European stocks rise as investors brace for busy week of data

European stocks opened higher on Monday as investors braced for a busy week of key economic data from the United States and Europe.

The pan-European STOXX 600 index was up 0.4% by 0715 GMT.

The oil and gas sector rose about 1% as oil prices rose for a fifth straight session on easing recession fears in the United States and geopolitical tensions in the Middle East helped crude prices.

The financial sector also rose about 1%, helped by Hannover Re, which jumped 6.2% after the German reinsurer unveiled first-half results.

US consumer price data will be the most important data this week, setting the tone for global monetary policy.

European employment and inflation data from the United Kingdom and Spain will also dominate investors’ minds later in the week, with euro zone employment, GDP and other data due on Wednesday.

Among the notable stock moves, BT Group jumped 6.6% after India’s Bharti Enterprises agreed to buy a stake of about 24.5% in Altice UK, the telecoms company’s biggest shareholder.

The financial sector index also rose about 1%, helped by Hannover Re, which jumped 6.2% after the German reinsurer unveiled first-half results.

The most important data this week will be U.S. consumer prices, which will set the tone for global monetary policy.

Employment and inflation data from the United Kingdom and Spain will also be in focus later in the week, with euro zone employment, GDP and other data due on Wednesday.

Among the notable stock moves, BT Group jumped 6.6% after India’s Bharti Enterprises agreed to buy a stake of about 24.5% in Altice UK, the telecoms company’s biggest shareholder.