European stocks commence March on a stable note

European stocks rose thanks to miners and luxury products on Wednesday, after strong data from China reassured investors who had fears of an economic slowdown, while a decline in BNP Paribas, the largest bank in the euro area, limited gains.

According to “Reuters”, the European Stoxx 600 index rose 0.2 percent, by 0812 GMT, starting the month with confidence after a strong start to the year.

Factory activity in China in February grew at the fastest pace in more than a decade, which is an exceptional case in Asia, as manufacturing growth stalled elsewhere.

Shares of luxury products companies such as LVMH, Kering, Pernod Ricard and Hermes International, which are expanding greatly in China, rose between 1.7 and 2.1 percent.

The European basic resources index jumped 3 percent, while BNP Paribas shares fell 2.9 percent after announcing the readiness of a Belgian government entity to sell a third of its 7.8% stake in the bank.