European Shares Rise as Key Data and US Tech Earnings Loom

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 16, 2024. REUTERS/Staff/ File Photo

(Reuters) - European shares edged up on Monday as investors prepared for a busy schedule of key economic data releases and earnings from major U.S. companies.

The pan-European STOXX 600 was up 0.2% at 519.80 points as of 0815 GMT. It logged its first weekly loss in three weeks on Friday.

The energy sector, which fell 1.7%, weighed on the benchmark. Oil prices tumbled 5% after Iran downplayed Israeli strikes. [O/R]

Meanwhile, the travel and leisure sector, which includes airline stocks, was up about 1%.

Philips dropped 13% after the Dutch medical devices maker lowered its sales outlook for the year.

European Central Bank Vice President Luis de Guindos' speech is due later in the day. Sweden's preliminary GDP figures and September retail sales are set to be released on Tuesday.

On Wednesday, the Eurozone will reveal preliminary flash GDP, consumer confidence, and economic sentiment data, while Germany will release its consumer price figures, flash GDP, and employment data.

Spain's estimated GDP, Italy's preliminary GDP, and the British budget are due on Wednesday. CPI data for the Eurozone, France, and Italy will be released on Thursday.

Global market sentiment will also be influenced by earnings from five members of the "Magnificent Seven" group of U.S. megacap companies.

Google parent Alphabet, Microsoft, Meta, Apple, and Amazon are all scheduled to report their quarterly results on Thursday.



(Reporting by Pranav Kashyap in Bengaluru; Editing by Mrigank Dhaniwala)