Indices remain positive in Piazza Affari, and more broadly on other European stock exchanges, while on Wall Street stock index futures move at a more cautious pace.

Investors' spotlight is on the important U.S. inflation data in the early afternoon, which will give indications on the health of the world's leading economy just days before the new Trump administration takes office.

Expectations are for a slight year-over-year increase to 2.9 percent from 2.7 percent. Higher-than-consensus data could further cool money markets' expectations for the Federal Reserve's path of monetary easing.

Around 12:30 p.m. Ftse Mib rises 0.63% to session highs. Volumes around 900 million.

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Saipem swerves, coming in to lose 5% at the start, then recovering, settling at -3.5%. A trader cites Bloomberg's indiscretion that the company faces increased costs in its French wind project due to drilling difficulties.

Banks in short order with biggies UniCredit and Intesa up 1% and down 0.06% respectively. Banco Bpm, under Ops by Unicredit, advances 1% and touches a new high since January 2016 at €8.23.

On the upside front, Prysmian soars 2.85% after Citi raised its target price to 73 euros from 69 euros previously ahead of its fourth quarter results.

The best on the list is Iveco, which gains 6.66% again on the upgrade effect, in this case from Kepler Cheuvreux, which moves to 'buy' from 'hold' and target price to 11.5 euros from 11.

Slightly up on Tim at +0.23%, while Nexi, at the bottom of the basket, fails to pick itself up, down 2.4% following yesterday's new thud. Pulling the shares down yesterday was a report by Morgan Stanley, which cut its recommendation to 'underweight' from 'equal weight,' highlighting the Italian payments company's greater growth risks compared to its competitors.

(Giancarlo Navach, editing Stefano Bernabei)