European stocks open higher, jumping shares of Telecom Italia

European stocks started trading higher on Monday, and Telecom Italia shares jumped to the top of the European Stoxx 600 index, while mining stocks fell after China set a modest target for annual growth.

The Stoxx 600 index was up 0.2% by 0807 GMT, after posting its best weekly performance since the beginning of the year.

Shares in Telecom Italia jumped 4.1 percent after the Deposit and Loan Fund (CDP) announced on Sunday that its board had approved a non-binding offer for the fixed-line network for the former monopoly on telephone services, and indicated that the offer would remain valid until March 31.

China announced at the National People’s Congress its target for economic growth of about 5 percent at the lower end of the forecast range. The European basic resources index fell 1.2 percent, tracking a drop in base metal prices.

Investors’ focus this week will be on the US jobs report and Federal Reserve Chairman Jerome Powell’s congressional testimony, which is scheduled to begin on Tuesday and continue over two days.