(Alliance News) - The Mib opened higher on Thursday after heavy losses the day before, partly due to Credit Suisse securing a USD54 billion lifeline from the Swiss National Bank afterwards to bolster liquidity and investor confidence.

The shockwave that has been shaking markets for nearly a week has pushed investors toward safe-haven assets and prompted them to revise their expectations in terms of monetary tightening by central banks. Traders now cautiously await the ECB's decision later in the day, with the option of a 50 bp rate hike on the table.

Credit Suisse, as mentioned, which kicked off the sell-off on Wednesday, announced Thursday that it would borrow nearly USD54 billion from the SNB--the Swiss central bank--to strengthen the group after the stock crash.

The revelation came just hours after the Swiss National Bank said capital and liquidity levels at the bank were adequate for a "systemically important bank," and that it pledged to make liquidity available if needed.

In a statement, Credit Suisse said the central bank's loan of up to CHF50 billion would "support ... core businesses and clients," adding that it is also making buyback offers on about USD3.00 billion of debt.

The FTSE Mib, after closing 4.6 percent in the red last night, marks a 1.5 percent rise to 25,497.06.

Among the smaller listings, the Mid-Cap is up 1.5 percent to 42,241.69, the Small-Cap is up with 1 percent to 29,655.66, and Italy Growth is in the green by 0.6 percent to 9,276.81.

Paris' CAC 40 is advancing with 1.2 percent, London's FTSE 100 is up 1.1 percent, and Frankfurt's DAX 40 is advancing with 1.1 percent.

On the main list in Piazza Affari, the banking sector rebounds after heavy selling on the eve of trading. Unicredit advances 5.3 percent, FinecoBank rises 5.1 percent, while BPER Banca advances 3.7 percent.

Snam's board of directors - up 0.6% - unanimously approved the consolidated financial statements and draft operating budget for 2022 reporting an adjusted net profit of EUR1.16 billion, down 4.5% from EUR1.21 billion in 2021, due to lower operating profit, offset by the positive performance of investee companies. In addition, the board resolved to propose to the shareholders' meeting the distribution of a dividend of EUR0.2751 per share, of which EUR0.1100 per share has already been distributed as an interim dividend in January 2023.

On a negative note, Terna is giving up 0.5 percent after four sessions ended higher.

On the MidCap, a bullish start for Brunello Cucinelli after accounts released on the eve of the meeting. The board of directors approved the 2022 consolidated financial statements and the draft 2022 operating budget, reporting a profit of EUR87.2 million, up 55 percent from EUR56.3 million in 2021. The board also proposes a dividend of EUR0.65 per share from EUR0.42 in 2021, with a 50% pay-out.

Also on the highs was Monte dei Paschi, which advanced 3.4 percent after eve's selling.

Zignago Vetro -- up 3.5 percent -- announced Wednesday that it had approved the financial statements for the year ended Dec. 31, 2022, having reported group net income of EUR86.6 million from EUR60.0 million in the same period last year, up 44 percent. The board of directors resolved to propose to the shareholders' meeting the distribution of a dividend of EUR0.60 for each of the 88.7 million outstanding shares, up from EUR0.40 paid last year.

Among the few bearish performers, Wiit gives up 2.2 percent with price at EUR19.56, reversing the trend after four bullish sessions.

On the SmallCap, Servizi Italia is off to a good start, advancing 6 percent. The company reported Tuesday that it closed 2022 with revenues up to EUR270.3 million from EUR256.7 million. Net income rose to EUR3.4 million from EUR7.2 million a year earlier.

Also advancing well was Immsi, which put up 4.4 percent, after eve's loss of 9.4 percent.

Triboo gives up 8.0 percent to EUR1.03 per share. The board of directors Wednesday approved the annual financial report as of December 31, 2022, which closed with a positive consolidated net income of EUR800,000 from EUR2.4 million in 2021. Net revenues were EUR93.4 million from EUR97.7 million in 2021.

Among SMEs, good start for Digital360, which advances 3.7 percent to EUR5.10 per share.

Clabo, on the other hand, rises 3.4 percent, after a 2.8 percent loss on the eve.

Redelfi's board of directors - up 1.7 percent - today approved the consolidated financial statements and draft operating budget as of December 31, 2022 reporting a consolidated net income of EUR270,000 down from EUR3.5 million in 2021.

In New York on European night, the Dow closed 0.9 percent in the red, the Nasdaq up 0.1 percent, and the S&P 500 left 0.7 percent on the parterre.

Among currencies, the euro changed hands at USD1.0617 against USD1.0538 at yesterday's close. In contrast, the pound is worth USD1.2080 from USD1.2019 on Wednesday evening.

Among commodities, Brent crude is worth USD74.36 per barrel versus USD72.52 per barrel last night. Gold, on the other hand, trades at USD1,919.53 an ounce from USD1,935.88 an ounce at Wednesday's close.

On Thursday's economic calendar, at 1330 CET, initial claims for unemployment benefits arrive from the US.

At 1415 CET, it's time for the ECB rate decision, with the press conference at 1445 CET. At 1630 CET, comes the auction of 4- and 8-week Treasury bonds.

On Thursday's corporate calendar, results from Aquafil, Arnoldo Mondadori, A2A, Enel, Eni, Salcef, and Webuild are expected.

By Maurizio Carta, Alliance News reporter

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