Positive momentum continues at Piazza Affari at the start of the year, with the Ftse Mib index reaching new highs not seen since the end of 2000.

Other European markets are also in the green, while Wall Street futures point to a flat opening for U.S. stock indices this afternoon after yesterday's record close.

There are no major themes driving Milan today, given that it is Epiphany, a public holiday, though financial markets remain open.

On the macro front, attention is focused on Friday's U.S. jobs data.

Oil prices are posting a slight increase, as the market weighs expectations for ample global supply this year, with uncertainty over Venezuelan crude production following the capture of President Nicolas Maduro by the United States.

Around 13:00, the Ftse Mib index was up 0.30%, after reaching 46,193 points, the highest level since late November 2000. Trading volumes are around 1.35 billion euros.

Stocks in focus today

** The banking sector's early gains have moderated, with the sector index up 0.2%. UNICREDIT is advancing by 0.35% after earlier rising more than 2%, while fellow heavyweight INTESA is up 0.25%. POPOLARE SONDRIO remains well-bid, gaining 1.2% and revisiting record highs at 17.91 euros.

** TIM is also in demand, up 1.8% after reaching 0.52 euros, a level not seen since late October. A broker cited recent rumors about possible M&A scenarios among competitors.

** After an uncertain start, the rally in the defense sector continues unabated due to ongoing geopolitical tensions worldwide: LEONARDO is up 0.9%, adding to the double-digit jump seen over the last three sessions. FINCANTIERI is also performing well, up 1.45%.

** STM's positive run continues, rising 2.4% thanks to a "read across" effect from U.S. competitor Microchip, which last night said it expects revenues of USD 1.19 billion for the quarter ended December, above previous guidance. According to Equita, "there are also marginally positive signals for STM, which is exposed to the same markets."

** DIASORIN is also attracting buying interest, with shares up 3.3%, after being largely overlooked last year.

** Among industrials, PIRELLI is up 2% on expectations of governance developments at the group, while STELLANTIS turns negative, down 0.6%.

** Oil-related stocks are performing well, with oil services SAIPEM up 1.9% and TENARIS up 0.95%.

** Outside the main index, AEFFE is seeing heavy selling, ending up in a volatility auction with shares down 2.9%.

(Giancarlo Navach, editing by Stefano Bernabei)