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European Shares Remain Flat as Telecom Italia Holds Back Eurozone Stocks

european shares,european shares market,

Telecom Italia's decline, which led the decliners in Eurozone stocks, was offset by sustained gains in miners on expectations of a recovery in Chinese demand, resulting in a flat performance for European shares on Monday. 

The STOXX 600 index for all of Europe, which opened slightly higher, closed unchanged. 

The basic resources index.SXPP increased 1.4% as industrial metal prices increased amid expectations that demand from top consumer China will pick up and as a result of supply disruptions in the world's mines.

Major Eurozone corporations are housed in STOXXE, which fell 0.1%. TLIT for Telecom Italia (TIM). A government-sponsored offer that would have competed with KKR's offer for the valuable grid owned by the former phone monopoly over the weekend fell through, sending MI shares down 3%.

With stable 2023 sales predicted, Faurecia, the European auto component manufacturer that was created as a result of Faurecia's acquisition of Hella HLE.DE by Faurecia EPED.PA, rose nearly 4.0% to the top of the STOXX 600. 

The SXAP index for the European auto and auto part industry increased 0.6%.

Stronger-than-expected U.S. inflation data added to a mounting body of evidence that aggressive rate hikes have not yet successfully lowered prices to the Federal Reserve's satisfaction, weighing heavily on the markets around the world for much of last week. 

According to Daniela Hathorn, senior market analyst at, "it seems like a little bit of a pause to assess what's going on and a lack of direction really.

Following Reuters' report that the US sanctions agency had started looking into the lender over its business with Russia, Raiffeisen Bank International in Austria saw a decline of almost 7%.

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