Piazza Affari also gets off to a positive start today with the blue chip index revisiting the 34,000 point level.

Volumes are expected to be rarefied on U.S. Independece Day with overseas markets closed for the holiday.

In Tokyo, the stock market closed at all-time highs thanks to buying on banks and autos.

Politically, the 'highlight' event in Europe is the U.K. election, where the only real unknown is how overwhelming the Labour majority will be after even Conservative ministers admitted they are headed for an unprecedented defeat.

Around 9:30 a.m. the Ftse Mib is up 0.73 percent, returning just above 34,000 points, a level it has not seen since June 13.

In the banking sector, the rally in Mps continues, up about 0.7 percent as investors return to thinking about the Treasury's next moves on the remaining 26.7 percent stake it holds in the Siena-based bank after the lock-up expires. The government is aiming for an industrial deal on a model similar to the one carried out for Ita Airways-Lufthansa, Economy Minister Giancarlo Giorgetti said yesterday.

Also very tonic is Bper, which with a rise of about 2 percent extends the rally put in yesterday after Unipol signed a 'share swap' on 4.77 percent of the capital, rising to 24.62 percent of the Emilian bank.

Money a bit across the board with UniCredit at +1.1% and Intesa at +0.5%.

Leonardo also up 1.3% after agreeing yesterday with Germany's Rheinmetall to create a new joint venture with European scope in the field of land defense systems, particularly tank development.

Cues on Diasorin, which advances 1.5% and continues on its recent bullish trail.

Down on oil services, such as Saipem and Maire down 1.2% and 0.64%, respectively.

Particularly tonic is Sys-Dat, which a few days after its stock market debut rises 2.7 percent to 3.69 euros, above the placement price of 3.4 euros.

(Giancarlo Navach, editing Sabina Suzzi)