European shares fall at start of data-intensive week

(Reuters) – European shares opened lower on Monday as investors prepared for a week packed with a slew of economic data from the region, while comments from ECB President Christine Lagarde were awaited.

The pan-European fell 0.1% to 527.47 points by 0710 GMT. The benchmark was set to gain for a third straight month, seeing its longest winning streak in nearly seven months.

Gains in the oil sector kept losses in check. Oil prices rose on fears of escalation of the conflict in the Middle East. [O/R]

Germany’s preliminary CPI figures for September are due at 1200 GMT, while Italy’s are due at 0900 GMT.

Britain’s GDP figures for the second quarter showed its economy grew slower than expected. The was flat.

The European Central Bank President Lagarde is due to speak at the European Parliament at 1300 GMT.

Volkswagen (ETR:) fell 2% after the German carmaker cut its 2024 guidance.

Stellantis NV (NYSE:) slumped 8% after the French-Italian carmaker slashed its annual guidance, citing a deterioration in global industry dynamics.

Automobile shares fell 2.2%, the most among sectors.

British multinational private equity and venture capital firm 3i (LON:) Group dropped 3.5% after Shadowfall Capital reportedly took a short bet on the company.