Euro Area Industrial Production MoM

Euro Area Industrial Production YoY

Euro Area Wage Growth YoY

Euro Area Labour Cost Index YoY Final

The FTSE MIB rose to around 51,800 on Wednesday after being nearly unchanged in the previous session, as a pause in the oil price rally and lower global bond yields eased pressure on markets. Investors now turned their attention to the Federal Reserve’s policy decision later today, with a 25-basis-point rate hike already fully priced in. At the sector level, technology shares outperformed, with STMicroelectronics and Prysmian each advancing nearly 2%. Banking stocks were also mostly in the green, including UniCredit (+1.3%), Mediobanca (+0.8%), Banco BPM (+0.8%), BPER Banca (+1.2%), and Banca Mediolanum (+0.4%). On the downside, oil major Eni declined 0.3%, while auto shares Ferrari and Stellantis fell 0.8% and 1.8%, respectively. On the data front, Italian annual inflation was confirmed at 3.3% in August, the highest level since September 2023.

FTSE MIB Moves Higher

The CAC 40 rose 0.4% to 8,118 on Wednesday, rebounding from a nearly four-month low hit in the previous session as weaker oil prices and lower bond yields supported equities. Markets now await the Federal Reserve’s monetary policy decision later today, with traders pricing in roughly a 93% chance of a 25bps hike and looking for guidance on the policy outlook. The European Central Bank recently raised its key interest rates by 25bps at its September meeting, citing persistent inflationary pressures linked to the Middle East conflict and warning that inflation is expected to remain above its 2% target for an extended period. Notable gainers included Schneider Electric (+1.3%), BNP Paribas (+1.1%), STMicroelectronics (+1.9%), and Legrand (+1.5%). In contrast, L’Oréal (-1.2%), Hermès (-0.8%), and Danone (-1.2%) declined.

French Stocks Recover

Frankfurt's DAX 40 rose 0.3% to near 25,490 on Wednesday, halting two sessions of losses, as softer oil prices and lower global bond yields provided some relief. This was despite ongoing tensions in the Middle East. Meanwhile, the focus turned to the Fed’s policy decision later in the day, with a 25-basis-point rate hike already fully priced in. The tech sector provided the main support, with stocks benefiting from the AI boom posting the largest gains. Hochtief, Infineon Technologies and Siemens Energy rose between 1.7%-3.2%. In the meantime, BMW shares rose by 1.7% after private bank Berenberg upgraded the automaker's stock from "Hold" to "Buy."

DAX Bounces Back

The FTSE 100 traded 0.5% higher on Wednesday after falling 0.4% in the previous session, as easing oil prices supported sentiment despite a fresh rise in UK inflation. Consumer prices increased 3.1% year-on-year in August, up from 2.9% in July and matching market expectations, although above the Bank of England’s 2.8% forecast. Higher motor-fuel prices, linked to the ongoing Iran conflict, and increased airfares contributed to the acceleration. Markets are now focused on the Federal Reserve’s decision later today and the Bank of England’s meeting on Thursday. Barratt Redrow surged more than 7% after reporting stronger-than-expected annual results, while Persimmon gained 3%. Banks including Standard Chartered, NatWest, Lloyds Banking Group and HSBC all rose more than 1.5% after JPMorgan forecast stronger third-quarter trading and investment-banking revenue. Entain fell more than 1% following reports that UK officials are considering higher taxes on slot machines.

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