(Alliance News) - Piazza Affari met forecasts at the opening of trading on Wednesday and got off to an upward start, on the back of good macro data from China and ahead of manufacturing PMIs from the Eurozone and its major economies.

China's Caixin General Manufacturing PMI index rose to 51.6 in February from 49.2 in January, exceeding the market consensus of 50.2, according to data released Wednesday by S&P Global.

This was the first increase in factory activity since last July and the highest figure in eight months after a change in Covid-19 management policy.

The FTSE Mib is up 0.6 percent to 27,639.91, Mid-Cap is up 0.2 percent to 44,937.66, Small-Cap gains 0.4 percent to 30,376.39, and Italy Growth is up 0.5 percent to 9,415.19.

In Europe, London's FTSE 100 is up 0.5 percent to 7,917.12, Paris' CAC 40 is up 0.5 percent to 7,304.16 and Frankfurt's DAX 40 is up 0.6 percent to 15,451.83.

On the blue chip list, Moncler rises 7.3 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.

Saipem also did well, up 3.8 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 0.4 percent after Exane BNP downgraded the six-legged dog's stock to 'neutral' from 'outperform'.

Also up is Pirelli, up 2.0%, 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, on the other hand, for Nexi, which gives up 1.0% after gaining ground following the news of the acquisition of 80% of Banco Sabadell's merchant acquiring business.

Among midcaps, Moncler's strong performance supports gains for the entire fashion and luxury sector: Salvatore Ferragamo rises 2.0%, Brunello Cucinelli and Tod's up 1.1% each, and Safilo Group up 1.0%.

Maire Tecnimont falls, down 0.9% on accounts day, while Banca Monte dei Paschi di Siena recovers partially from yesterday's more than 8% plunge, up 1.3%.

Among small-cap companies, rights linked to Bioera's capital increase fly, more than tripling in value at the start of trading, while LVenture Group does well at the open, up 5.2%.

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 2.3 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.

And, on the very basket of the Piazza Affari alternative capital market, few stocks are still trading.

Noteworthy is the 50% up suspension of Illa and the 14% rise of Officina Stellare, which is gaining 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 fabrication of space telescopes used by payloads under Leonardo's responsibility, for the PLATiNO3 and PLATiNO4 missions, promoted and funded by the Italian Space Agency.

In Asia, the Nikkei closed in the green by 0.3 percent at 27,516.53, the Shanghai Composite gained 1.0 percent to 3,312.35, and the Hang Seng is climbing 4.3 percent to 20,634.66.

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 USD1.0628 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 USD84.06 per barrel compared to USD83.82 per barrel Tuesday evening. Gold, meanwhile, trades at USD1,833.38 an ounce from USD1,837.13 an ounce at Tuesday's close.

On Wednesday's macroeconomic calendar, at 0945 CET, the manufacturing PMI is due from Italy. At 0955 CET, Germany's manufacturing PMI and unemployment rate will be released.

At 1300 CET, for the US, the mortgage market report will be released. At 1630 CET, space will be given to the EIA refinery count.

Among the companies in Piazza Affari, the results of Amplifon, Innovatec, Maire Tecnimont and Reti are expected.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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