(Alliance News) - Piazza Affari is expected to rise slightly on an important day from a macro perspective and beyond as corporate results take a day off.

Wednesday morning will bring manufacturing PMIs from the major economies of the Eurozone, the United Kingdom and, in the afternoon, the U.S., while tonight all eyes are on the Federal Reserve, which will announce its latest monetary policy decision.

The Federal Open Market Committee will conclude its two-day policy meeting on Wednesday and announce its decision at 2000 CET. This will be followed by a press conference with Fed Chairman Jerome Powell at 2030 CET.

According to the CME FedWatch tool, there is a 99.6 percent probability that the Fed will raise rates by a quarter percentage point. If the Fed raises rates as expected, this would bring the range of federal funds rates from 4.70 percent to 4.75 percent.

IG futures give the Mib up 72.5 points or 0.3 percent after gaining 1.0 percent to 26,599.74 at Tuesday's close.

London's FTSE 100 is given up 13.5 points or 0.2 percent, Paris' CAC 40 is shown up 6.8 points or 0.1 percent, and Frankfurt's DAX 40 is expected up 10.5 points or 0.1 percent.

In Milan last night, the Mid-Cap closed down 0.4 percent to 43,263.71, the Small-Cap gave up 0.1 percent to 29,568.76 and the Italy Growth lost 0.8 percent to 9,513.18.

On the main list of Piazza Affari, UniCredit jumped more than 12 percent after announcing a 2022 full-year profit excluding Russia to EUR5.4 billion from EUR3.3 billion a year earlier, "the best result in more than a decade," as pointed out by CEO Andrea Orcel.

The stock boosted banking stocks, with BPER Banca, Intesa Sanpaolo and Banco BPM reporting positive values between 3.6 percent and 2.6 percent.

Terna - down 0.7 percent - reported Tuesday that the Ministry of Environment and Energy Security has started the authorization process for the project to rationalize the high-voltage power grid in the West Brianza area, for which the company will invest a total of more than EUR100 million.

On the Mid-Cap, MFE-MediaForEurope-with A and B shares closing up 1.2 percent and in the red by 0.1 percent, respectively-reported Monday evening that the boards of directors of MFE and its subsidiary Mediaset España Comunicación have approved and agreed to sign the joint plan for the cross-border merger by incorporation of MES into MFE.

From a strategic, operational and industrial point of view, this merger, the company explained in a note, "is aimed at the strategic and operational integration of the participating companies, which until now have operated independently in their respective territorial areas, resulting in the creation of a pan-European group active in the media and entertainment market."

Webuild closed 3.1 percent in the red. The company announced Monday that it had been awarded the EUR208 million construction contract for the doubling and modernization of Lot 1 of the Ragusa-Catania highway.

Juventus Football Club - up 0.6 percent - announced Monday that it had reached an agreement with Leeds United Football Club for the sale, on a temporary basis until June 30, 2023, of the rights to the sports performance of footballer Weston McKennie for a consideration of EUR1.25 million, plus bonuses of up to EUR250,000 upon the occurrence of certain sporting goals.

On the Small-Cap, Seri Industrial closed up 1.1 percent after announcing Tuesday that the board of directors authorized the signing of new leases with related party Pmimmobiliare by subsidiaries FIB and Seri Plast and with Azienda Agricola Quercete by the company.

It did worse than all, ePrice, giving up 5.5 percent, while Tesmec closed at the top of the list, marking a rise of 3.7 percent.

Among SMEs, Esautomotion gave up 0.6 percent after announcing Tuesday that group revenues as of December 31, 2022 were EUR34.0 million, up 19 percent from 2021 when they were EUR28.6 million.

Clabo lost 6.8 percent. On Monday, the company said the board of directors reviewed some management data for fiscal 2022, reporting total consolidated revenues of EUR58.8 million, up 16 percent from the previous year when they were EUR50.8 million.

Digital Value left 1.4 percent on the parter after reporting Tuesday that it ended 2022 with revenues of EUR706.9 million, up 18 percent or EUR109.4 million from the previous year.

The figure was 1.4 percent above the market consensus of EUR697.2 million "and confirms the country's strong focus on investments in digitization and ICT infrastructure efficiency," the company explained.

Casta Diva Group -- down 1.1 percent -- on Monday disclosed that its board of directors reviewed the preliminary consolidated revenue figure for fiscal year 2022, not yet audited, which closed at EUR82 million, up 175 percent from EUR29.7 million in 2021.

Innovatec gained 3.3 percent after announcing Tuesday that it has received authorization from the Province of Monza Brianza to build a plant for waste treatment and recovery activities in Lazzate.

The authorized plant is immediately buildable, will cover an area of about 13,000 square meters, of which 3,000 will be covered, and will be built in the next 12 months with a planned investment of about EUR3.5 million.

In Asia, the Nikkei closed Wednesday up 0.1 percent to 27,346.88, the Shanghai Composite rose 0.9 percent to 3,284.92 and the Hang Seng is gaining 0.8 percent to 22,018.26.

In New York, the Dow closed last night up 1.1 percent to 34,086.04, the Nasdaq took home a 1.7 percent gain to 11,584.55 while the S&P 500 gained 1.5 percent to 4,076.60.

Among currencies, the euro changed hands at USD1.0879 versus USD1.0861 at Tuesday's close. In contrast, the pound is worth USD1.2324 from USD1.2318 on Tuesday evening.

Among commodities, Brent crude is worth USD85.60 per barrel versus USD85.31 per barrel Tuesday evening. Gold, meanwhile, trades at USD1,926.43 an ounce from USD1,904.40 an ounce last session.

Wednesday's macroeconomic calendar, at 0915 CET, includes the release of the Spanish manufacturing purchasing managers' index. The same data is expected in Italy at 0945 CET; at 0950 it is the turn of the French PMI index, and five minutes later comes Germany's manufacturing purchasing managers' index.

At 1000 CET, the Eurozone's manufacturing PMI is released and half an hour later the UK's.

At 1100 CET, the OPEC summit is held while January inflation is published in Italy, as well as in the Eurozone, along with the unemployment figure.

At 1300 CET, the weekly US mortgage data release is expected.

Also overseas, at 1545 CET, the U.S. manufacturing purchasing managers' index is expected, and 15 minutes later it is the turn of the ISM manufacturing employment index, data on construction spending and new jobs JOLTs.

At 1630 CET it is the turn of crude oil stocks.

Among the companies listed on the Stock Exchange, no particular announcements are expected.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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