Stock markets green but with caution; Iveco advances

(Alliance News) - European stock markets move slightly bullish on Wednesday, with trading rooms expressing caution ahead of the March U.S. inflation data that could influence the path the Federal Reserve will take to adjust monetary policy levers.

Just on the inflation side, as shown by data from the Fred platform - run by the St. Louis Federal Reserve in the April 11 closing data - the average U.S. inflation expectation for the next five years - with the 5-year forward inflation expectation rate - as measured in the U.S. sovereign bond market, moves to the 2.22 percent mark from 2.20 percent in the previous survey.

Also on inflation expectations, the 5-year breakeven the value is 2.36 percent from 2.34 percent previously.

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 May 3 meeting has a 28% probability priced in for confirmation in the 475/500 bps range. In contrast, the probability of an increase in the 500/525 bps area, an increase equivalent to 25 bps, is at 72%. The current target is between 475 and 500 bps.

Thus, the FTSE Mib advances 0.2 percent to 27,575.11.

Among the smaller listings, the Mid-Cap is just above par at 43,777.56, the Small-Cap is in the green by 0.1 percent at 29,881.77 while Italy Growth is rising by 0.1 percent to 9,466.14.

In Europe, London's FTSE 100 is up 0.3 percent as is Paris' CAC 40, while Frankfurt's DAX 40 is up plus 0.2 percent.

On the main list in Piazza Affari spurts Iveco's stock, which ranks in the high quarters with a green of 2.3% at EUR8.12 per share.

Good buys also on Enel, bringing the stock ahead 0.8% with price at EUR5.95. On the stock it is reported that JP Morgan raised the target price to EUR7.80 from the previous EUR7.60.

Interpump, on the other hand, marks a plus 0.7 percent, on the heels of the eve's green closed with a plus 3.0 percent.

On a negative note STMicroelectronics retreats 1.2% to EUR48.87 per share after two sessions in a row closed among the bullish.

DiaSorin, on the other hand, gives up 0.8%, bringing its price to EUR98.80.

On the cadet segment, Ascopiave is picking up 1.5 percent after a 0.7 percent loss in the previous session. However, the stock was coming off a bullish three-way rally.

illimity, on the other hand, advances 0.8%, bringing the price to EUR6.38 per share positioning the snout toward the third session to end on the bullish side.

Saras gives up 1.9 percent to EUR1.3130. The Moratti company - which has not detached its dividend since 2019 - on a year-to-date basis has appreciated by about 60 percent.

Rear-ends also for Webuild, which giving up 1 percent brings its price to EUR2.02 per share.

On the SmallCap, Caleffi contracted 3.2 percent. The company-which has been missing the ex-dividend since 2017-follows up on the green on eve that closed with a plus 0.5 percent.

Among the bullish, good start for Conafi, which marks a plus 6.1% with price at EUR0.40 per share. The stock-according to the MarketScreener platform-is listed as 'bearish on the short term, 'neutral' in the medium term and still 'bearish' on the long term.

Services Italy, on the other hand, grows 5.3 percent, bringing the weekly to plus 9.5 percent.

Among PMIs, Frendy Energy advances 4.7 percent after a 3.6 percent decline in the eve.

Ecosuntek, on the other hand, rises 4.2%, rearing its head again after four sessions ended among the bearish.

The list is closed by Go Internet, which with a minus 5.7 percent brings the loss since the beginning of the year over 51 percent.

On the European night--in Wall Street--the Dow Jones closed up 0.3 percent, the S&P 500 flat and the Nasdaq Composite down 0.4 percent.

Among the Asian exchanges, the Hang Seng is giving up 1.1 percent, the Shanghai Composite picked up 0.4 percent, and the Nikkei moved up 0.6 percent.

Among currencies, the euro changed hands at USD1.0926 versus USD1.0909 at Tuesday's close. In contrast, the pound is worth USD1.2422 from USD1.2419 last night.

Among commodities, Brent crude is worth USD85.55 per barrel versus USD85.33 per barrel Tuesday evening. Gold, meanwhile, trades at USD2,012.82 an ounce from USD2,019.65 an ounce at yesterday's close.

On Wednesday's economic calendar, a 12-month Treasury note auction is expected at 1130 CEST.

Overseas, at 1300 CEST it is the turn of the US 30-year mortgage rate.

At 1430 CEST comes inflation data from the United States.

At 1600 CEST it is the turn of the Bank of Canada's monetary policy report, and half an hour later, again from the United States, data on crude oil stocks are expected.

Among the companies listed in Piazza Affari, the results of Bastogi and CleanBnB are expected.

By Maurizio Carta, Alliance News reporter

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