European Markets Surge Amid Key Economic Data Anticipation

European stocks opened higher on Monday with the STOXX 600 index up by 0.4%. Oil and gas shares rose nearly 1% and financials climbed 1%, led by Hannover Re's 6.2% surge. Key U.S. and European economic data releases are expected throughout the week, shaping global monetary policy.

European shares opened trade on a positive note on Monday, as investors prepared for a deluge of key economic data flowing in from both the United States and Europe throughout the week.

As of 0715 GMT, the continent-wide STOXX 600 index was up 0.4%. Oil and gas stocks in the region gained nearly 1% as oil prices rose for a fifth session after U.S. recession fears eased while geopolitical tensions in the Middle East also supported crude prices.

Financials were up nearly 1%, as Hannover Re surged 6.2% after the German reinsurer reported its first-half results. The crucial event for the week will be the U.S. consumer prices data, which will shape the direction for the global monetary policy.

Employment data from the UK and Spain's inflation numbers will also be on investors' radar later in the week. Euro zone's flash employment, GDP and inflation production numbers are set for release on Wednesday. Among notable stock moves, shares of BT Group soared 6.6% after India's Bharti Enterprises agreed to buy around a 24.5% stake from the British telecommunication firm's top shareholder, Altice UK.

(With inputs from agencies.)