(Alliance News) - On Wednesday, major European stock exchanges trade on the upside after the release of manufacturing data for the Eurozone and some of its economies.

The FTSE Mib is up 0.4 percent to 27,585.07, the Mid-Cap rises 0.5 percent to 45,071.58, the Small-Cap gains 0.6 percent to 30,458.66, and Italy Growth is up 0.8 percent to 9,443.99.

In Europe, London's FTSE 100 rises 0.8 percent to 7,937.12, Paris' CAC 40 is up 0.5 percent to 7,306.12, and Frankfurt's DAX 40 is up 0.6 percent to 15,449.08.

In macroeconomic news, Eurozone manufacturing production volume generally stabilized in February, ending an eight-month sequence of contraction.

Reaching 48.5 points in February, the S&P Global index for the Eurozone manufacturing sector declined slightly from 48.8 points at the beginning of the year. The index was dragged down by the sub-index of average supplier lead times, which showed a considerable slowdown in pressure on suppliers, and by purchasing inventories, which signaled the largest decline in inventories of raw materials and semi-finished goods since May 2021.

In Italy, Italian manufacturing activity grew more than expected in February, accelerating the pace of improvement from January's pace.

Italy's manufacturing PMI rose to 52.0 points in February from 50.4 points in January, beating market estimates that pointed to an indicator of 51.0 points. Any figure above 50.0 points indicates growth in activity while one below that threshold indicates a decline.

Finally, S&P Global's German manufacturing PMI was revised down slightly to 46.3 in February 2023 from a preliminary of 46.5, indicating another sharp contraction in industrial activity extending for an eighth month.

On the blue chip list, Moncler rises 5.4 percent the day after reporting that net income for 2022 was EUR606.7 million compared to EUR411.4 million in 2021.

The board of directors also proposed the distribution of a dividend of EUR1.12.

In fiscal year 2022, the Moncler Group achieved consolidated revenues of more than EUR2.6 billion, up 25 percent from 2021. These results include Moncler brand revenues of EUR2.2 billion and Stone Island brand revenues of EUR401.1 million.

In 2022, the group's consolidated gross margin was EUR1.98 billion, accounting for 76.4 percent of revenues compared to 76.6 percent in 2021. Ebit was EUR774.5 million with a margin of 29.8 percent, compared to EUR603.1 million in 2021 and a margin of 29.5 percent last year.

"Looking ahead to 2023, the macroeconomic environment remains complex and characterized by continued uncertainty, but certainly not without opportunities. Despite the unpredictability of the scenario in which we operate, we face the year with confidence and energy, with the knowledge that we can count on a flexible and responsive organization and a clear strategic vision whose priority remains to continue to strengthen our brands, always involving and inspiring new communities, "Beyond Fashion, Beyond Luxury," commented chairman and CEO, Remo Ruffini.

Also doing well was Saipem, up 3.5 percent, thanks to both the recovering accounts for the last fiscal year and the rise in the price of the barrel, with Brent rising above USD84 in recent hours.

Of opposite sign is the other oil company in the Mib, Eni, down 0.8 percent after Exane BNP downgraded the six-legged dog's stock to 'neutral' from 'outperform'.

Also up is Pirelli, up 1.9 percent, after Goldman upgraded its recommendation on the company to 'neutral' from 'sell' and raised its target price to EUR4.80 from EUR4.20.

Profit-taking, however, for Nexi, which gives up 0.6 percent after gaining ground following the news of Banco Sabadell's acquisition of 80 percent of merchant acquiring.

Among midcaps, Moncler's strong performance supports gains for the entire fashion and luxury sector, with Salvatore Ferragamo up 3.1 percent, Brunello Cucinelli up 1.5 percent, Tod's up 0.8 percent, and Safilo Group up 0.4 percent.

Maire Tecnimont rises 0.7 percent on earnings day, while Banca Monte dei Paschi di Siena partially recovers from yesterday's more than 8 percent plunge, up 1.2 percent.

Among small-cap companies, rights linked to Bioera's capital increase fly, more than tripling in value, while LVenture Group does well at the open, up 0.9%.

Two takeover bids on as many smallcaps closed in the last few hours: the one on Prima Industrie, with Femto rising to 97 percent of the company's capital; and the one on DeA Capital, with Nova reaching 98 percent of capital. Both stocks will be removed from the Italian Stock Exchange between the end of this week and the beginning of next week.

KME Group, on the other hand, gives up 1.9 percent due to profit-taking after yesterday's gains triggered by news of the launch of an OPAS on its own shares and warrants with announcement of a possible exit from Culti Milano, up 3.3 percent on Italy Growth.

Among SMEs, of note was the 50% up suspension of Illa and the 8.6% rise of Officina Stellare, which gained ground after signing two contracts with Leonardo to supply a compact ultra-high-resolution multispectral optical system intended for the PLATiNO3 mission and a medium-resolution hyperspectral optical system intended for ASI's PLATiNO4 mission.

"The objective of the missions is to provide both spatially and spectrally detailed images of the Earth's surface using innovative and compact instrumentation in a way that will also support, in an evolutionary way, future ASI optical missions and provide images for environmental and land monitoring," PMI explained in a note.

The contracts, with a duration of about 14 months and a total value of about EUR3.8 million, provide for the design study and construction of space telescopes used by Leonardo's responsibility payloads, for the PLATiNO3 and PLATiNO4 missions, promoted and funded by the Italian Space Agency.

In New York on Tuesday, the Dow Jones closed in the red 0.7 percent to 32,656.70, the S&P lost 0.3 percent to 3,970.15 while the Nasdaq closed down 0.1 percent to 11,455.54.

Among currencies, the euro changed hands at USD1.0655 against USD1.0613 at Tuesday's close. In contrast, the pound is worth USD1.2073 from USD1.2116 on Tuesday evening.

Among commodities, Brent crude is worth USD82.82 per barrel versus USD83.82 per barrel on Tuesday evening. Gold, meanwhile, trades at USD1,839.45 an ounce from USD1,837.13 an ounce at Tuesday's close.

On Wednesday's macroeconomic calendar, at 1300 CET, the mortgage market report will be released for the US. At 1630 CET, space will be given to the EIA refinery count.

By Claudia Cavaliere, Alliance News reporter

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