The last session of the first half of the year continues positive in Piazza Affari as it awaits the important afternoon data on the U.S. Pce 'core' index for May, the indicator most closely monitored by the Fed to measure inflation.

Aside from some minor end-of-quarter portfolio adjustments, European equities offered few insights in the first part of the session - little impact from inflation data in France, Spain and Italy - with investors more focused on the bond front, especially French paper ahead of the first round of French elections this weekend.

Around 1 p.m., the Ftse Mib is up 0.49 percent after three consecutive sessions of declines, a trend that would allow the Milan stock exchange's main index to close the week just above par. Negative, however, are the monthly and quarterly balances, around -3% and -4%, respectively.

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Among bankers rearing their heads again after three sessions of letters, Banca Mps stands out, up 2%. The dossier on the Siena-based institution is heating up again with the expiration next week, on July 2, of the lock-up on the remaining 26.7 percent stake held by the Mef.

Also among the main risers in the sector were Intesa Sanpaolo, +1.3%, Banco Bpm +0.5%, while Bper remains behind, down 0.8%.

The positive trend in oil prices, set for the third consecutive weekly rise, supports stocks in the sector with Tenaris at +2.5%, Saipem +1.8% and Eni +0.9%.

Purchases also on industrial stocks such as Iveco +2.9% and Leonardo, along with Brembo (+1.2%) benefiting from the 'buy' with which Deutsche Bank initiated coverage on the brake manufacturer.

At the bottom of the Ftse Mib Brunello Cucinelli loses more than two points on profit-taking after yesterday's run, and Terna 1.7%, bucking the positive trend in the utility sector, after Goldman Sachs cut its recommendation on the stock to 'sell' from 'neutral'.

(Andrea Mandalà, editing Sabina Suzzi)