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The continent-wide STOXX 600 index was down 0.3% by 0713 GMT, extending a rout from last week after dismal euro zone data pointed to an economic downturn and added to worries over hawkish central bank moves.
Oil and gas and mining stocks fell 1.1% and 2.1%, respectively, as crude and metal prices dropped due to a surging dollar and fears of lower demand from an expected global recession. [O/R][MET/L]
Germany’s main index dipped 0.1% ahead of September business sentiment data at 0800 GMT.
However, Italy’s FTSE Mib index rose 0.7%, led by gains in financial stocks, after the centre-right coalition won a clear majority in both houses of parliament in Italy’s general elections.
European financial markets will carefully scrutinize Meloni’s early moves – starting from her ministerial picks – given her eurosceptic past and her allies’ ambivalent position on Russia.
