(Alliance News) - European stock markets embarked on a bullish path Wednesday, buoyed by Wall Street's upward movement, as investors' attention shifted to the European Central Bank's Sintra conference, where traders focus on insights to come from the heads of the Federal Reserve, ECB, Bank of Japan and Bank of England on the future outlook for interest rates.

In the CME Group platform's FedWatch Tool, using futures also based on the actual federal funds rate, or EFFR, the confirmation of the rate at the July 26 meeting has a 23 percent probability for confirmation in the 500/525 bps range.

In contrast, the 25 bps hike in the 525/550 bps target is priced at 77%.

German consumer confidence in June fell for the first time since October, according to a survey conducted Wednesday, after Europe's largest economy fell into recession and while inflation remained stubbornly high. Polling institute GfK said its forecast survey of about 2,000 people fell to minus 25.4 points in July from 24.4 points in June.

Thus, the FTSE Mib advanced 0.4 percent to 27,501.98.

Among the smaller lists, the Mid-Cap picks up 0.1 percent to 41,975.19, the Small-Cap is in the red 0.1 percent to 26,608.68, and Italy Growth is in the green 0.2 percent to 9,031.33.

In Europe, Paris' CAC 40 is rising 0.6 percent, London's FTSE 100 is advancing 0.3 percent, and Frankfurt's DAX is up 0.6 percent.

On the main index in Piazza Affari, STMicroelectronics is off to a good start, posting a plus 1.7 percent after eve's loss of 1.0 percent.

Good buys also on Banco BPM, which advances 1.2% and brings the price to EUR4.09, on the heels of eve's green with 1.7%. Jefferies raised the target price to EUR6.50 from EUR5.70.

Campari, on the other hand, advances with 1.2 percent, on the heels of the 0.2 percent gain on the eve.

Among the few bearish performers is Iveco Group, which scores a minus 1.0%. The company announced Wednesday that Francesco Tanzi will leave his role as the company's chief financial officer and take a new position in another industry sector by the end of the third quarter of this year.

On the MidCap De'Longhi moves ahead 1.5 percent, heading for the fourth session to end among the bullish.

Jefferies upgraded its recommendation on Credito Emiliano to Buy from Hold, with target price at EUR8.90.

CIR--flat at EUR0.37--reported Monday that it bought back its own ordinary shares between June 19 and June 23 for a total value of EUR229,000 or so.

GVS, on the other hand, steps back 9.8 percent to EUR4.9420. On the stock, Goldman Sachs lowered its target price to EUR4.70 from EUR4.80.

On the SmallCap, Softlab advances 4.4 percent on the heels of eve's 2.2 percent.

d'Amico International Shipping--declining 0.8 percent--reported Monday that it purchased 100,000 of its own shares in the period between June 19 and June 23, for a total consideration of EUR363,000 or so.

Aquafil, on the other hand, advances with 2.1 percent to EUR3.7050 after falling 4.7 percent on the eve.

Among PMIs, good start for Comer Industries, which moves ahead 3.3% after three sessions on the bearish side.

Culti Milano, on the other hand, advances 3.2%, tinged green for sixth consecutive session.

At the back of the pack, H-Farm steps back 3.1 percent after a 1.7 percent loss on eve.

In New York on European night, the Dow Jones closed in the green by 0.6 percent, the S&P picked up 1.2 percent, and the Nasdaq took home 1.7 percent.

Among Asian exchanges, the Hang Seng is in the green by 0.2 percent, the Shanghai Composite is just below par, while the Nikkei closed in the green by 1.9 percent.

Among currencies, the euro changed hands at USD1.0952 versus USD1.0955 at Tuesday's European equities close. In contrast, the pound is worth USD1.2734 from USD1.2745 on Tuesday evening.

Among commodities, Brent crude is worth USD72.678 per barrel versus USD73.28 per barrel at Tuesday's close. Gold, on the other hand, trades at USD1,916.21 an ounce from USD1,915.12 an ounce Tuesday evening.

On Wednesday's calendar, at 1000 CEST will come Italy's industrial producer prices, along with the Eurozone money supply figure. At 1100 CEST, it will be the turn of Italian inflation, followed ten minutes later by an auction of six-month BOTs. At 1200 CEST, space will be given to Italian industrial sales. At 1200 CEST, Lane from the ECB will speak.

At 1330 CEST, from the U.S., focus on the mortgage market report while, at 1530 CEST, there will be speeches by Ferome Powell of the Fed and Andrew Bailey of the Bank of England. At 1630 CEST, the crude oil stocks figure will be released, along with Cushing's inventory and EIA's weekly inventories. At 1700 CEST, it will be the turn of ECB President Christine Lagarde's speech.

Among the companies in the Piazza Affari, no particular events are on the calendar.

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.