(Alliance News) - Piazza Affari closed higher on Wednesday's session, the last before the day off for Ferragosto, on a day marked by U.S. inflation.

The annual U.S. inflation rate slowed for the fourth consecutive month to 2.9 percent in July, the lowest since March 2021, down from 3 percent in June and below forecasts of 3 percent. The data were released Wednesday by the U.S. Bureau of labor statistics.

Compared with the previous month, the figure rose 0.2 percent, up from June's 0.1 percent decline and in line with forecasts.

Core inflation also slowed for the fourth consecutive month to 3.2 percent, the lowest reading since April 2021, down from 3.3 percent in June and in line with expectations.

Chris Beauchamp, Chief Market Analyst at IG, said, "The key event of the week has passed but, after last week's leap forward, stocks look a bit exhausted. U.S. inflation still seems to be moving in the right direction, and investors seem happy to shrug off the monthly increase as the annual figure has declined."

"But now there is a sense of 'where do we go from here?' After recovering so much of their recent losses so quickly, stocks now lack a catalyst in the short term."

The FTSE Mib closed up 1.0 percent to 32,328.03, the Mid-Cap was up 0.9 percent to 45,617.55, the Small-Cap was up 0.8 percent to 28,031.62, and Italy Growth finished up 0.3 percent to 7,895.22.

In Europe, London's FTSE 100 closed up 0.4 percent, Paris' CAC 40 rose 0.5 percent and Frankfurt's DAX 40 gained 0.3 percent.

On the Mib, Leonardo rose 3.2 percent to EUR22.52 per share after the previous session's 0.4 percent red.

Good momentum also on Ferrari, which brings the price up 4.0% to EUR406.00 per share and repeats the 1.2% rise of the eve.

BPER Banca advances 1.6%, with new price at EUR4.7830 per share, after two sessions ended with bearish candles.

Telecom Italia, on the other hand, rose 3.4 percent to EUR0.2254 per share, after a 1.5 percent red finish in the previous session. TIM reared its head again after a lackluster period and as asset sales continue. Immediately after the summer, bids are expected for Sparkle and yesterday there was the sale of Inwit.

For six months now, the market and large Telecom shareholders, led by Vivendi, have been waiting for the sale of Sparkle, which owns submarine cables and plays a strategic role for the Italian state. Telecom values Sparkle at just under EUR500 million on the balance sheet, and for now there is strong interest from the Treasury, along with the Spaniards of Asterion, for a bid that could touch EUR800 million.

On the Mid-Cap, Carel Industries is up 2.2% after a 0.6% rise on Tuesday.

Strength also on Sanlorenzo, which is up 3.6% to EUR37.20 per share, in its third bullish session in a row.

Mondadori Editore, meanwhile, appreciates 0.8% to EUR2.4750 per share, rearing its head after two bearish sessions.

Juventus soars 9.4 percent after letting it be known that it has mutually agreed to terminate the player Wojciech Tomasz Szczesny's performance rights contract and while it waits to sign Teun Koopmeiners from Atalanta.

The goalkeeper's transaction generates a negative economic impact on the 2023/2024 financial year, amounting to EUR1.6 million, due to the adjustment of the net book value of the player's performance rights.

On the Small-Cap, Giglio Group rose 2.1 percent, on the heels of a 9.2 percent rise on the eve of the day, which broke a four-session bearish mini-trend.

Eurotech gained 10a EUR1.1640 per share, taking the top of the list after two sessions ended with bearish candles.

Aeffe closed at par after profit taking in the morning after two sessions in which it rallied about 4 percent.

Among SMBs, Almawave rose 1.9 percent on the heels of Tuesday night's 0.5 percent gain that ended an eight-session bearish cycle.

DBA Group gained 2.3%, bringing the price to the EUR3.09 per share area. The stock, in the MarketScreener platform covered by two analysts, has a target price of EUR3.95, thus reverting to underpriced by about 30 percent.

Comal, on the other hand, closed at a par after three sessions of gains.

Edil San Felice, on the other hand, gave up 0.7 percent, the subject of profit taking after four sessions ended higher.

In New York, the Dow is up 0.2% to 39,854.29, the Nasdaq gives up 0.3% to 17,142.91, and the S&P 500 rises 0.1% to 5,438.58.

Among currencies, the euro changes hands at USD1.1030 versus USD1.0954 in Tuesday's closing European equities while the pound is worth USD1.2852 from USD1.2847 Tuesday evening.

Among commodities, Brent crude is trading at USD80.55 per barrel versus USD81.26 per barrel at Tuesday's close. Gold, on the other hand, trades at USD2,452.06 an ounce from USD2,470.43 an ounce Tuesday evening.

Despite the closure of Piazza Affari, other stock exchanges in Europe and the rest of the World remain open. Therefore, the macroeconomic calendar opens with Japan's Gross Domestic Product, at 0150 CEST, and continues with China's industrial production, retail sales and unemployment rate, at 0400 CEST.

Japan's industrial production will be released at 0630 CEST while at 0800 CEST it will be the turn of Britannia's GDP, trade balance and industrial output.

At 1330 CEST, the European Central Bank will release the minutes of its latest meeting.

From the US, at 1430 CEST, space will be given to jobless claims, retail sales and the New York Fed's manufacturing index. US industrial production will be released at 1515 CEST while closing out the day will be the Federal Reserve's balance sheet, due at 2230 CEST.

As expected, no special events are planned among companies in the Piazza Affari.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

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