(Alliance News) - European stock markets are showing a fearful trend for the third weekly session -- according to the futures market -- as they await the Federal Reserve's decision later in the day regarding interest rates and the dot-plot with the new economic forecast.

On Wednesday, in the CME Group platform's FedWatch Tool, using futures also based on the actual federal funds rate, or EFFR, the main rate hike for the March 22 meeting has a 17 percent probability priced in for confirmation in the 450/475 bps range.

Macro data leading up to the ringing of the bell include that the annual inflation rate in the UK unexpectedly rose to 10.4 percent in February from 10.1 percent in January, marking the first increase in four months. The figure beat forecasts of 9.9%.

Instead, the probability of an increase in the 475/500 basis point area, a rise equivalent to 25 basis points, is at 83 percent. The current target is between 450 and 475 basis points.

Thus, the FTSE Mib moves just below par after closing up 2.5 percent at 26,554.33 last night.

In Europe, London's FTSE 100 is giving up 13.00 points, while Paris' CAC 40 is in the fractional red as is Frankfurt's DAX 40.

Among the smaller lists on Tuesday, the Mid-Cap rose 1.9 percent to 43,244.97, the Small-Cap advanced 1.3 percent to 29,950.18, while Italy Growth closed in the green 0.8 percent to 9,270.55.

On the main list of Piazza Affari last night, Leonardo -- up 2.9 percent -- announced Tuesday new orders for nearly 40 helicopters of various types and destined for different operators in the Middle East, Asia, North and South America, and Europe, with a total value of about EUR470 million.

Saipem also advanced, which marked a green of 7.6 percent bringing its price to EUR1.32 per share.

UniCredit, on the other hand, advanced 7.0 percent, with reassurances from Lagarde on the soundness of Eurozone banks giving oxygen to the segment.

Also doing well, then, was Intesa Sanpaolo -- up 3.5 percent -- which announced Monday that it had purchased 128.2 million of its own ordinary shares between March 13 and 17. The shares were taken over at an average price per unit of EUR2.2989, for a total value of EUR294.8 million.

Sales of Stellantis - with the stock closing up 2.2 percent - in February rose slightly compared to the performance of the European market, where registrations grew about 12 percent.

Terna - in the red by 0.7 percent - reported Monday that electricity demand in Italy totaled 25.1 billion kWh in February, a 2.2 percent drop compared to the same month in 2022.

Also declining was Amplifon, which gave up 0.5 percent with price at EUR29.70 after eve's timid gain of 0.1 percent.

On the Mid, CIR advanced with 1.0% after announcing on Monday the purchase of over 1.8 million of its own ordinary shares between March 13 and 17. The shares were taken over at an average unit price of EUR0.4000, for a total value of EUR728,453.85.

Saras, on the other hand, advanced 5.4 percent to EUR1.48 per share closing for the third session in a row on the bullish side.

Zignago Vetro, on the other hand, closed ahead 1.0 percent. The company reported that Biagio Costantini - the company's commercial area director - sold 40,000 shares in the company. The unit price was EUR17.26 for a total of EUR690,000.

Fincantieri advanced 2.2 percent after announcing on Friday that it had initiated a new share buyback program to service the company's existing approved incentive plans and in particular the 2021 incentive plan. The plan will target a maximum number of 10 million shares, corresponding to 0.6 percent of the company's share capital, and will last until April 6, 2023.

Datalogic, on the other hand, gave up 1.5 percent to EUR7.93, after the eve's green with 1.9 percent.

On the Small-Cap, Piquadro stood in the high quarters with 7.5 percent. On Monday it announced that it purchased 16,127 of its own shares in the period between March 13 and March 17, 2023. The shares were purchased at an average price of EUR1.6964 for a total value of about EUR27,000.

Risanamento also did well, rising more than 14 percent bringing the price to EUR0.1254 on the heels of the eve's green, albeit by a smaller 1.9 percent.

The board of directors of RCS MediaGroup - up 1.1 percent - on Tuesday reviewed and approved consolidated results as of December 31, 2022, which closed with a positive group net income of EUR50.1 million compared to EUR72.4 million in 2021.

Esprinet, on the other hand, rose 1.1 percent. On Monday it announced that it had entered into a binding agreement to purchase, through its Spanish subsidiary V-Valley Advanced Solutions España, 100 percent of the capital of Lidera Network.

Among SMEs, Vimi Fasteners announced that it had signed an agreement to take over the entire capital of Filostamp Srl, a company that has been active for more than 40 years in the production of fasteners, bolts and specialized in the manufacture of customer-specific fastening systems. However, the stock closed down 3.9 percent at EUR1.25 per share.

Culti Milano, on the other hand, gave up 6.6 percent, following its eve's red with 9.3 percent.

Boost on Finanza.tech, which took home 3.6 percent in its third session on the bullish side.

Directa SIM, on the other hand, stretched 5.2% to EUR4.22. The board of directors on Tuesday approved a 2022 budget that "marks the best result ever" with a consolidated net profit in excess of EUR5.6 million -- benefiting from a EUR500,000 tax credit related to costs incurred in 2021 for the IPO project -- up from EUR5.2 million in 2021. The board proposed a dividend of EUR0.16 per share, up 6.6 percent from 2021.

In New York on European night, the Dow rallied 1.0 percent, the Nasdaq 1.6 percent, and the S&P 500 took home 1.3 percent.

Among Asian marketplaces, the Nikkei has picked up 1.9 percent, the Hang Seng is picking up 1.8 percent, while the Shanghai Composite advanced 0.3 percent.

Among currencies, the euro changed hands at USD1.0760 against USD1.0760 at yesterday's close. In contrast, the pound is worth USD1.2256 from USD1.2249 on Tuesday evening.

Among commodities, Brent crude is worth USD74.79 per barrel versus USD74.53 per barrel on Tuesday evening. Gold, on the other hand, trades at USD an ounce from USD1,939.77 an ounce at Tuesday's close.

On Wednesday's economic calendar, at 0945 CET there will be a speech by ECB number one Christine Lagarde, and at 1000 CET the Eurozone current account balance will be published.

At 1200 CET it is the turn of the US 30-year mortgage rate, at 1530 CET crude oil stocks, the EIA report and the Cushing inventory are released.

At 1900 CET, however, it is the turn of the FOMC decision on the federal funds rate, with the press conference at 1930 CET.

On the busy corporate calendar, coming up among many are the results of Antares, Class Editori, Juventus FC, Ratti, Somec, Terna and Unieuro.

By Maurizio Carta, Alliance News reporter

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