European stocks close higher

After markets were affected for weeks by general economic factors such as crude oil prices and bond yields, investors are expected to focus on corporate earnings this week.

Strong results may help dispel the pessimism that followed renewed tensions in the Middle East. However, the French company LVMH announced that its organic sales growth in the third quarter was lower than expected, as weak demand negatively affected its fashion and leather goods products.

Its shares closed up 1.18% before the report was released, while the luxury goods sector index rose 0.95%.

Semiconductor equipment manufacturer ASML and investment firm EQT are scheduled to announce their results later this week.

The Spanish IBEX index, which is dominated by the banking sector, rose 1.33%, the highest among its peers in the region, while the banking sector index on the Stoxx 600 rose 1.5%.

Oil prices neared two-week highs, as attacks on Saudi Arabia outweighed expectations of increased supply after US President Donald Trump praised new Russian diesel exports and a ceasefire between Russia and Ukraine that includes energy-related targets.

On the individual stock level, Nordex shares rose 3.9% after the onshore wind turbine manufacturer announced that the volume of orders it received for its projects in the third quarter jumped 30% year-on-year.

Vallourec shares rose 3.8% after the French steel pipe manufacturer won a contract from TotalEnergies for a gas field in Azerbaijan.

Inwit shares increased 1.8% after Reuters exclusively reported that major shareholders in the telecommunications tower company are working on arranging financing for a potential deal to take the company private.

Telecommunications stocks were the weakest performers, falling 0.54%.