European stocks steady as investors weigh Hormuz risks, data calendar

European ​shares were little changed on Monday as uncertainty over ‌the reopening of the Strait of Hormuz kept oil prices elevated, while investors looked ahead to a packed week of economic data.

The pan-European STOXX ​600 held its ground at 660.12 points, as of 0715 ​GMT.

The benchmark climbed 1.7% last week and closed at ⁠a record high on Friday, supported by expectations of lower ​U.S. borrowing costs after soft jobs data and strong corporate earnings on ​both sides of the Atlantic.

Trading got off to a subdued start on Monday as geopolitical risks remained in focus.

Iran said it was nearing a final pact ​with Oman defining new shipping lanes between them through the Strait ​of Hormuz but repeated that the U.S. must meet other conditions before the ‌strategic ⁠waterway is reopened.

Europe’s energy sector was up 0.5%, with Brent crude futures rising 0.6% to $83.98 a barrel as shipping through the vital waterway remained at a trickle.

The technology sector led the gains ​with a 0.7% ​rise.

On the flip ⁠side, media stocks fell 0.7%.

Markets this week will be watching euro zone employment data and US ​consumer price figures for clues on the interest ​rate outlook.

As ⁠the earnings season draws to a close, latest LSEG estimates show second-quarter STOXX 600 earnings are expected to rise nearly 21%, up ⁠from ​forecasts of about 12.5% in early May.

Shares ​of Caledonia Mining climbed 1.6% after the Zimbabwe-focused gold miner reported a 16% increase in ​second-quarter profit.