(Alliance News) - On Wednesday, major European stock markets meet forecasts and open higher, as they await the Fed's announcement of its rate hike decision this evening.

The focus then shifts to the conclusion of the Federal Reserve Bank's two-day policy meeting, "when the central bank is expected to raise rates by an additional 25 basis points, despite uncertainty in the mid-sized U.S. banking sector," commented Victoria Scholar, Head of Investment at interactive investor.

"U.S. job openings hit a nearly two-year low in March and the consumer price index for March fell to 5 percent year-on-year, slowing for the ninth consecutive period, suggesting that the Fed's hawkish agenda is starting to take hold in the economy," she added.

Thus, the FTSE Mib opens up 1.1 percent at 26,931.27.

Among Italy's smaller listings, the Mid-Cap rises 0.7 percent to 43,258.51, the Small-Cap picks up 0.4 percent to 28,821.49, and Italy Growth climbs 0.2 percent to 9,231.39.

In Europe, Paris' CAC 40 opens up 0.5 percent, the FTSE 100 is up 0.6 percent and Frankfurt's DAX 40 is up 0.4 percent.

On the main list in Piazza Affari, UniCredit is flying, opening up 5.7 percent after announcing that its board of directors on Tuesday approved its results for the first quarter of 2023, calling it "the best first quarter ever and the ninth consecutive quarter of improved results in every respect."

Net accounting profit amounted to EUR2.1 billion from EUR274 million in the same period of 2022.

Total revenues are EUR5.9 billion from EUR5.0 billion in the first quarter of 2022.

Among the few bearish performers, in a list almost all tinged with green, is Stellantis, which gives up 1.7 percent. Also hurting is Nexi, in the red by 0.3 percent, and STMicroelectronics, which opens with minus 0.2 percent.

Saipem recovers after the eve's red, when it closed down 7.3%, and starts the day in the green by 0.9%. On the stock, Capital Fund Management raised its short to 1.20% from 1.10%, while Voleon Capital Management raised it to 0.60% from 0.55%.

Saipem also announced Wednesday that on Tuesday evening it had completed the transfer to KCA Deutag of its onshore drilling assets in Latin America corresponding to 44 rigs.

The transaction is part of the agreement to sell the onshore drilling business, announced on June 1, 2022, under which Saipem will transfer to KCA Deutag all of its onshore drilling assets for a total cash consideration of USD550 million in addition to a 10 percent stake in KCAD itself.

The consideration for the transfer finalized late yesterday evening is approximately USD40 million, the company note said.

Tenaris, after declining 5.4 percent to EUR12.35 last night, now trades in the green by 0.7 percent like Eni.

Eni's board of directors announced Friday that it had approved consolidated results for the first quarter, having reported adjusted pre-tax profit of EUR4.98 billion, down 5.0 percent from the same period last year when it was EUR5.23 billion.

Campari, in the green by 0.3%, reported Tuesday that it closed the first quarter with strong year-on-year numbers, thanks to net sales that rose to EUR667.9 million from EUR534.8 million in the same quarter a year earlier.

On the Mid-Cap, Acea leads, up 2.8 percent followed by Credito Emiliano, which picks up 2.4 percent.

Tamburi Investment Partners -- in the red by 0.1 percent -- announced Monday that it has reached an agreement to acquire 51 percent of Investindesign Spa, a company that currently holds a majority stake in Italian Design Brands Spa. TIP, for the purchase of 50.7 percent of Investindesign's capital will invest EUR72 million, giving IDB an economic capital value of EUR220 million.

Saras opens in the red by 0.8 percent after closing 3.5 percent in the red at EUR1.1320.

On the Small-Cap, Bialetti Industrie opens up 0.8 percent after announcing Tuesday evening that it has signed a framework agreement with Illa - not yet trading on Italy Growth - for the sale of the business unit consisting of the complex of assets functional to the procurement, distribution and marketing of "Aeternum" brand products.

The framework agreement calls for Illa to pay Bialetti EUR3.8 million on the execution date, set for July 20, 2023, of which EUR500,000.00 has already been paid as a deposit, and an additional amount of up to EUR1.5 million as an earn-out.

The board of Conafi Prestitò-which does not yet trade-approved on Tuesday the financial statements as of December 31, 2022 reporting a net loss of EUR3.4 million for the full year, worsening from a net loss of EUR1.7 million in 2021.

Consolidated revenues are EUR5.9 million up from EUR2.7 million in 2021.

PLC opens up 0.7 percent. On Friday the board of directors approved the operating budget to Dec. 31, 2022 reporting revenues down to EUR60.6 million from EUR67.6 million in 2021. It reported a loss of more than EUR15.8 million in 2022 from a profit of nearly EUR3.0 million in 2021.

Finally, among SMEs, Fenix Entertainment opens up 4.6 percent after closing on top with over 14 percent. It let it know on Friday that the value of production for the first quarter of 2023 is EUR7.5 million from EUR4.6 million in the first quarter of 2022.

BetterThis still does not trade. The company reported that the board resolved to initiate a EUR7.0 million capital increase reserved for Pierluigi Ghiani and Francesco Simula. The transaction will be developed through the issuance of 4.0 million ordinary shares at a subscription price of EUR1.75 each. Of the amount of the capital increase, EUR400,000 will go to increase the company's share capital while EUR6.6 million will be allocated to share premium reserve.

In Asia, the Hang Seng trades 1.4 percent in the red at 19,6667.06 while stock exchanges in Japan and China are closed for holidays.

In New York, the Dow Jones closed 1.1 percent in the red at 33,684.53, the Nasdaq finished down 1.1 percent at 12,080.51, and the S&P 500 closed negative 1.2 percent at 4,119.58.

Among currencies, the euro changed hands at USD1.1034 against USD1.0959 at Tuesday's close. In contrast, the pound is worth USD1.2516 from USD1.2468 on Tuesday evening.

Among commodities, Brent crude is worth USD75.23 per barrel versus USD75.61 per barrel Tuesday evening. Gold, meanwhile, trades at USD2,015.07 an ounce from USD2,012.09 an ounce at Tuesday's close.

On Wednesday's macroeconomic calendar, at 1100 CEST, the Eurozone unemployment data will be released. At 1300 CEST, it will be the turn of the US 30-year mortgage rate.

From the US, at 1415 CEST, will come the ADP data while, at 1545 CEST, space will be given to the tertiary sector purchasing managers' index. At 1630 CEST, it will be the turn of the EIA refinery count. Finally, at 2000 CEST, the expected FOMC decision on interest rates.

Among Piazza Affari companies, however, the results of Ariston Holding, EdiliziAcrobatica, Enel, Leonardo, Maire Tecnimont, Poste Italiane, Safilo and Stellantis are expected.

By Chiara Bruschi, Alliance News reporter

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