Commodity stocks pull European STOXX 600 lower; Italian stocks rise

Content of the article

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.

Content of the article

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)