Europe stocks firm, healthcare losses erase impact of mining gains

European stocks began trading on Tuesday on a stable note after losses in health care stocks somewhat erased the jump achieved by mining stocks, amid anticipation of the European Central Bank’s monetary policy meeting scheduled for later this week.

According to Reuters, the European STOXX 600 index settled at 472.66 points by 0822 GMT.

Shares of industrial and precious metals companies jumped 1.4% to be the best performers among various sectors, supported by the rise in metal prices following a report revealing that the Chinese authorities are considering mobilizing about two trillion yuan ($278.98 billion) to achieve stability in the metals market.

Industrial stocks rose, supported by a 2.2% rise in Schindler Holding shares, after Jefferies Financial Group changed its recommendation for the Swiss elevator manufacturer’s stock to “buy” from “hold.”

Healthcare stocks fell 0.36%, undermining the performance of the main index.

Among other factors that affected the movement of the European index, Swatch stock fell 3.4% after the largest watchmaking company in the world failed to meet market expectations for its results in 2023.

On the economic data front, preliminary estimates of consumer confidence in the euro zone are scheduled to be released at 1500 GMT.