Indexes up cautiously at start of session in Piazza Affari, which consolidates positions after yesterday's rally.

Day currently devoid of cues with investors digesting the ECB's decision yesterday to cut interest rates by a quarter point, with that on deposits rising to 3.25 percent.

In the subsequent press conference, President Christine Lagarde stressed that she had "not opened the door to anything." However, markets are fully pricing in a new 25 basis point cut in December, when the possibility of a larger reduction-half a point-is seen at around 20 percent.

Also expected tonight are sovereign debt ratings from Fitch and S&P Global. In both cases the rating is 'BBB' with a stable outlook.

Around 9:30 a.m. the Ftse Mib index gains 0.17 percent.

Well collected Brunello Cucinelli up 2.2% on the heels of nine-month results announced last night. But soaring is the entire luxury sector, which was hit by the week's letter following the results of Lvmh and Ferragamo. The latter is up 4.4 percent, followed by Moncler at +2.9 percent.

Some realization on Poste Italiane, down 0.7 percent after yesterday's rally triggered by the announcement of the temporary suspension of the Treasury's placement process of a stake, which pushed away the impact of a securities offering on the market soon.

Banks sold off, hurt by Morgan Stanley's downgrade of its target price. UniCredit gives up 0.8 percent with the broker raising its target to 43 euros from 44; Intesa Sanpaolo retreats 0.6 percent (Morgan Stanley raised its target price to 4.7 from 4.8 euros); and Banco Bpm is down 1.5 percent (target dropped to 7.4 from 7.7 euros).

Outside the basket runs doValue up 6.4 percent in what appears with a rebound after a bearish trend that has lasted since mid-September.

Volatile Digital Value, which today gives up 2.6 percent after an 8 percent rebound yesterday that follows the stock's recent slump (-75 percent in the last four sessions). The company renewed its top management after the resignation of chairman and CEO Massimo Rossi, who is under investigation as part of a bribery and bid-rigging investigation against the public administration.

(Giancarlo Navach, editing Sabina Suzzi)