European stocks rise amid oil sector gains, positive earnings reports

(MENAFN) European stocks experienced a rise on Monday, bolstered by strength in the global oil sector amid growing concerns over an escalating conflict in the Middle East. Additionally, a series of positive earnings reports contributed to an overall uplift in market sentiment. The European Stoxx 600 index saw a 0.4 percent increase during trading, building on the modest gains recorded last week. Among the sectors, oil and gas stocks led the way with a 1.3 percent rise, marking the highest increase in the region.

Shares of Philips surged by 8.6 percent after the Dutch medical device manufacturer reported quarterly results that exceeded expectations, driven by higher profits and a successful restructuring program. Similarly, Germany's Merck experienced a 3.6 percent increase in its shares following an upward revision of its outlook, which was primarily attributed to strong operating performance in its healthcare and electronics divisions.

Conversely, Reckitt Benckiser saw its shares plummet by 9.2 percent after facing nearly 1,000 lawsuits related to its Enfamil infant formula, alongside Abbott Laboratories. A recent jury verdict found that Abbott's specialized premature infant formula caused a severe gastrointestinal illness in an Illinois girl, resulting in a USD495 million damages award against the healthcare company. Despite these legal troubles for Reckitt Benckiser, the overall market was buoyed by strong performances in other sectors, particularly oil and gas, as well as positive earnings from notable companies. 

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