Europe’s main stock index closed higher on Monday as gains in most sectors offset weakness in energy stocks following falling oil prices as investors looked for crucial economic data and big U.S. technology profits scheduled for later in the week.

The pan-European Stoxx 600 index ended up 0.4 percent after recording its first weekly decline in three.

The energy sector fell 1.3 percent to its lowest level in almost two weeks, as oil prices fell after Iran downplayed Israel’s retaliation over the weekend.

On the other hand, construction, materials and media led the charge among sectoral gainers.

The travel and leisure sector, home to shares in airlines such as Lufthansa and easyJet, also rose as lower oil prices translated into higher airline profit margins.

Among regional stock markets, the French CAC 40 index, which hit a one-week high, and the Spanish IBEX 35 index were the biggest gainers.

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Amid an improving inflation trend and economic concerns that prompted the European Central Bank to cut interest rates earlier this month, third-quarter GDP and month-on-month inflation data October will be at the top of investors’ radar this week.

“We are revising our ECB interest rate forecast downwards…the bank will implement consecutive cuts of 50 basis points in December and January,” noted the Europe team at Capital Economics.

The team highlighted its expectations for meager economic growth at the start of the fourth quarter, concerns about a softening labor market and slowing wage growth, and significant inflation risks over the next two years.

Other factors likely to set the tone for European and global markets include earnings from a group of US tech giants like Apple and Microsoft this week and the US presidential elections on November 5.

As markets have recently begun pricing in a second Donald Trump administration, Vice President Kamala Harris leads Trump nationally by a marginal margin of 46 percent to 43 percent, according to a recent Reuters/Ipsos poll.

On the profit front, Philips fell 17 percent after the Dutch medical device maker cut its annual sales outlook due to deteriorating Chinese demand.

German specialty chemicals maker Wacker Chemie lost 3 percent after a third-quarter failure, while French auto parts supplier OPMobility rose 5 percent after a third-quarter revenue surge.

Galp lost 5 percent after the Portuguese energy company gave a longer-than-expected drilling schedule for the four-well exploration and appraisal program in Namibia.

Melrose Industries jumped 9.8 percent following the aerospace components supplier’s explanation for its portfolio of revenue and risk sharing partnerships.

Among other things, Sonova climbed 7 percent after Reuters reported that the Swiss hearing aid maker was resuming deliveries to Costco. REUTERS