(Alliance News) - On Wednesday, the Mib fell 0.4 percent, with the point bar in the 30,300 area, with traders continuing to assess the monetary policy outlook to better position themselves on when central banks will begin cutting interest rates in 2024.
On Wednesday, in the CME Group platform FedWatch Tool, using futures also based on the actual federal funds rate or EFFR, the rate confirmation in the Jan. 31 meeting has an 88 percent probability for the 525/550 bps range confirmation. The 25 bps drop in the 550/575 bps target is therefore priced at 12%.
The first cut - by 25 bps - is instead priced on this platform at 70% for the March meeting.
Thus, the FTSE Mib closed fractionally in the red at 30,361.21, the Mid-Cap rallied 0.4% to 44,377.67, the Small-Cap advanced 1.0% to 27,518.58, and Italy Growth closed fractionally in the red at 8,114.32.
In Europe, London's FTSE 100 closed up 1.0%, Paris' CAC 40 rallied 0.1%, and Frankfurt's DAX 40 gave up 0.1%.
On the Mib, Telecom Italia advanced 5.8 percent to EUR0.2960, after declining 0.4 percent on the eve of the day and bringing the weekly close to a positive balance of 15 percent.
Inwit, on the other hand, advanced 1.3%, after a 0.4% gain on the eve, with price at EUR11.45 per share.
Iveco advanced 1.4 percent after announcing that Iveco Bus, the group's city, intercity, and tourist bus brand, will supply 153 new electric buses to Azienda Trasporti Milanesi Spa, which operates public transport in Milan and its hinterland. The contract, worth more than EUR120 million, is part of ATM's strategic plan to offer increasingly sustainable and accessible mobility.
Banca Monte dei Paschi di Siena -- down 0.7 percent -- announced Wednesday that it has strengthened its leadership in the agrifood sector with a new digital collection and payment solutions offering developed together with Nexi -- down 0.1 percent -- for wine and agritourism businesses. This initiative is part of Banca MPS's broader strategy to support the agrifood, agricultural-recreational and dop economy sectors, confirming its historical focus on the needs of the primary sector, a key asset of the country's economy.
Stellantis gave up 0.2 percent after ACEA's November data showed, for the group, a 7.3 percent drop in sales in Europe compared to November 2022. In the European market, however, registrations were up 6.7 percent compared to November 2022.
On the Mid-Cap, Seco closed up 1.1 percent at EUR3.50. Worth mentioning, Goldman Sachs cut its target price to EUR4.40 from EUR7.10 with a 'buy' recommendation.
Sesa advanced 0.8 percent. The company announced Tuesday that it had approved results for the six-month period ended October 30 with a net profit of EUR41.6 million from EUR41.1 million in the same period last year. Adjusted net income attributable to the group was EUR50.1 million from EUR45.9 million as of Oct. 30, 2022, up 9.1 percent year-on-year. Revenues and other income grew 15 percent to EUR1.50 billion from EUR1.31 billion in the same period 2022.
Maire Tecnimont also did well, up 2.1 percent. The company reported Wednesday that Conser, licensor of biodegradable plastics technologies and a subsidiary of Nextchem, a Maire Group company, has been awarded by a major client the licensing of the technology and the supply of the catalyst as part of a larger project located in northwestern China.
Credito Emiliano -- in the green by 1.1 percent to EUR8.01 -- reported Tuesday that Credito Emiliano Holding Spa bought 740,000 ordinary shares in the bank. The shares were taken over at an average unit price of EUR8.1832, for a total consideration of EUR6.1 million.
Industrie De Nora - in the red by 5.6 percent - closed on the bottom. The company, with H2U Technologies, a developer of next-generation electrolyzers, announced on Monday a research agreement to identify and develop low-cost, high-performance electro-catalysts for the production of hydrogen through water electrolysis.
Mutuionline, on the other hand, gave up 3.0 percent to EUR31.90 per share, down after a four-session bullish trend.
On the Small-Cap, Olidata advanced 5.7 percent, on the heels of eve's 1.0 percent gain.
Tessellis closed ahead 8.5 percent with price at EUR0.5110, following eve's decline with 0.8 percent.
In contrast, d'Amico advanced 6.0% with price at EUR6.17 per share. The stock thus updated its 52-week high.
Openjobmetis, on the other hand, ended at the bottom, having given up 5.9% and been suspended. The company announced Tuesday that it had signed a preliminary agreement to acquire 100 percent of the capital of Just On Business Spa and 100 percent of the capital of its subsidiary Deine Group Srl. The agreed consideration is EUR29.7 million to be paid in cash. A three-year non-compete agreement with the founding partners is also to be signed for a total of EUR2.2 million.
Fidia, on the other hand, gave up 0.8 percent after an intrdaday decline to 6.6 percent with final price at EUR1.12, following a 3.4 percent decline in the previous session.
Among PMIs, Eles advanced 7.6 percent, on the heels of eve's green, albeit by a modest 0.7 percent.
Implants closed up 5.7 percent at EUR0.50 per share, following eve's 3.1 percent contraction.
SG Company Società Benefit closed up 6.0% after reporting Wednesday that its wholly owned subsidiary NET-SG Srl has signed a commercial and consulting agreement with Lorenzo De Rosa, sole director and legal representative of Antimateria Srl, which will start on January 1, 2024.
On a negative note, Energy gave up 7.4 percent, in its eighth straight session among the bearish.
In New York,the Dow is in the green by 0.1 percent, the Nasdaq is up 0.2 percent, and the S&P 500 is just above par.
Among currencies, the euro changes hands at USD1.0955 against USD1.0978 recorded at Tuesday's European stock close while the pound is worth USD1.2659 from USD1.2755 on Tuesday evening.
Brent crude is worth USD80.05 per barrel versus USD79.35 per barrel at Tuesday's close. Gold, meanwhile, trades at USD2,034.30 an ounce from USD2,025.59 an ounce on Tuesday evening.
Thursday's macroeconomic calendar includes, at 0800 CET, the data on net loans to the public sector in the UK while, at 1100 CET, from Istat will come the data on the producer price index in Italy.
From the U.S., at 1430 CET, it will be the vote on continuing unemployment claims, PCE price inice and GDP. at 1730 CET, an auction of four- and eight-week Treasury bills is scheduled while at 2230 CET, the weekly on the Federal Reserve's balance sheet will be released.
Among the companies in the Square of Business, no particular announcements are expected.
By Maurizio Carta, Alliance News reporter
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