(Alliance News) - On Wednesday, the Milanese index is in green for the third consecutive mid-session, trading in the 28,300 area, in line with other European exchanges. Trading rooms assess the contraction in Eurozone economic activity worsened in August at the fastest pace in nearly three years.

Attention now shifts to the Jackson Hole symposium later this week, where European Central Bank President Christine Lagarde and Federal Reserve Chairman Jerome Powell are expected to provide likely insights into the interest rate outlook of their respective central banks of expertise.

Thus, the FTSE Mib is up 0.7 percent to 28,351.72, the Mid-Cap is up 0.3 percent to 41,375.89, the Small-Cap is in the green by 0.7 percent to 26,959.66, and Italy Growth is in the fractional green at 8,834.20.

In Europe, Paris' CAC 40 is up 0.5 percent, Frankfurt's DAX is up 0.6, and London's FTSE 100 is in the green by 0.4 percent.

On the blue chip list, ERG is doing best of all with a 3.7 percent rise after a 0.3 percent loss in the previous session.

Good momentum also on Hera, which is advancing with 2.1% and new price at EUR2.68 after 1.0% up on eve.

Terna, on the other hand, advances 1.9 percent to EUR7.40, on the heels of the 0.6 percent profit on the eve. The company reported Tuesday that electricity demand in Italy totaled 30.1 billion kWh in July, registering a 3.3% decrease compared to the same period in 2022. In July, 85.6 percent of Italy's electricity demand was met by domestic production and the remaining 14.4 percent by the balance of energy traded with foreign countries. Net domestic production was 25.9 billion kWh, down 2.7 percent from July 2022.

On a negative note, among the bearish few, Tenaris is posting a 0.9 percent decline, echoing the 0.9 percent loss the night before.

Worse is Unipol, which sits at the bottom, giving up 2.7 percent with price at EUR5.07, after two sessions ended among the bullish.

On the Mid-Cap, Alerion advances well, moving ahead 3.4% after 0.8% green on the eve.

Iren, on the other hand, moves ahead 2.5 percent after the 0.8 percent red on eve.

Mutuionline also leads group with a 1.4% green after two sessions in the red.

Ariston Holding contracts 1.1% to EUR7.08, positioning itself toward its eighth session on the bearish side.

On the SmallCap the star performer is Giglio.Group, which moves ahead by more than 10 percent after a 1.0 percent gain in the previous session.

Bialetti, on the other hand, rises 5.0%, rearing its head after two bearish sessions.

KME Group remains flat at EUR0.99. The company reported Monday that its subsidiary KME SE had signed a letter of intent regarding the specialty products business led by Cunova GmbH, of which KME SE had sold 55 percent of the share capital to the German investment fund The Paragon Fund III GmbH & Co. geschlossene Investment KG in January 2022.

KME SE, Paragon and SDCL EDGE Acquisition Corporation, an acquisition special purpose vehicle with securities listed on the NYSE, where it has raised USD200 million, signed a non-binding letter of intent regarding a potential business combination between Cunova and SDCL EDGE. The agreement stipulates that upon completion of the merger, a newly formed British holding company will have obtained a listing on the NYSE; Paragon will collect all cash from the divestment; and KME SE will not receive cash but will convert the stake held in Cunova into the newly listed shares, further increasing its stake through the contribution of its aerospace business.

At the tail end, Conafi closed down 5.3 percent, after two sessions ended in the green.

Among SMEs, Giglio.Com marks a plus 7.0% at EUR2.36 after two sessions in the negative.

Circle remains flat at EUR5.55. The company announced Monday that it has signed a contract with yet another leading port in the eastern Mediterranean Sea. The value of the order is about EUR135,000 and the duration of the assignment is nine months.

Innovatec gains 0.5 percent despite the fact that Modefinance, an Italian rating agency registered with ESMA, has confirmed a public 'B1+' rating to its creditworthiness. "This rating-equivalent, based on the current mapping, to the 'BBB+' rating of the main international rating agencies-represents a higher score than the minimum required to consider the company's issues investment grade," the company explained in a note.

At the tail end, Italia Independent flexes 5.1 percent, following a 3.5 percent green rating on the eve.

In New York on Tuesday, the Dow Jones closed down 0.5 percent at 34,288.83, the S&P finished 0.3 percent in the red at 4,387.55, while the Nasdaq gained 0.1 percent to 13,505.87.

Among currencies, the euro changed hands at USD1.0807 versus USD1.0851 in Tuesday's closing European equities while the pound was worth USD1.2645 from USD1.2737 Tuesday evening.

Among commodities, Brent crude is worth USD82.96 per barrel versus USD84.02 per barrel at Tuesday's close. Gold, on the other hand, trades at USD1,902.81 an ounce from USD1,897.87 an ounce Tuesday evening.

On Wednesday's economic calendar, at 1300 CEST, it's time for the US mortgage report, while at 1400 CEST comes data on building permits. At 1630 CEST the Cushing inventory and EIA report.

At 1900 CEST an auction of bonds with a 20-year maturity is previstra.

By Maurizio Carta, Alliance News reporter

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