(Alliance News) - On Wednesday, the Mib closed higher around above the 27,900 level after the previous session's red, as investors continued to assess Fed Chairman Jerome Powell's hawkish comments in a hearing before the U.S. Congress.

The Eccles Building number one emphasized what will be potentially more aggressive monetary policy than expected, saying that "the spike in interest rates is likely to be higher than previously estimated" and that the Fed "stands ready to accelerate interest rate hikes if necessary.

As a result of Powell's words, in the CME Group platform's FedWatch Tool -- using futures also based on the actual federal funds rate, or EFFR -- the main rate hike for the March 22 meeting has a 29% probability of a hike in the 475/500 bps range. In contrast, the probability of an increase in the 500/525 bps area is at 71%. The current target is between 450 and 475 bps.

Thus, the FTSE Mib closed in fractional green at 27,911.52, the Mid-Cap is in the red 0.2 percent at 44,733.95, the Small-Cap is up 0.6 percent at 30,631.91, and Italy Growth is in the green 0.1 percent at 9,472.26.

In Europe, Paris' CAC 40 is in the red by 0.2 percent, London's FTSE 100 is down 0.3 percent, and Frankfurt's DAX 40 is just below par.

On the main list, Inwit advances 4.1 percent, bringing the price to EUR11.49. The stock closed with a trading volume over 4.4 million pieces, against a three-month daily average of about 902,000.

STMicroelectronicas rises 3.4 percent to EUR46.50, following a 1.8 percent decline on the eve of trading.

BPER Banca -- awaiting results due to be published on Thursday -- closed up 2.5 percent at EUR2.82. Of note, Société Générale raised its target price on the stock to EUR2.90 from EUR2.60.

Tenaris, on the other hand, gave up 2.1 percent, breaking a five-session bullish trend.

Hera - in the red by 1.0 percent - announced Wednesday that it had finalized, through its subsidiary Herambiente Servizi Industriali and with Reggiani Albertino Spa's ACR, the deal that marks the birth of Italy's largest operator in environmental remediation and industrial waste global service, with widespread coverage throughout the country.

On the MidCap, stretching FC Juventus, which closed ahead 5.1 percent with results expected later in the day.

High quarters also for Piaggio, which advanced 2.3 percent, after eve's 0.9 percent decline.

The buy side also prevails on Intercos, among others, which marked a plus 2.0% by rearing its head again after seven sessions among the bearish.

Acea's board of directors -- in a 0.9 percent letter -- on Wednesday approved the draft consolidated financial statements as of December 31, which closed with a net profit reaching EUR279.7 million, down from EUR313.3 million, "mainly due to the effect of the extraordinary taxation on extra-profits for EUR38.5 million," the company specifies in the note released. The board proposed the distribution of a dividend of EUR0.85 per share, in line with 2021.

The board of Fincantieri -- down 4.3 percent -- announced Tuesday that it had approved the draft financial statements as of Dec. 31, 2022, reporting a loss for the year of EUR324 million from EUR22 million as of Dec. 31, 2021, after discounting charges outside ordinary operations or nonrecurring expenses of EUR238 million, of which EUR164 million were non-cash.

On the SmallCap, Esprinet advanced 7.6 percent, rearing its head again after two sessions ended among the bearish.

Gefran, on the other hand, appreciated 5.4 percent to EUR10.60, with accounts expected on Thursday.

Geox gave up 3.9 percent, with price at EUR1.13 per share, as it awaited results due for release on Thursday and ended a three-session bullish mini-trend.

ePrice, on the other hand, gave up 1.7 percent, on the heels of eve's 0.9 percent red.

Among SMEs, Cyberoo gave up 9.4 percent, following eve's red 1.9 percent.

AmbroMobiliare gave up 0.7 percent, following eve's green with 2.9 percent.

Intred, on the other hand, rose 1.9 percent, after eve's red with 1.5 percent.

In New York, the Dow is giving up 0.1%, the Nasdaq is rising with 0.6%, while the S&P 500 is advancing 0.3%.

Among currencies, the euro changes hands at USD1.0555 versus USD1.0579 at Tuesday's close. In contrast, the pound is worth USD1.1834 from USD1.1856 on Tuesday evening.

Among commodities, Brent crude is worth USD82.38 per barrel versus USD84.10 per barrel Tuesday night. Gold, meanwhile, trades at USD1,817.47 an ounce from USD1,820.67 an ounce at Tuesday's close.

On Thursday's calendar, at 0050 CET Japan's PIl data, while at 0230 CET it will be the turn of China's inflation data.

At 1430 CET, from the US, initial claims for unemployment benefits, while between 1730 CET and 1900 there will be US Treasury auctions with 4-week, 8-week and 30-year csadenz bonds.

At 1630 CET the EIA and Cushing's oil stocks.

On the packed corporate calendar coming up are the results of Alerion, Autogrill, Azimut, Danieli & C, Leonardo, Prysmian and BPER Bank, among others.

By Maurizio Carta, Alliance News reporter

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