Session without major shakeups in Piazza Affari. Prevailing among investors is caution ahead of Wednesday's U.S. inflation data, which will close the macroeconomic readings that could steer the Fed toward a rate cut on Dec. 18.

On Thursday, however, it will be the turn of the ECB, which is expected to cut rates by 25 basis points.

U.S. stock futures also stalled with markets still at all-time highs.

In Milan, around 12:30 p.m. the Ftse Mib gives up a fractional 0.10 percent. Very low volumes of 720 million euros.

Few cues to report at the moment.

Stocks in evidence today

On the banking front, there is some calm today. Up slightly are Intesa (+0.3%) and Unicredit (+0.18%). Some cues on Banco Bpm, which rises 0.85%, after Credit Agricole said it will consider in the next six months whether to further increase its stake beyond what it will have with the execution of derivatives, however within 19.99% of capital. Mps also rallied, advancing 0.90 percent. The newspaper la Repubblica writes that Credit Agricole would agree to approve the merger of Banco Bpm with Mps, allowing itself to be diluted and return to the initial 10 percent. Equita notes how "the transaction could have great strategic value for Credit Agricole, which would have the opportunity to hold an important stake to negotiate or expand any existing partnerships with Banco Bpm, both in the case of Unicredit-Banco and of Banco with Mps."

Snam (-0.25%) sold after Hsbc cut its recommendation to 'hold' from 'buy,' indicating a target price of 4.9 euros from 5.2.

Rebounded Tim's initial jump to +0.12% after Barclays raised recommendation to 'overweight' from 'equal weight' while cutting target price to €0.32 from €0.38.

The oil sector is also down, with Eni and Saipem down 0.67 percent and 1.3 percent respectively.

Realizations also on Leonardo, which loses 1.2%. Citigroup removed the company from its Focus list Europe.

Luxury retreats somewhat after yesterday's rally, with Moncler down 0.50%, Cucinelli down 1.3% and Ferragamo down 0.15%.

Outside the basket, Beghelli jumps 42% to 0.329 euros, adjusting to the price of 0.3375 euros per share recognized by rival Gewiss, which has taken over 75.04% of the company's capital from the shareholder family and will launch an Opa aimed at delisting, thus continuing the trend of many companies leaving Piazza Affari.

(Giancarlo Navach, editing Claudia Cristoferi)