MILAN (Reuters) - Negative indexes in Piazza Affari and more broadly in European markets after Asian stock markets closed lower this morning at one-month lows.

July U.S. inflation data released yesterday showed a month-on-month reading identical to the previous month's at 0.2 percent, and perhaps investors were expecting a further downward surprise.

However, the books are thin and the trading rooms quite empty ahead of the August bank holiday week.

Around 9.40 a.m. the Ftse Mib index retreats 0.38 percent.

Also rallying today was Tim (+2.2%) after the signing of a memorandum of understanding between Kkr and the Ministry of Economy and Finance that provides for the entry of Mef into Netco for a stake of up to 20%. According to one trader, with the trading rooms empty, the market is focusing on the tlc group's stock. And this time it looks like the match on the network will go through even though the stock has already rallied a lot in the last two sessions and thus may have already exhausted the upward momentum.

Banks slow down after rebounding in the last two sessions. The banking basket gives up 0.7 percent, with Banco Bpm at -0.7 percent, Mps at -1 percent, and Bper at -0.35 percent. Biggies Intesa Sanpaolo and UniCredit between 0.7% and 0.9%.

Purchases also on Saipem, which jumps just under 4% again on the heels of announcements of new contracts, one from Eni Congo and the other from BP, worth a total of about $700 million.

Down sharply is Stellantis, which retreats 2.3 percent.

(Giancarlo Navach, editing Andrea Mandalà)