Piazza Affari confirms the moderately positive tone of these first few sessions of the new year and moves up slightly, in line with other European listings, buoyed in particular by the financial sector, which continues to show vibrancy on the M&A front.

Investors in risky assets remain cautious on fears that, in light of the latest positive indications coming from the U.S. economy, the Fed may slow the pace of monetary policy easing.

In this context, Friday's data on the labor market and next week's data on inflation will be relevant. Meanwhile, the focus tonight will be on the Fed's minutes from its December meeting, in which the U.S. central bank made a 'hakwish' cut.

Around 10.15 a.m. the Ftse Mib is up 0.16 percent.

Leading the index Leonardo is up 3.5 percent, amid a positive backdrop for the entire European defense sector buoyed by US President-elect Donald Trump's call for raising military spending on NATO countries' GDP from 2 percent to 5 percent.

Among banks UniCredit rises 1.9 percent, while Bper and Pop Sondrio both advance about 1 percent.

Remaining among financials, outside the Ftse Mib, illimity Bank runs +7.3% above the price of the 298 million euro Opas launched by Banca Ifis, which instead gives up 0.6%.

Also strong is doValue thanks to the 'Buy' recommendation with which Kepler Cheuvreux restarted coverage with a target price of 2.3 euros.

At the bottom of the Ftse Mib down ERG at -1.6%, STM and Interpump both -1.4%.

(Andrea Mandalà, editing Stefano Bernabei)