(Alliance News) - Piazza Affari opened higher as expected in Wednesday's session, waiting for S&P Global to release the services and composite PMIs of major European economies and the day before the European Central Bank decides on monetary policy.

Meanwhile, in Asia, China's services PMI rose to 54.0 points in May from 52.5 points in April, beating forecasts of 52.6 points, as released by S&P Global on Wednesday.

May's was the 17th consecutive month of expansion in services activity, marking the fastest pace since July 2023, as new orders and export orders grew the most in a year thanks to strengthening domestic and external demand.

In May, au Jibun Bank's services PMI index for Japan was revised upward to 53.8 points from the preliminary figure of 53.6 points, as released by S&P Global on Wednesday.

Japan's composite PMI index was revised upward to 52.6 points in May from the preliminary figure of 52.4 points. This is the highest reading since last August, following April's 52.3-point figure, as the services economy grew at a slower pace but remained robust while manufacturing output stabilized.

In Milan, the FTSE Mib rises 0.5 percent to start at 34,447.45, the Mid-Cap is up 0.2 percent to 47,682.45, the Small-Cap gains 0.2 percent to 29,356.82, and Italy Growth is at a tie at 8,179.72.

In Europe, London's FTSE 100 is up 0.3 percent to 8,255.85, Paris' CAC 40 is up 0.5 percent to 7,979.06 and Frankfurt's DAX 40 is up 0.5 percent to 18,496.99.

On the Mib, DiaSorin leads the opening rises, up 1.5 percent, after reporting overnight that it has received 510(k) clearance from the U.S. Food and Drug Administration for the new Liaison Plex Yeast Blood Culture Assay, the second multiplexing molecular diagnostic panel on Liaison Plex analyzer-

The Liaison Plex Yeast Blood Culture Assay represents the first of three panels for diagnosing blood infections on the group's new mutiplexing platform and enables the identification of 16 pathogens commonly associated with fungemias. Fungal pathogens are often considered an emerging threat and are of great concern because of their easy spread among patients in healthcare facilities.

"The clearance received today from the FDA is further testimony to the importance of the new Liaison Plex analyzer," commented Angelo Rago, president of Luminex.

Utilities did well, with Enel up 1.1 percent and Hera following with 0.9 percent. Also up, with similar percentages, are Snam and Terna.

UniCredit gains 0.4% after issuing a EUR1 billion senior non-preferred bond with a four-year maturity but callable after three.

In addition, the bank issued another EUR1 million senior non-preferred bond with a 10-year maturity. Both transactions are aimed at institutional investors.

The issuance followed a book-building process that garnered total demand of about EUR5 billion and with more than 300 orders from investors globally.

Also doing well was A2A, up 0.4 percent, which issued a EUR750 million green-use hybrid subordinated perpetual bond of proceeds.

The company reported demand of EUR2.9 billion for the issue, which was about four times the amount offered.

"This issuance, in support of projects in the energy transition and circular economy, further strengthens the group's capital structure and credit profile in compliance with the guidelines of the 2024-2035 strategic plan, while diversifying the investor base commented Luca Moroni, CFO of A2A . The transaction also confirms A2A's commitment to meeting robust credit metrics in line with its current investment grade rating."

On the Mid-Cap, Credem is on par after announcing Tuesday that, in connection with press reports about the business related to contracts with merchants for the management of Pos and ancillary services, after a selection process involving primary groups operating in the sector, the company has granted Worldline an exclusive negotiation period.

Piaggio rises 0.3 percent. Yesterday, the Court of Cassation declared inadmissible the appeal by Peugeot Motocycles and Peugeot Motocycles Italia against the rulings of the Court of Appeals and the Court of Milan, which had found that Piaggio had infringed a European patent in the production of the Peugeot Metropolis vehicle.

At the top of the list, Philogen leads the rises with a 2.9 percent increase, with just 1,725 shares changing hands so far.

Among the smallcaps, Eems Italia ranks at the bottom of the list, complicit with an 11% decline, while EPH also loses ground, down 9.5%, after announcing that it has received, from GGHL, a request to convert a bond, with a total value of EUR10,000 to be counted against the first two tranches of the POC cum warrant.

On the other side of the list, Exprivia rises 3.9 percent and leads the basket.

Among SMEs, few stocks are still trading, but Doxee still stands out, rising 9.1 percent and registering one of the best performances after the bell rang.

Also doing well is Emma Villas, up 6.2 percent, while Convergenze gives up 6.2 percent and moves to the bottom of the list.

Worth mentioning is the rise of Yolo Group, which gains 27 percent after the start of trading.

In Asia, the Nikkei closed Wednesday down 0.9 percent to 38,490.17, the Shanghai Composite gave up 0.8 percent to 3,065.40, and the Hang Seng dropped 0.1 percent to 18,430.52.

In New York, at Tuesday's close, the Dow gained 0.4 percent to 38,711.29, the Nasdaq rose 0.2 percent to 16,857.05 and the S&P 500 was up 0.2 percent to 5,291.34.

Among currencies, the euro changed hands at USD1.0875 from USD1.0879 on Tuesday in closing European equities while the pound was worth USD1.2773 from USD1.2782 last night.

Among commodities, Brent crude is trading at USD77.48 per barrel from USD77.10 per barrel at Tuesday's close. Gold, on the other hand, trades at USD2,333.66 USD2,325.84 an ounce from USD2,341.10 an ounce on Monday evening.

On Wednesday's macroeconomic calendar, Italy's services PMI is due at 0945, followed by those of Germany, France and the Eurozone. At 1100 CEST, the Eurozone producer price index will be released instead.

At 1300 CEST, the U.S. mortgage market report is expected while at 1415 CEST will come the nonfarm employment report, followed at 1545 CEST by the U.S. services PMI.

At 1630 CEST, the oil stocks report, the Cushing inventory and the EIA report will be released.

On the corporate calendar, Giglio Group results are coming up.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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