(Alliance News) - European marketplaces floated around the parity line at the start of the session Wednesday, with a wait-and-see attitude ahead of the highly anticipated US inflation report due later in the day, which should provide more clarity on the Fed's next move.

As for the Bank of England-which will make its decision on the main rate known later today-an interest rate hike of 25 basis points to 4.5 percent is widely expected as inflation remained elevated in March, with main and core rates remaining close to the all-time highs recorded at the end of last year.

On the Frankfurt path, however, according to Governing Council member Joachim Nagel, the European Central Bank may be approaching the final phase of its historic cycle of interest rate hikes. While increases in borrowing costs are not over and core inflation has yet to be tamed, the Bundesbank chief said Wednesday that he is very pleased with the ECB's monetary policy.

"We are coming to the finish line, in the sense that we are reaching the area of monetary policy that is considered restrictive," he told Deutschlandfunk radio. "I am confident that monetary policy is showing its effects."

Thus, the FTSE Mib, is in perfect parity at 27,382.10.

Among the smaller listings on Tuesday, the Mid-Cap is down 0.5 percent at 43,136.49, the Small-Cap gives up 0.3 percent to 28,512.56, and Italy Growth is in the green by 0.2 percent at 9,151.77.

In Europe, Paris' CAC 40 is just below par, the FTSE 100 is advancing marginally, and Frankfurt's DAX 40 is giving up 0.2 percent.

In Milan on the highs is BPER Banca, which has taken home 3.9% and pointing to its fourth straight session on the bullish side.

Buyers on Telecom Italia, which advances 1.3% with price at EUR0.2707, awaiting accounts to be released later in the day.

Pirellli, on the other hand, rises 1.2% bringing the price to EUR4.93. The stock since the beginning of the year benefits from assets exceeding 23%.

At the bottom, Inwit gives up 1.9%. After the good accounts, also came the target price increase from Goldman Sachs and JP Morgan. The company reviewed and approved the interim report as of March 31, 2023, with net income coming in at EUR82.9 million, up 22% from the same period 2022. Revenues stood at EUR233.6 million, up 13 percent from the same period 2022. However, the shares mark a negative note of 2.1%, heading for the third session in a row to end on the bearish side.

On the Mid-Cap, Brembo advances with 1.5 percent benefiting from good accounts. The brake company said Tuesday that its board of directors reviewed its first-quarter results, reporting a net profit of EUR76.8 million, up 7.2% from EUR71.7 million in the same period of 2022. As of March 31, 2023, revenues amounted to EUR961.9 million from EUR857.6 million up 12 percent from the first quarter of 2022.

Antares rises 1.3 percent, however, on the eve of quarterly results.

PharmaNutra, on the other hand, gives up 0.7 percent, the subject of profit taking after a 5.9 percent profit on the eve of the day. Monday saw the release of the interim report as of March 31, which closed with net income for the period amounting to EUR5.4 million compared to EUR3.5 million as of March 31, 2022. Consolidated net revenues as of March 31, 2023 amounted to EUR23.6 million, up EUR4.8 million from the same period last year.

The board of directors of Credem -- in the red by 1.7 percent after three bullish sessions -- on Tuesday approved the consolidated results for the first quarter, which closed with consolidated net income at EUR134.8 million, up 69 percent from the same period last year.

On the Small-Cap, strength on the Giglio Group stock, which brings the bar forward 5.5 percent. The stock has given up about 30 percent of market cap since the beginning of the year.

High quarters also for Aquafil, which marks a plus 2.3 percent as it awaits results due on Thursday.

The board of directors of Unieuro -- down 6.0 percent -- on Tuesday evening reviewed and approved the consolidated financial statements as of February 28, 2023, which closed with an adjusted net income of EUR19.3 million compared to EUR53.9 million in fiscal year 2021-2022. Consolidated profit, on the other hand, was EUR10.2 million compared to EUR44.6 million in the previous year. The board proposed a dividend of EUR0.49 per share, compared to EUR1.35 in the previous year.

Services Italy, on the other hand, gives up 2.2 percent to EUR1.31 per share, bringing its weekly loss over 11 percent.

Among SMEs, ESI advances 3.4% with price at EUR2.16. A few days ago, the company announced that the period for the exercise of option rights relating to the offer to shareholders of a maximum of 1.3 million newly issued ordinary shares of ESI S.p.A., without the indication of par value, resulting from the capital increase of a maximum of about EUR2.7 million including any share premium, has ended.

Casasold, on the other hand, advances 3.8 percent, now bringing its price to EUR0.9450.

Relatech - up 4.7 percent - on Wednesday reported that it had reviewed management data as of March 31, where it showed consolidated sales revenues at the end of the first quarter of EUR24 million or so from EUR10.4 million - up about 130 percent - compared to the first quarter 2022.

Alfio Bardolla loses ground, which after three bullish sessions veers downward in declines of 1.7 percent repricing to EUR2.28.

In New York overnight Europe, the Dow Jones gave up 0.2 percent, the Nasdaq 0.6 percent, and the S&P 500 left 0.5 percent on the parterre.

Among Asian exchanges, meanwhile, the Hang Seng was down 0.5 percent, the Shanghai Composite gave up 1.2 percent, while the Nikkei marked a red 0.4 percent.

Among currencies, the euro changed hands at USD1.0966 against USD1.0951 at Tuesday's close. In contrast, the pound is worth USD1.2620 from USD1.2612 on Tuesday evening.

Among commodities, Brent crude is worth USD76.87 per barrel versus USD75.42 per barrel on Tuesday evening. Gold, meanwhile, trades at USD2,029.29 an ounce from USD2,024.83 an ounce at Tuesday's close.

On Wednesday's macroeconomic calendar, the Italian industrial production data will be coming in at 1000 CEST.

From the US, at 1300 CEST, space will be given to the US mortgage market report while at 1430 CEST it will be the turn of the inflation figure. At 1630 CEST, eyes on the crude oil stocks data and the Cushing inventory. At 1900 CEST, a 10-year Treasury bond sta is scheduled instead.

By Maurizio Carta, Alliance News reporter

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