(Alliance News) - European stock exchanges opened higher Wednesday as trading rooms prepare for, among other things, the U.K.'s budget statement for 2024, in which Chancellor Jeremy Hunt will outline the government's plans for taxation and spending to the British Parliament.
Markets also await Federal Reserve Chairman Jerome Powell's speech before the U.S. Congress for guidance on the path of U.S. monetary policy.
Thus, the FTSE Mib, is up 0.4 percent to 33,286.24, the Mid-Cap is up 0.5 percent to 46,174.88, the Small-Cap is advancing 0.2 percent to 27,639.35 while Italy Growth is picking up 0.2 percent to 8,209.70.
Paris' CAC 40 is in the green by 0.2 percent as is London's FTSE 100, while Frankfurt's DAX 40 is picking up 0.1 percent.
On the Mib, good start for Mediobanca, which rises 1.1 percent, on the heels of the eve's gain closed with a plus 0.9 percent.
Telecom Italia equally ranks in the high quarters, bringing the price ahead 1.1% to EUR0.2823, rearing its head again after two bearish sessions.
Banca Mediolanum - in the green by 0.3% - reported its trading results for February 2024 on Wednesday, reporting total net inflows of EUR1.18 billion. In contrast, net inflows in assets under management amount to EUR441 million while new loans disbursed are EUR181 million and protection policy premiums amount to EUR14 million.
Still buoyant on Saipem, which scores a plus 1.4 percent, heading for its fifth bullish daily candle.
At the tail end, among the few bearish performers is Brunello Cucinelli, down 1.2% with new price at EUR111.50, on the heels of the eve's decline that closed with minus 0.4%.
On the Mid-Cap, strength on Juventus FC, which moves ahead 8.6% on its third bullish session.
Acea's board of directors -- in the money with 0.4 percent -- approved Tuesday the consolidated financial statements as of December 31, 2023, ending the year with a net profit of EUR294 million compared to EUR279.7 million in 2022. Recurring profit is EUR280 million, up 22 percent from 2022. The board proposed a dividend of EUR0.88 per share, 4% higher than in 2022.
The board also approved the 2024-2028 business plan. The business plan calls for investments in the period 2024-2028 of EUR7.6 billion, where 91 percent of capex will be allocated to regulated activities.
Banca Popolare di Sondrio -- in the green by 0.3 percent -- announced Tuesday that it has placed a EUR300.0 million Tier 2 bond, with demand received of EUR1.8 billion. The bond was issued at a price of 100 and carries an annual coupon of 5.505% for the first five years. The issue attracted considerable interest in the market from more than 190 institutional investors from different countries and was allocated 60 percent abroad. The bond spread, initially announced as five-year mid-swap plus 325 basis points, was consequently reduced to the final level of plus 280 basis points.
Mondadori Editore, on the other hand, is giving up 1.6 percent to EUR2.15 per share after two bullish sessions.
Among the smallcaps, Giglio.Group is advancing well, posting a plus 2.1 percent, following a 0.5 percent red note on the eve of the meeting. The company announced Tuesday that its board of directors has approved the underwriting transaction between Giglio Group as lessee and Salotto Brera as lessor, for the lease of the "travel retail" business of Milanofiori Assago, in the province of Milan.
The contract provides for a total term of one year at EUR60,000, with possible renewal to be negotiated within three months of its expiration.
Instead, doValue advances 3.0 percent, with new price at EUR1.94, after two sessions among the bearish. The company announced Tuesday that it has entered into a new servicing agreement with Attica Bank SA through its subsidiary doValue Greece Loan and Credit Claim Management Company SA. The agreement covers the management of a portfolio of NPEs worth about EUR500.0 million GBV, itself part of a decuritized portfolio known as Project Omega, which had been transferred back to Attica Bank in February 2024.
Bologna's Guglielmo Marconi Airport -- in the red by 0.3 percent -- reported Tuesday a 7.2 percent year-on-year increase in passenger numbers to 573,871 in February.
SS Lazio lost ground, posting a minus 3.9 percent in the aftermath of its Champions Leaugue defeat at the hands of Bayern Munich, which decreed its exit from the competition.
Among SMEs, Fae Technology sprints ahead of everyone with a plus 7.6 percent, pointing to its sixth daily bullish candle.
Circle-which still does not trade-announced Tuesday that it has signed a contract with a new Mediterranean port having to do with Port Community Services. The project, worth more than EUR130,000, has a duration of six months and "constitutes a further step in the Connect 4 Agile Growth strategic path, which includes the expansion of geographic coverage as one of the cornerstones of the group's development strategy," the company's note said.
Promotica--declining 1.8 percent--reported Tuesday that its board of directors reviewed and approved preliminary consolidated revenues for 2023, which are in the range of EUR84 million to EUR85 million, which compares with EUR89.9 million as of Dec. 31, 2022.
In New York, the Dow closed 1.0% in the red, the Nasdaq gave up 1.7%, and the S&P 500 closed 1.0% in the red.
In Asia, the Nikkei closed fractionally in the red, the Hang Seng is in the green by 1.7%, while the Shanghai Composite marks a 0.3% red.
Among currencies, the euro changed hands at USD1.0873 against USD1.0865 recorded at last night's European stock close, while the pound is worth USD1.2723 from USD1.2722 on Tuesday night.
Brent crude is worth USD82.45 per barrel versus USD82.66 per barrel at Tuesday's close. Gold, meanwhile, trades at USD2,124.83 an ounce from USD2,124.15 an ounce last night.
On Wednesday's macroeconomic calendar, the retail sales report is due at 1100 CET from the Eurozone.
From the US, at 1300 CET will come the mortgage market report while at 1415 CET will be the turn of the US nonfarm ccupation data.
At 1600 CET, Federal Reserve Chairman Jerome Powell's hearing in the US Congress will begin, followed half an hour later by the crude oil stocks figure, the EIA report and the Cushing inventory report.
Among companies in the Piazza Affari, results from Banca Mediolanum, BPER Bank, Carel Industries, Nexi, Pirelli, Porto Aviation, Salvatore Ferragamo and Telecom Italia are expected.
By Maurizio Carta, Alliance News reporter
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