(Alliance News) - On Wednesday, European stock markets -- according to the futures market -- appear set for a bullish opening, following the rally in global markets thanks to good corporate reports that are pushing trading rooms to the buy side.

On the monetary policy side, on Wednesday, in the CME Group platform's FedWatch Tool, using futures also based on the actual federal funds rate or EFFR, the rate confirmation in the May meeting has a 98 percent probability for confirmation in the 525/550 bps range.

The 25 bps decline in the 500/525 bps target is therefore priced at 2%.

For the June meeting, futures indicate a probability of a 25 bps cut of 15 percent and 38 percent for July. For September, the probability remains consistently below 50 percent, at 46 percent.

Prior to the opening, Eni's first-quarter numbers were released, among them, adjusted net income at EUR1.58 billion, which marked a decline of about 46%. The company ended the first quarter with production up 5 percent, but posted declining financial indicators due, in large part, to lower gas prices.

Pro forma adjusted operating profit stopped at EUR4.1 billion compared to EUR5.8 billion in the first quarter of 2023.

Thus, the FTSE Mib-after closing in the green by 1.9 percent at 34,363.75 last night-is advancing 227.50 points.

In Europe, Paris' CAC 40 is just above par, London's FTSE 100 is advancing 40.30 points, and Frankfurt's DAX 40 is advancing 71.50 points.

Among the smaller listings last night, the Mid-Cap closed in the green 1.6 percent to 46,676.46, the Small-Cap rallied 1.5 percent to 28,331.08 while Italy Growth posted a plus 0.6 percent to 8,100.39.

On the Mib on Tuesday, buoyancy on A2A, which closed ahead 3.7 percent, chalking up its fifth consecutive bullish session.

Good buying also on Amplifon, which closed up 1.4%, on its fourth session with a bullish candle.

Up also Telecom Italia, up 1.8%, on the day of the shareholders' meeting and thanks to signals coming from several quarters on the irreversibility of the sale of the network to the US fund KKR. It also made it known Tuesday that the very assembly appointed the new nine-member board of directors that will serve for the three-year period 2024-2026, or until the approval of the financial statements as of Dec. 31, 2026.

Nominated from the majority list were Alberta Figari, listed as chairman, Pietro Labriola, listed as CEO, Giovanni Gorno Tempini, Paola Camagni, Federico Ferro Luzzi, and Domitilla Benigni.

Recordati - in the green by 2.9 percent - announced Monday that it reported first-quarter revenues of EUR607.8 million, up 10 percent from the same period in 2023. On the same day, the shareholders' meeting approved the financial statements for the year 2023 and renewed the authorization to purchase and dispose of treasury shares for a maximum number of 3.5 million shares that can be purchased and for a maximum potential outlay of EUR200 million.

The only bearish performer in the segment was Tenaris, which closed down 0.7 percent at EUR17.53 marking the fourth session in a row in negative balance.

On the Mid-Cap, De'Longhi raised the bar by 6.0 percent, after the previous session's 1.1 percent red.

Strength also on Sanlorenzo, which rallied 4.8%--after eve's flat session--positioning the price at 40.70 per share.

OVS rose 0.9 percent, on its fourth consecutive bullish candle after good annual numbers. The company announced Thursday that it ended the year ended Jan. 31, 2024 with a reported net profit of EUR52.4 million, up from EUR39.6 million in the same period last year.

The board of Piaggio & C. -- in the green by 0.1 percent -- on Monday confirmed Matteo Colaninno as executive chairman of the board and Michele Colaninno as chief executive officer.

On a negative note--clear minority of the list--Ferretti slipped 3.2 percent, after the 1.0 percent gain with which it closed Monday evening.

On the Small-Cap, IVS Group closed up more than 10 percent. Lavazza and IVS Partecipazioni announced a tender offer for IVS Group Spa at EUR7.15 per share, aiming to delist the company. IVS Group closed the April 22 session at EUR6.44, for a market capitalization of EUR586.8 million. The offer represents a premium of 11 percent to the price on April 19, the last trading day before the announcement, and 19 percent to the weighted arithmetic average of prices over the past six months. In response, the stock rose 11 percent in the stock market to EUR7.12.

CSP International - up 2.9 percent - reported ending 2023 with a net profit of EUR100,000, down from EUR500,000 as of Dec. 31, 2022. Turnover in the period stood at EUR91.6 million from EUR94.2 million in 2022.

Tessellis - in the green by 1.7 percent - reported Friday that it had received a notice from Jefferies Financial Group Inc. in connection with the acquisition of the indirect controlling interest. Specifically, Jefferies Financial Group notified the company of the acquisition of the majority of voting rights in Opnet - which holds 59.26 percent of Tessellis' share capital - through its subsidiary BEI Italia Wireless, following the conversion of convertible preferred shares into ordinary shares, held by BEI Italia Wireless in Opnet.

AlgoWatt, on the other hand, gave up 2.3 percent, following the eve's decline that closed with minus 0.4 percent.

Among SMEs, Ecosuntek advanced 8.3 percent, closing its third consecutive session with a bullish candle.

Altea Green Power advanced 5.0 percent, on the heels of eve's 1.0 percent gain.

Redelfi -- in the green by 8.0% -- announced Monday that it has signed, through its wholly owned U.S.-registered subsidiary Redelfi Corporation, with Elio Energy Group, a U.S. developer already a partner in BESS Power Corporation, the operating agreements for the development of an additional 2.4 GW of Battery Energy Storage System projects in the U.S. territory. The new pipeline will be developed by the U.S.-registered newco Redelio Renewables, in which Redelfi Corp. and Elio Group have a 50 percent stake, respectively.

Bellini left 2.3 percent on the parterre, subject to profit taking after four bullish sessions.

Prismi, on the other hand, dropped 2.9 percent after it reported that it closed 2023 with a net loss of EUR11.3 million from one of EUR10.8 million as of Dec. 31, 2022. During the period, production value stood at EUR18.3 million, down from EUR20.9 million in 2022.

In New York overnight Europe, the Dow Jones rallied 0.7 percent, the S&P advanced 1.2 percent, and the Nasdaq took home 1.6 percent.

In Asia, the Hang Seng rallied 2.1 percent, the Shanghai Composite posted a plus 0.5 percent, while the Nikkei advanced 2.4 percent.

Among currencies, the euro changes hands at USD1.0697 from USD1.0702 on Tuesday in closing European equities while the pound is worth USD1.2445 from USD1.2442 on Tuesday evening.

Among commodities, Brent crude is worth USD88.49 a barrel from USD87.54 a barrel Tuesday evening and gold trades at USD2,328.03 an ounce from USD2,320.74 an ounce Tuesday evening.

Wednesday's macro calendar includes at 1000 CEST from Italy the level of business and consumer confidence, while business expectations and the IFO business index are expected from Germany.

At 1110 CEST, a six-month bond auction is scheduled in Italy.

In the afternoon, from the US, at 1430 CEST coming up is the mortgage report and the durable goods report, while at 1630 CEST it will be the turn of the EIA report on refineries. At 1900 CEST, on the other hand, an auction of Treasury bonds with a five-year maturity is scheduled.

The corporate calendar includes quarterly results from Moncler and Maire Tecnimont, among others.

By Maurizio Carta, Alliance News reporter

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