European shares open higher on Telecom Italia boost

Investor focus this week will be on Friday's U.S. payrolls report and Federal Reserve Chair Jerome Powell's two-day testimony before the Congress, starting Tuesday.

European shares opened higher on Monday, with shares of Telecom Italia jumping to the top of the continent-wide STOXX 600 index, while mining companies slid after top consumer China set a modest annual growth target.

The STOXX 600 index was up 0.2% by 0807 GMT, after clocking its best week since the beginning of the year. Shares of Telecom Italia (TIM) jumped 4.1% as Italian state lender CDP said on Sunday its board had approved a non-binding offer for the fixed-line network of the former phone monopoly, adding it would be valid until March 31.

China set its economic growth target at about 5% at its National People's Congress, towards the lower-end of expectations. The European basic resources index slipped 1.2%, tracking a drop in prices of base metals. Investor focus this week will be on Friday's U.S. payrolls report and Federal Reserve Chair Jerome Powell's two-day testimony before the Congress, starting Tuesday.

 

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