European stocks close slightly higher; Philips down 10%

CNBC-LONDON — European markets closed slightly higher on Monday as investors monitored the steady drip of economic data and corporate earnings from around the world

The pan-European Stoxx 600 provisionally closed up by around 0.3%, with retail and utilities stocks climbing 0.8% while the basic resources sector sank 1.2%

Global markets in recent weeks have been guided by corporate earnings reports along with inflation and labor market data from major economies, which will have a significant bearing on the policy path for central banks

Shares in Asia–Pacific were mixed overnight, with mainland Chinese markets lagging despite Chinese economic data coming in considerably better than expected

Stateside, U.S. stocks rose Monday, kicking the week off on a positive note after the S&P 500 index broke a five-week winning streak on Friday

Airbus over the weekend trimmed its 20-year commercial airplane demand forecast by 0.5% compared to pre-pandemic projections, while lifting its outlook for freight carriers

On the agenda later in the week are flash third-quarter euro zone GDP estimates on Tuesday morning and the annual European Business Summit in Brussels

In terms of individual share price movement in Europe, Philips dropped 10.5% after the Dutch medical equipment maker said on Sunday that it is speaking to U.S. regulators following a recent inspection at one of its facilities

Philips is in the midst of a recall of ventilators owing to the use of parts alleged to contain a potentially hazardous foam

At the top of the Stoxx 600, Czech cybersecurity company Avast gained 7.1% after clearing a key regulatory hurdle in its sale to U.S. rival NortonLifeLock