Commodity stocks pull European STOXX 600 lower; Italian stocks rise

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Europe’s STOXX 600 index fell for the third straight session on Monday on concerns over an economic slowdown, although Italian stocks outperformed after the right-wing coalition led by Georgia Meloni looked set to win the country’s general election .

The continent-wide STOXX 600 index was down 0.3% at 0713 GMT, extending a rout from last week after dismal eurozone data pointed to an economic slowdown and added to concerns over the warmongering movements of the central bank.

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Oil, gas and mining stocks fell 1.1% and 2.1%, respectively, as crude and metals prices fell on the rising dollar and fears of lower demand due to an expected global recession.

Germany’s main index fell 0.1% ahead of September business climate data at 0800 GMT.

However, Italy’s FTSE Mib index rose 0.7%, driven by gains in financial stocks, after the centre-right coalition won a clear majority in both houses of parliament in Italy’s general election.

European financial markets will carefully scrutinize Meloni’s first steps – starting with his ministerial choices – given his eurosceptic past and the ambivalent stance of his allies on Russia. (Reporting by Devik Jain in Bengaluru; Editing by Saumyadeb Chakrabarty)


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