© Reuters. Frankfurt Stock Exchange, Germany 02/06/2023 REUTERS/Staff
By Shreyashi Sanyal and Bansari Mayur Kamdar
(Reuters) – European stocks rose slightly on Monday as sustained gains by miners on bets of a recovery in demand in China offset a slump in industrials and shares of Telecom Italia. The pan-European index closed up 0.1% ahead of a series of economic data to be released this week. The Core Resources Index rose 2.4% after industrial metals prices rose on hopes of a recovery in demand from top consumer China and on support from disruptions to global mineral supplies. Global markets were under pressure for most of last week after stronger-than-expected US inflation data added to a growing pile of evidence that aggressive rate hikes still haven’t cooled prices enough in the Fed’s view. Reserve. “This feels a bit like a pause to assess what’s going on and a lack of direction really,” said Daniela Hathorn, senior market analyst at Capital.com. US stock markets are closed on Monday for a holiday. Industry and technology stocks, which are sensitive to rate movement, fell 0.3% and 0.6%, limiting gains in the STOXX 600. Telecom Italia (TIM (BVMF:)) fell 2.7%, with the failure to materialize a government-sponsored bid rivaling KKR’s bid for the former telephone monopolist’s prized network over the weekend. The EURO STOXX index, which brings together the main companies in the euro zone, fell 0.1%. On the economic front, euro zone consumer confidence rose 1.7 points in February from January, as expected, the data showed. (Reporting by Shreyashi Sanyal and Bansari Mayur Kamdar in Bengaluru, Editing)