European stocks start the month of March on a stable note

European stocks rallied thanks to miners and luxury products on Wednesday, after strong data from China reassured investors fearing an economic slowdown, while a decline in BNP Paribas, the euro zone’s largest bank, limited gains.

The pan-European STOXX 600 index was up 0.2% by 0812 GMT, kicking off the month with confidence after a strong start to the year.

Factory activity in China in February grew at its fastest pace in more than a decade, an exception in Asia as manufacturing growth stalled elsewhere.

Luxury companies such as LVMH, Kering, Pernod Ricard and Hermes International, which are expanding strongly in China, rose between 1.7 and 2.1 percent.

The European basic resources index jumped 3 percent.

While BNP Paribas shares fell 2.9 percent after announcing the readiness of a Belgian government entity to sell a third of its 7.8 percent stake in the bank.