Yesterday on Wall Street the Dow Jones closed up 1.65 percent supported by a strong start to the bank earnings season and slightly slowing U.S. core inflation on year that revived hopes of rate cuts by the Fed this year.
The Tokyo Stock Exchange also did well.
Around 9:55 a.m., the Ftse Mib rose 0.78 percent to 35,924 points.
Luxury sector euphoric in Piazza Affari and Europe after Richmont's well-above-expected quarterly results, which are prompting investors to buy stocks, such as Moncler (+6.5%) and Ferragamo (+4.5%), which have been heavily sold recently. Brunello Cucinelli is also doing well, advancing 1 percent. In addition, Banca Akros initiated coverage on Cucinelli with a recommendation of 'buy' and target price of 130 euros. Beginning coverage also for Moncler with 'accumulate' and target price of 55 euros, while on Salvatore Ferragamo the broker is 'neutral' with target price at 6.5 euros.
The flow of selling on Saipem (-0.8%) does not stop, adding to yesterday's 4.8% thud penalized by press rumors that the company faces increased costs in its French wind project due to drilling difficulties. According to Banca Akros, "the main issue now is the pace of the drilling campaign about which there is little visibility."
Always well collected banks with biggies UniCredit and Intesa up just above 1%. Banco Bpm, under Ops by UniCredit, advances 0.85 percent and renews January 2016 highs at 8.33 euros.
Leonardo rises 1.4% after Morgan Stanley revised its recommendation upward to 'overweight' from 'equal weight', with a target price of 35 euros, up from 25 euros previously.
Among utilities cues on Iren, which outperforms the market with a 2.2 percent jump.
After several negative sessions, it rebounds about 2 percent on Nexi, which moves to all-time lows.
Finally, among the minors De Longhi jumps 5.9 percent after the announcement that from around 1.4 percent of capital equal to a 60 million euro share buyback aimed at compensation plans will start.
(Giancarlo Navach, editing Andrea Mandalà)