European stocks open higher, Telecom Italia shares jump

European stocks started trading higher today, Monday, and Telecom Italy shares jumped to the top of the European Stoxx 600 index, while mining stocks fell after China set a modest target for annual growth.

According to “Reuters”, the Stoxx 600 index increased by 0.2 percent by 0807 GMT, after recording the best weekly performance since the beginning of the year.

Shares of Telecom Italia jumped 4.1 percent after the Deposit and Loan Fund (CDB) announced on Sunday that its board of directors had approved a non-binding offer related to the company’s fixed-line network, which had a monopoly on telephone services, and indicated that the offer would remain valid until 31, March.

China announced at the National People’s Congress its target for economic growth of about five percent at the lower end of the forecast range. The European basic resources index fell 1.2 percent, tracking the impact of a drop in basic metal prices

The focus of investors this week is on the jobs report in the United States and the testimony of Federal Reserve Chairman (US Central Bank) Jerome Powell before Congress, which is scheduled to begin on Tuesday and continue over two days.