(Alliance News) - Piazza Affari opens in surplus, Wednesday, while other European stock exchanges follow a bearish trend with London doing worse than all after the ONS released data on inflation, which rose 8.7 percent in the UK in May, unchanged from April, despite expectations for a drop to 8.4 percent, putting pressure on the Bank of England, which will announce its monetary policy decisions tomorrow.

"Although inflation has fallen from its peak of 11.1 percent in October, the latest data have been higher than expected, highlighting continued price pressures in the economy. A tight labor market, with a shortage of workers, and strong wage growth increase business costs, which are passed on to consumers in terms of higher prices. The central bank is deeply concerned that inflation could become entrenched, a risk that is growing as inflation shows no signs of abating this month," commented Victoria Scholar, Head of Investment at interactive investor.

The FTSE Mib opens up 0.1 percent to 27,603.03, Mid-Cap gives up 0.3 percent to 42,835.31, Small-Cap is up 0.1 percent to 27,275.21 while Italy Growth rises 0.2 percent to 9,098.30.

In Europe, London's FTSE 100 gives up 0.6 percent, Paris' CAC 40 is in the red by 0.3 percent and Frankfurt's DAX 40 gives up 0.2 percent.

On the main basket of Piazza Affari, Pirelli & C gives up 1.7 percent and ends up at the bottom in the aftermath of the announcement of the resignation of Giorgio Bruno, who has surprisingly left his post as deputy CEO and will therefore not be the company's next CEO. This was announced Tuesday evening by Camfin-which holds 14 percent of the company-in a note.

Camfin then specified that it would "nominate Marco Tronchetti Provera and Andrea Casaluci for the roles of executive vice chairman and CEO of Pirelli, respectively."

Saipem - in the black by 1.6 percent - announced Wednesday that the two new credit lines totaling EUR860 million, which had been announced in February and whose effectiveness was subject to the issuance of a special decree by the Ministry of Economy and Finance and the subsequent stamping by the Court of Auditors, which took place in recent days, have come into effect.

In particular, yesterday, the EUR390 million senior unsecured term loan granted by a pool of domestic and international banks and 70% guaranteed by SACE under the "SupportItalia Guarantee" facility was disbursed.

Stellantis rallies 1.0 percent after ACEA released on Wednesday morning sales for the month of May that fell slightly, contrasting with the positive trend in the performance of the European market, where registrations grew 19 percent.

As shown Wednesday by data from the European Automobile Manufacturers' Association, the merged giant of PSA Groupe and Fiat Chrysler Automobiles posted a 0.2 percent drop in sales in May, having registered 170,296 cars compared to 170,630 in May 2022, with market share falling to 18 percent from 22 percent in 2022.

At the top is Banco BPM -- in the green by 2.0 percent -- which announced on Tuesday that it had completed the placement of a new covered bond issue aimed at institutional investors in the amount of EUR750 million and maturing in five years under its EUR10 billion BPM Covered Bond 2 program.

This is the first European Covered Bond Premium issue issued by Banco BPM in compliance with the new European directive implemented on March 30, 2023.

Other bankers followed, including UniCredit, BPER Banca and Banca Monte dei Paschi, all with rises between 1.5 percent and 1.2 percent.

On the Mid-Cap, Brembo-which opens in the red by 5.4 percent and ends up at the bottom-reported that on Tuesday the board of directors resolved to submit to the shareholders' meeting called for July 27, 2023, a proposal to transfer the company's registered office to the Netherlands, adopting the legal form of an NV governed by Dutch law.0

Brembo's fiscal headquarters will remain in Italy and shares will continue to be listed on the Euronext Milan market of Borsa Italiana.

Maire Tecnimont gives up 0.4 percent after announcing Tuesday that its subsidiaries part of the Integrated E&C Solutions and Sustainable Technology Solutions business units have been awarded new contracts worth a total of about USD260 million from international clients mainly in Europe, Asia and South America.

Piaggio & C. -- up 0.4 percent -- announced Wednesday that it has entered into a collaboration with Walt Disney Co that produced the Disney Mickey Mouse Edition by Vespa.

For this collaboration, the 50cc, 125cc and 150cc Vespa Primavera is tinged in black, red, white and yellow-the colors of the World's most famous mouse born of Disney's genius.

On the Small-Cap, Seri Industrial is advancing with 5.9 percent after announcing the signing of a development agreement by the Ministry of Enterprise and Made in Italy and Invitalia Spa to support the industrial project proposed by Packaging to Polymers Srl, a company co-participated by its subsidiary Seri Plast Spa and Unilever Ventures Holdings BV.

The project envisages total investments of about EUR109 million, facilitated with MIMIT resources for about EUR82 million, of which EUR30 million in non-reimbursable contribution and EUR52 million in subsidized financing.

Pierrel--green by 1.4 percent--reported Tuesday that it has obtained marketing authorization in Saudi Arabia for Pierrel's flagship Articaine-based dental anesthetic, Orabloc, which will thus join the Xylocaine and Citanest brands already marketed by Pierrel in the Saudi Kingdom.

Among SMEs, Alfonsino rises with 1.6 percent after announcing Monday that it has reached a collaboration agreement with SIDI Piccolo Srl, a historic family-owned business associated with the VéGé group and active in the large-scale retail sector under the Supermercati Piccolo banner, for the rapid delivery of groceries to the home, further extending the scope of operations of the Groceries business unit.

The board of GO internet-which opens up 9.0 percent-on Friday approved the new business plan 2023-2027 drafted in line and continuity with the previous plan approved on June 8, 2020. The plan forecast revenues between EUR15.5 million and EUR16.5 million, Ebitda between EUR2.5 million and EUR3.0 million, an Ebitda margin between 17 percent and 18 percent, and a negative Net Financial Position between EUR2.8 million and EUR2.0 million.

Pasquarelli Auto opens up 0.9 percent after announcing Tuesday in the evening that it was not aware of any news that would justify the current performance of the stock, "which, moreover, occurred in the absence of negative events."

Marco Pasquarelli, managing director of Pasquarelli Auto, commented, "We do not understand the anomalous and unmotivated volatility that is characterizing the recent performance of the stock, which in our opinion does not reflect the company's performance and therefore remains without a valid financial rationale. The current fiscal year is proceeding as planned by management, and we are confident that we can continue on the path of corporate growth and development that has set us apart for decades."

In Asia, the Nikkei is up 0.6 percent to 33,591.45, the Shanghai Composite is down 1.3 percent to 3,197.90 and the Hang Seng is down 1.9 percent to 19,229.83.

Among U.S. exchanges on Tuesday, the Dow Jones closed 0.7 percent in the red at 34,053.87, the Nasdaq lost 0.2 percent to 13,667.29 while the S&P left 0.5 percent on the sidelines at 4,388.71.

Among currencies, the euro changed hands at USD1.0912 against USD1.0901 at Tuesday's European equities close. In contrast, the pound is worth USD1.2773 from USD1.2740 last night.

Among commodities, Brent crude is worth USD76.30 per barrel versus USD75.38 per barrel at Tuesday's close. Gold, meanwhile, trades at USD1,936.32 an ounce from USD1,934.87 an ounce last night.

On Wednesday's macroeconomic calendar, at 1300 CEST, from the US will come the mortgage market report.

At 1600 CEST, a speech by Federal Reserve number one Jerome Powell is scheduled, as well as Governors Cook and Jefferson. At 2200 CEST, it will be Mester's turn.

At 2230 CEST, focus on the U.S. weekly oil stocks data.

Among the stock market listings, no special events are expected.

By Chiara Bruschi, Alliance News reporter

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