Prices of industrial metals rose on hopes of a recovery in demand from top consumer China and amid support from global mining supply disruptions. This also boosted oil prices, lifting European energy stocks by 0.1%. Forvia, the European car parts maker born from Faurecia's takeover of Hella , forecast upbeat 2023 sales, sending Faurecia nearly 5% higher to the top of the STOXX 600. Austria's Raiffeisen Bank International fell 6.5% after Reuters reported the United States' sanctions authority launched an inquiry into the lender over its business related to Russia. Markets across the world were bogged down for much of last week after hotter-than-expected U.S. inflation data added to a growing pile of evidence that aggressive rate hikes have not yet cooled prices to the Federal Reserve's satisfaction. U.S. markets were closed on Monday for the Presidents' Day holiday. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Savio D'Souza)
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Feb 20 (Reuters) - European shares opened higher on
Monday, boosted by miners on bets of demand recovery in China
and a jump in car parts maker Faurecia after an upbeat forecast.
The pan-European STOXX 600 index edged 0.1% higher,
with the basic resources sector index rising 0.9%.
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