Euro zone Jan retail sales data expected later in the day
Telecom Italia up on CDP nonbinding fixedline network offer
Belimo drops to bottom of STOXX on 2023 margin concerns

March 6 Reuters European shares rose on Monday, with Telecom Italia jumping to the top of the continentwide STOXX 600 index, while mining companies slid after top consumer China set a modest annual growth target.

The STOXX 600 index was up 0.2, after clocking its best week since the beginning of the year last week.

Shares of Telecom Italia TIM jumped 3.2 as Italian state lender CDP said on Sunday its board had approved a nonbinding offer for the fixedline network of the former phone monopoly that would be valid until March 31.

The European basic resources index slipped 1.9, tracking the drop in prices of base metals after China set an economic growth target at about 5, towards the lower end of expectations.

However, luxury stocks, another Chinaexposed part of the European market, rose in early trading. Shares of LVMH, Kering and Hermes International rose between 0.2 and 1.3.

Chris Beauchamp, chief market analyst at IG, said China is looking to boost the consumer side of the economy, gradually moving away from the oldfashioned stimulus that involved putting money into building roads, houses and railways.

As China39;s economy grows up and becomes more developed, in many ways that isn39;t linked to the heavy industrial side, which it has focused on a lot in the last 20 years.

Recent strong…