(Alliance News) - Stock markets opened higher Wednesday ahead of the U.S. inflation data and the Federal Reserve's decision. The U.S. central bank is expected to hold interest rates steady, but traders will watch updates to economic projections for clues on the path of rates.

Investors also weighed in on data showing the UK economy stalled in April, in line with expectations.

On the political front, French President Macron dismissed possible resignation talks, offering investors momentary relief from political instability in France.

Thus, the Mib is picking up 0.8 percent to 34,137.20 points, the Mid-Cap is advancing 0.3 percent to 47,419.51, the Small-Cap is in the green 0.2 percent to 28,992.11, while Italy Growth is above par 8,107.52.

In Europe, London's FTSE 100 is advancing 0.7 percent, Paris' CAC 40 is up 0.4 percent, while Frankfurt's DAX 40 is in the green 0.6 percent.

On the Mib, good start for the banking sector, which is positioned in the upper quarters. BPER Bank is advancing 1.7 percent, rearing its head after two bearish sessions. Of note, Capital Fund Management raised its short on the stock to 0.50% from 0.47% previously.

Also doing well among the many banks in the green was Banca Popolare di Sondrio, up 1.8% after three bearish sessions.

Eni - in the green by 0.5 percent - on Wednesday announced the successful completion of the placement of a 10 percent stake in the share capital of Saipem - which gives up 0.6 percent - at EUR1.970 per share, for a total consideration of about EUR393 million. As a result of the placement, which took place through an accelerated bookbuilding process aimed at institutional investors, Eni holds just under 423 million shares in Saipem, representing about 21.19 percent of the share capital. Of these, 12.50 percent of the share capital contributed to the shareholders' agreement with CDP Equity Spa.

Recordati--in the red by 0.1 percent--reported Tuesday that it purchased 50,007 of its own ordinary shares between June 3 and June 7. The shares were taken over at an average unit price of EUR48.8264, for a total consideration of EUR2.4 million.

On the Mid-Cap, Banca Ifis moves ahead 1.1 percent, turning positive after two bearish sessions.

For Intercos, on the other hand, the gain is 1.0%, after Tuesday's 3.7% loss that broke a four-session bearish streak.

Webuild also did well, appreciating 1.0% after three sessions among the bearish.

Fincantieri--declining 1.1 percent--reported Tuesday that the board of directors has resolved to exercise the proxy granted by the extraordinary shareholders' meeting regarding a capital increase of up to EUR500.0 million.

On Small-Cap, PLC advances with 2.9 percent after two bearish sessions.

Strength also on Garofalo Helathcare, which moves up 2.2% to EUR5.52 per share after 2.5% red on eve.

Mondo TV - flat at EUR0.19 - announced Tuesday that it has signed a new licensing and merchandising agreement for MeteoHeroes with Thekom, Soluzioni per Comunicare Srl. The contract will last until June 2026 and will cover ITaly, Canton Ticino, San Marino and the Vatican. In addition, no payment is expected other than royalties on sales, yet to be agreed upon between the two companies.

doValue--up 0.4 percent--reported Tuesday that the Madrid High Court of Justice ruled in its favor, rejecting Altamira Asset Management Holding SL's attempt to overturn an earlier decision requiring it to make a payment to doValue related to a tax claim. As a result of the decision, the doValue group will record financial income of EUR22.7 million, the company's note said, which will have a positive impact on first-half net income of about EUR0.28 per share.

Among the bearish, list minority, Unieuro is giving up 0.3 percent, on its third bearish candle. Worth mentioning, Citadel Advisors raised its short on the stock to 0.50% from 0.49% previously.

Among the PMIs, IDNTT is posting a plus 3.9%, turning upward after two down sessions.

ATON Green Storage, on the other hand, advances 3.0%, after two sessions among the bearish.

Relatech - flat at EUR2.06 - reported Wednesday that the company's board of directors reviewed its order book as of May 31 and approved its ESG 2023 budget. Group orders at the consolidated level stood at EUR28 million or so for the current year's share, down 3 percent from the May 31, 2023 backlog of EUR29 million.

Circle--in the red by 2.6 percent--reported Tuesday evening that the board had resolved to submit a proposal for a paid capital increase of up to EUR4.0 million to the next shareholders' meeting, called for June 27, in an extraordinary session.

In New York overnight Europe, the Dow gave up 0.3 percent, the Nasdaq rallied 0.8 percent, and the S&P 500 rallied 0.3 percent.

Among the Asian exchanges, the Nikkei contracted 0.7 percent, the Shanghai Composite marked plus 0.3 percent, while the Hang Seng is giving up 1.3 percent.

Among currencies, the euro changed hands at USD1.0744 from USD1.0728 yesterday in closing European equities while the pound is worth USD1.2750 from USD1.2723 Tuesday evening.

Among commodities, Brent crude is trading at USD82.41 per barrel from USD82.00 per barrel at Tuesday's close. Gold, on the other hand, trades at USD2,313.85 an ounce from USD2,315.27 on Tuesday evening.

On Wednesday's macroeconomic calendar, at 1110 CEST, an auction of Italian 12-month BOTs is scheduled. At 1130 CEST, a speech by Schnabel of the European Central Bank is scheduled instead.

At 1300 CEST, from the US, will come the mortgage report. At 1430 CEST, on the other hand, again from the U.S., the inflation figure is due. At 1630 CEST, eyes on the crude oil stocks report, the EIA report and the Cushing inventory.

At 2000 CEST, focus on the announcement of the FOMC interest rate decision, with Powell's press conference expected at 2030 CEST.

Among the companies in the Square, no particular announcements are scheduled.

By Maurizio Carta, Alliance News reporter

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