by German TV Super RTL and co-produced with Toon2Tango.

The agreement includes a seven-year license for Free TV and VOD rights for the Italian territory, and its value corresponds to about 8 percent of the parent company's revenues for 2023.

Among SMEs, Shedir Pharma -- up about 12 percent -- reported Tuesday that it posted consolidated net revenues of EUR14.2 million in the first quarter of 2023, up 44 percent from the same period a year earlier, when they amounted to EUR9.9 million.

Defence Tech Holding divested 3.0 percent, after announcing the entry of Tinexta - in the red by 0.5 percent on the Mid - as a new strategic partner in its shareholding structure, which today finalized the purchase of a 20 percent stake in Defence Tech through its own wholly owned vehicle.

The transfer of the shareholding to Tinexta was finalized upon the fulfillment of all conditions precedent stipulated in the relevant binding agreement, including Golden Power authorization and obtaining confirmation from the Panel of the Italian Stock Exchange that there is no need to promote a takeover bid following the mere subscription of the Tinexta Call," the company's note reads.

The purchase by the Tinexta Vehicle of 20 percent of Defence Tech's capital, amounting to about 5.1 million shares, was carried out pro-rata by the reference shareholders, Comunimpresa, GE.DA Europe and Starlife, at EUR4.90 per share, for a total consideration of about EUR25.0 million.

Somec--down 1.4 percent--reported Tuesday that it had won EUR13.7 million in orders from Fincantieri Spa to benefit its Professional Kitchens Systems and Products division.

The deals involve subsidiary Oxin, which specializes in the design, production, installation, and maintenance of on-board kitchen systems on passenger ships and large pleasure yachts, and consist of a total of three orders, two of which are on option.

In Asia, the Nikkei 225 closed Wednesday down 0.2 percent to 28,606.76, the Shanghai Composite gave up 0.6 percent to 3,373.14, and the Hang Seng was down 1.4 percent to 20,359.75.

In New York at Tuesday's close, the Dow closed just below par at 33,976.63, the Nasdaq fell slightly to 12,153.41 and the S&P 500 gained 0.9 percent to 4,154.87.

Among currencies, the euro changed hands at USD1.055 versus USD1.0962 at Tuesday's close. In contrast, the pound is worth USD1.2422 from USD1.2425 last night.

Among commodities, Brent crude is worth USD84.50 per barrel USD84.75 per barrel Tuesday evening. Gold, meanwhile, trades at USD2,004.26 an ounce from USD2,020.85 an ounce at yesterday's close.

On Wednesday's economic calendar, at 1000 CEST, the Eurozone's non-seasonally adjusted current and current account are due. An hour later, also for the eurozone, will come inflation data.

From overseas, at 1300 CEST, it will be the turn of U.S. mortgage data.

At 1430 CEST, Canada makes us data on new construction sites and the industrial goods price index, while two hours later the US releases crude oil stocks volumes.

Among the companies listed in Piazza Affari, results from Covivio, Estrima, Gismondi 1754, OVS, Renergetica and Saipem are expected.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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