European shares rose slightly on Monday as investors geared up for a busy week of key economic data and earnings from major U.S. companies.
The pan-European STOXX 600 index climbed 0.2% to reach 519.80 points as of 0815 GMT, following its first weekly loss in three weeks on Friday.
The energy sector, which fell by 1.7%, weighed on the benchmark due to a 5% drop in oil prices after Iran downplayed Israeli strikes.
In contrast, the travel and leisure sector, including airline stocks, saw an increase of about 1%.
Philips saw a significant decline of 13% after the Dutch medical devices manufacturer lowered its sales forecast for the year.
Later in the day, European Central Bank Vice President Luis de Guindos is expected to speak. Sweden’s preliminary GDP figures and September retail sales will be released on Tuesday.
On Wednesday, the Eurozone will disclose preliminary flash GDP, consumer confidence, and economic sentiment data, while Germany will release consumer price figures, flash GDP, and employment statistics.
Spain’s estimated GDP, Italy’s preliminary GDP, and the British budget will also be announced on Wednesday. Additionally, CPI data for the Eurozone, France, and Italy is set to be released on Thursday.
Global market sentiment will be further influenced by earnings reports from five members of the “Magnificent Seven” group of U.S. megacap companies.
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