European stocks advance supported by Chinese data and Wall ‎Street gains

European stocks rose slightly on Wednesday, with mining stocks rising thanks to strong Chinese data, while technology stocks received support from Wall Street’s rise last night amid optimism that the Federal Reserve (the US central bank) may begin… Cutting interest rates in March

By 0814 GMT, the European Stoxx 600 index rose 0.1% to 477.83 points after gains achieved by the main Wall Street indices last night of more than 0.4%.

According to Reuters, the basic resources sector was one of the biggest winners, rising 0.4%, with prices of most basic metals and iron ore increasing after data showed improved manufacturing activity in China, a major consumer, last month. Energy stocks also rose 0.6 percent

The technology sector, which includes major chip manufacturers in Europe, jumped 0.7 percent, following the impact of its counterparts from companies on Wall Street.

But the telecommunications and insurance sectors fell by 0.4% each, which limited the gains

Trading is expected to be weak as traders return from the Christmas holiday when there are only a few days left for trading in 2023.

Bayer shares rose 1.7% after the German group that produces medicines and pesticides said it had won a lawsuit filed by a California man who said he developed cancer as a result of his exposure to the weed killer Roundup that it produces.