(Alliance News) - On Wednesday, the Mib confirmed the bullish trend seen since the bell rang on decision day by the U.S. Federal Reserve. The Fed is expected to hold rates steady, but markets will focus on Chairman Jerome Powell's comments amid growing speculation supporting rate cuts in the first half of 2024.

Among the economic data, seasonally adjusted industrial production fell 0.7 percent in the Eurozone in October, following a revised decline of 1.0 percent in the previous period and exceeding the expected decline of 0.3 percent. Industrial production fell 0.5 percent in the EU in October compared to the 0.8 percent decline seen in September. These estimates were released Wednesday by Eurostat.

The U.K. economy unexpectedly contracted in October, driven by declines across all sectors and fueling concerns that high interest rates could push the country into recession. Gross domestic product fell 0.3 percent between September and October, according to data released Wednesday by the ONS. Economists had not expected any change in GDP after the previous month's 0.2 percent expansion.

The FTSE Mib, thus, marks a 0.2 percent rise to 30,402.01.

In Europe, London's FTSE 100 rises 0.2 percent, Paris' CAC 40 advances 0.3 percent, and Frankfurt's DAX 40 is advancing 0.1 percent.

Among the smaller listings, the Mid-Cap is up 0.4 percent to 42,787.20, the Small-Cap is just below par at 26,578.71, and Italy Growth is advancing 0.2 percent to 8,084.99.

On the Mib, ERG takes the top spot with a 1.9% bullish candle and new price at EUR26.68 after two sessions among the bearish.

Good trades also for Prysmian, which moves ahead 0.9% to EUR39.20 pointing to its fourth session on the bullish side.

Amplifon - in the green by 1.7 percent - on Wednesday disclosed that it has signed a binding agreement that will allow the company to enter Uruguay through the acquisition of the Audical group, the leading national player in the hearing care sector. The Audical network, with the Audical and Centro Auditivo brands, consists of 25 direct outlets and various distributors located throughout the country, has annual sales of about EUR10 million, which have been growing steadily in recent years, and about 130 employees and collaborators.

Enel's buyback plan continues steadily, currently appreciating by 0.6 percent. The company announced Tuesday that it bought back 309,000 of its own shares in the period between December 4 and 8, for a total value of EUR2.0 million.

Banco BPM also increased its target price to EUR6.10 from EUR6.00 by HSBC. In contrast, JPMorgan cut it to EUR5.90 from the previous EUR6.40. The stock moves in the red by 1.6 percent to EUR5.01, the subject of profit-taking after three bullish sessions.

On the cadet segment, Brunello Cucinelli advances 2.9%, nosing toward its fifth session to close with bullish candle.

Boost also on Alerion, in good shape since the bell rang, which moves ahead 2.0% after two sessions on the downside.

Piaggio, on the other hand, advances 1.4%, on the heels of the eve closed green by 0.2% that followed three bearish sessions.

Tod's turns red by 0.1% to EUR33.78. On the stock it is reported that JP Morgan cut its target price to EUR35.00 from EUR38.00.

At the back of the pack, Banca Popolare di Sondrio gives ground, posting a minus 1.0 percent to EUR5.60 after eve's 1.2 percent decline.

On the Small-Cap, Softlab pushes ahead 9.5% to EUR1.49 per share after two bearish sessions.

Triboo, on the other hand, marks a plus 6.2% at EUR0.8180, after a 0.8% gain on eve.

Good buys also on Giglio Group, which moves ahead 3.7 percent after declining 1.8 percent on eve.

Among SMEs, good buying on Convergenze, leading the stock up 3.8% to EUR1.36 per share rearing its head again after three bearish sessions.

Talea Group - up 1.2 percent - announced on Wednesday that it had acquired the availability of the "Farmahome" and "Superfarma" brands.

At the back of the pack, among the many bearish performers, Impianti posted minus 4.7 percent following up on the previous session that closed with minus 10 percent.

In New York on European night, the Dow rallied 0.5 percent, the Nasdaq rose 0.7 percent, and the S&P 500 closed up 0.5 percent.

Among currencies, the euro changed hands at USD1.0775 against USD1.0792 recorded in Tuesday's European stock close, while the pound was worth USD1.2511 from USD1.2569 on Tuesday night.

Brent crude is worth USD73.20 per barrel versus USD73.81 per barrel at Monday's close. Gold, meanwhile, trades at USD1,982.34 an ounce from USD1,983.29 an ounce last night.

Wednesday's macroeconomic calendar from the US includes mortgage data at 1300 CET and the producer price index at 1430 CET. Gas and gasoline stocks numbers will be released at 1630 CET while the most important event of the day is at 2000 CET with the Federal Reserve's rate decision, followed by a press conference by the chairman, Jerome Powell, half an hour later.

By Maurizio Carta, Alliance News reporter

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