European Shares Mostly Higher In Cautious Trade; Miners Underperform

stockmarkets dec12 06mar23 lt

European stocks were broadly higher on Monday as investors awaited a testimony by Fed Chair Jerome Powell and the U.S. jobs report this week for further clarity on the rate outlook.

Meanwhile, data showed earlier in the day that a measure of German construction PMI reached a 11-month high in February.

Separate data showed, U.K. construction activity jumped to a 9-month high in February.

The Eurozone Sentix Investor Confidence index worsened to -11.1 in March from -8.0 in February.

The pan-European STOXX 600 was up 0.2 percent at 465.30 after gaining 0.9 percent on Friday.

The German DAX rose 0.4 percent and France's CAC 40 index climbed 0.6 percent while the U.K.'s FTSE 100 was down 0.2 percent, dragged down by miners after top consumer China set a modest annual growth target for 2023.

Anglo American, Antofagasta and Glencore fell 2-3 percent as most base metals prices declined.

British marine services provider James Fisher & Sons slumped 4.6 percent after selling its nuclear business for a nominal consideration.

Clarkson, a provider of shipping services, jumped 5.5 percent after reporting a rise in preliminary earnings for 2022.

ENI SpA, an Italian energy company, gained 1 percent after signing a MoU with Abu Dhabi National Oil Company to further strengthen their future joint efforts in emissions reduction and cooperation in clean energy and sustainability.

Telecom Italia shares rose over 3 percent after Italian state investor CDP and Australian fund Macquarie submitted a joint bid for the fixed network of the company.

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