# Telecom Italia tops Europe’s STOXX 600 amid spiking COVID-19 cases Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-11-24 Category: INVESTING Category URL: https://financedigest.com/category/investing Meta Title: European Shares End Losing Streak Amid COVID-19 Concerns Meta Description: Telecom Italia shares surge 15.6% as European stocks rebound, but fears around COVID-19 and restrictions linger. STOXX 600 index climbs 0.1%. URL: https://financedigest.com/telecom-italia-tops-europes-stoxx-600-amid-spiking-covid-19-caseshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2021-11-24t092507z1lynxmpehan0bkrtroptp4europe-stocks-1736836991395-compressed.jpg) By Anisha Sircar and Shreyashi Sanyal (Reuters) -European shares ended a four-day losing streak on Wednesday with shares of Telecom Italia leading gains, but fears around Europe’s worsening COVID-19 situation and the prospect of severe restrictions restrained the market. The pan-European STOXX 600 index climbed 0.1% after recording its worst session in nearly two months on Tuesday amid a continental resurgence in coronavirus cases and fears of rising interest rates. Telecom Italia surged 15.6%, lifting the European telecoms sector by 1.2%, following news reports that KKR is considering boosting its offer for the company after [top investor](https://www.financedigest.com/top-ten-biggest-mistakes-by-novice-investors-and-how-to-avoid-them.html "TOP TEN BIGGEST MISTAKES BY NOVICE INVESTORS – AND HOW TO AVOID THEM") Vivendi called the initial one too low. European stocks are on course for weekly losses as the return of COVID-19 curbs, [rate hike and inflation concerns sparked fears of a weaker economic](https://www.financedigest.com/sp-warns-of-possible-economic-blow-hit-to-japan-inc-from-boj-rate-hike.html "S&P warns of possible economic blow, hit to Japan Inc from BOJ rate hike") growth outlook. Travel stocks slid by over 1.0% on Wednesday, extending their declines to a seventh straight day. People are waiting to [see what impact COVID measures will have on economic growth in Q4 and next year](https://www.financedigest.com/10-year-david-goliath-crusade-finally-sees-justice-for-off-plan-spanish-property-buyers.html "10 year ‘David & Goliath’ crusade finally sees justice for off-plan Spanish property buyers"). If the situation deteriorates and we see more aggressive responses from governments, there will be concerns over the overall European economic growth profile,” said Nick Nelson, head of European equity strategy at UBS. Indeed, spiking coronavirus cases and supply chain constraints clouded Germany’s growth [outlook as the Ifo institute said business](https://www.financedigest.com/lighting-maker-signify-cuts-2022-outlook-again-on-china-business-lighting.html "Lighting maker Signify cuts 2022 outlook again on China, business lighting") morale deteriorated for the fifth month running in November, pushing the country’s benchmark index 0.4% lower. By far the [biggest fall was in the services sector](https://www.financedigest.com/japans-factory-output-posts-biggest-fall-in-8-months-on-weak-autos-chips-sectors.html "Japan’s factory output posts biggest fall in 8 months on weak autos, chips sectors"), which shows that the hospitality business was struggling in the first half of the month…Even when permitted to go to the shops and restaurants, consumers were increasingly [choosing to avoid](https://www.financedigest.com/mistakes-to-avoid-while-choosing-a-private-money-lender.html "Mistakes To Avoid While Choosing a Private Money Lender") crowded spaces,” said Andrew Kenningham, chief Europe economist at Capital Economics. Meanwhile, German Social Democrat Olaf Scholz said he had [reached a deal](https://www.financedigest.com/analysis-g7-fails-to-reach-intervention-deal-to-ease-pain-of-soaring-dollar.html "Analysis-G7 fails to reach intervention deal to ease pain of soaring dollar") with the Free Democrats and Greens to form a new coalition government that will end the Angela Merkel era. Higher [copper prices driven by easing fears of Chinese demand lifted miners](https://www.financedigest.com/copper-miner-teck-resources-rejects-glencores-22-5-billion-offer.html "Copper miner Teck Resources rejects Glencore’s .5 billion offer") by 0.2%, while energy stocks rose 0.7% after crude prices inched higher. \[MET/L\] \[O/R\] Shares in British inspection and product testing company Intertek rose over 6% after [reporting strong](https://www.financedigest.com/strong-nighttime-earthquake-jolts-sleeping-mexicans-at-least-one-death-reported.html "Strong nighttime earthquake jolts sleeping Mexicans, at least one death reported") growth in quarterly revenue. German medical equipment [maker Draegerwerk plunged 12.0% after saying](https://www.financedigest.com/sega-sammy-says-it-is-considering-buying-angry-birds-maker-rovio.html "Sega Sammy says it is considering buying Angry Birds maker Rovio") it expected sales and earnings to drop next year, citing weak demand for pandemic-related products. (Reporting by Anisha Sircar and Shreyashi Sanyal in Bengaluru; Editing by Shailesh Kuber and Mark Heinrich) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---