European shares rise with the focus on data, Fed’s Powell

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Broad-based gains saw the pan-European STOXX 600 index rise 0.3% by 0825 GMT, on track to break a three-day losing streak. The index is up around 6.4% for November, putting it on course for its second straight month in the black.

Luxury stocks were among the biggest boosts to the STOXX 600 on the day, followed by tech and energy stocks.

Miners underperformed, dropping 0.5% as iron ore and copper prices fell on demand fears after data showed China’s manufacturing and services activities shrank further in November to seven-month lows, stung by the country’s strict COVID-19 restrictions.

Rio Tinto (NYSE:RIO) fell 0.7%. The company said its iron ore shipments in 2023 would be in the same range as this year’s forecast, although costs would rise.

Investors will also be eyeing euro zone inflation data which is expected to have cooled year-on-year in November.