European stocks rise as Telecom Italia jumps 27%

European stocks rose on Monday, resuming gains after taking a pause for two sessions due to profit-taking, but today's gains remain curbed by renewed fears over the coronavirus spread in Europe, while Telecom Italia shares jumped 27% after a US investment firm expressed interest in a buyout.

The Stoxx Europe 600 index rose 0.2% as of 11:19 GMT, after closing lower by 0.3% on Friday, due to profit-taking from its all-time high of 490.58 points.

The pan index lost more than 0.1% last week, posting its first weekly loss in 7 weeks, due to profit-taking.

The mining sector saw the largest gains in Europe today, with a rise of more than 1.5%, thanks to the record rise in Telecom Italia stock.

Telecom Italia shares soared more than 27% in early trading, after the company received a takeover offer worth 10.8 billion euros or $12 billion from the US investment firm KKR.

S&P 500 futures rose 0.3% today ahead of Wall Street's opening, after the index closed 0.15% lower on Friday due to profit-taking.

Back to Europe, the Euro Stoxx 50 index rose 0.2%, France's CAC 40 rose 0.3%, and Germany's DAX index rose 0.2%, while the UK's FTSE 100 rose 0.5%.