European Shares Slip Ahead of Economic Data and ECB President's Speech

European shares opened lower as investors braced for a week full of economic data and awaited comments from ECB President Christine Lagarde. The STOXX 600 fell marginally, with gains in the oil sector helping to limit losses. Key economic figures from Germany, Italy, and Britain were due today.

European shares opened lower on Monday, with investors preparing for a week filled with significant economic data from the region. Attention also turned to ECB President Christine Lagarde's upcoming comments.

The pan-European STOXX 600 index dropped by 0.1%, settling at 527.47 points by 0710 GMT. The index aimed to gain for the third consecutive month, a streak not seen in nearly seven months. Gains in the oil sector mitigated broader losses, fueled by rising oil prices amid Middle Eastern conflict concerns.

Germany's preliminary CPI figures for September are scheduled for release at 1200 GMT, while Italy's figures will come at 0900 GMT. Meanwhile, Britain's GDP figures for Q2 revealed slower-than-expected growth. The FTSE index remained flat. ECB President Christine Lagarde is set to speak at the European Parliament at 1300 GMT.

Among individual stocks, Volkswagen fell by 2% after cutting its 2024 guidance. Stellantis NV plunged 8% following a reduction in its annual outlook, citing worsening global industry dynamics. The automobile sector overall dropped by 2.2%, leading sectoral declines. British private equity firm 3i Group saw a 3.5% decline after Shadowfall Capital reportedly took a short position against it.

(With inputs from agencies.)