Positive Kickoff for European Shares Amid Economic Data Rush

European shares rose as investors anticipated key economic data releases and major U.S. company earnings. The energy sector declined due to falling oil prices, which benefited airline stocks. Philips' sales outlook downgrade affected healthcare shares. Upcoming economic figures and U.S. election news keep investors vigilant.

European shares began the week positively, driven by investors gearing up for a slew of critical economic data releases and earnings from key U.S. corporations. The STOXX 600 index rose 0.4% to 520.84 points, recovering after its first weekly drop in three weeks.

The energy sector faced a 2% decline due to a 5% drop in oil prices, attributed to Iran's downplaying of Israeli strikes. Conversely, the travel and leisure sector, including airlines, saw a 1% increase, benefiting from reduced fuel costs improving profit margins. Meanwhile, luxury stocks bolstered the market, climbing over 1.3%.

Healthcare took a hit as Philips' shares plunged 16.7% following its reduced annual sales forecast. Attention now turns to European Central Bank Vice President Luis de Guindos' upcoming speech, alongside crucial GDP and consumer data from various European nations, influencing market sentiment.

(With inputs from agencies.)