Piazza Affari continues its session with indexes hovering just above parity. The day remains particularly subdued as investors keep their focus on the anticipated moves from the Federal Reserve next week.

The probability of a 25-basis-point rate cut by the FOMC on Wednesday has risen to 87%, according to CME Group's FedWatch tool, strengthening over the past week after ADP data showed an unexpected drop in U.S. employment for November.

On the agenda at 4:00 p.m. is the U.S. September indicator for personal consumption expenditures, one of the key signals the Federal Reserve uses to gauge inflationary pressures.

U.S. futures are also signaling a stable start for American equities this afternoon.

Around 12:40 p.m., the Ftse Mib index is up a marginal 0.15%. Trading volumes are moderate, around 1 billion euros, indicating that investors are not taking significant positions at this stage.

Stocks in focus today:

** FINCANTIERI is in strong demand, up 5.1%, nearing its entry into the Ftse Mib index and thus attracting portfolio adjustments from money managers.

** LEONARDO remains flat.

** Several broker reports are weighing particularly on ENI, which is down 2.2% after JP Morgan downgraded its recommendation to 'underweight' from 'overweight' and set a target price of 15.5 euros.

** Among banks, CREDEM loses 0.3% after Barclays downgraded its recommendation to 'underweight' from 'equal-weight'. MEDIOBANCA is also being sold (-0.40%) following another Barclays downgrade to 'underweight' from 'equal-weight', with a target price cut to 17.5 euros from 17.9. In the sector, major banks UNICREDIT and INTESA SANPAOLO are positive, up between 0.3% and 0.5%. MPS is little changed on the day of its board meeting.

** TECHNOGYM also benefits from broker action, rising 3.3% to new all-time highs at 16.45 euros after Berenberg raised its target price to 18.6 euros from 15.2 euros.

** Selective interest in AVIO, which gains 2.7% after estimates of new contracts worth over 600 million euros for the 2026-27 period from ESA. According to Intermonte, "the outcome is slightly better than our expectations, which estimated around 550 million in new assignments."

** BASIC NET also rallies, up 5.8% following last night's announcement of the acquisition of the Sundek brand, along with 100% of Kickoff, the current owner and manager of the brand, controlled by Winnie.

** ARISTON is also in demand (+2%) amid newspaper speculation that the company has submitted a binding offer to acquire Riello.

** TREVI FINANZIARIA soars 8.5% on expectations related to the reconstruction in Ukraine.

** Finally, utilities are being sold, with ENEL down 0.6% and ITALGAS losing 1%.

(Giancarlo Navach, editing by Sabina Suzzi)