European markets close higher to kick off week with gains

ANKARA

European stock exchanges closed higher on Monday to start the new week with gains.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, was up 7.38 points, or 1.76%, to finish at 427.75.

The UK's FTSE 100 increased 122 points, or 1.66%, to end the day at 7,473.

Germany's DAX 30 performed the best on the first trading day of the week, gaining 314 points, or 2.4%, to close at 13,402.

France's CAC 40 added 121 points, or 1.95%, to 6,333.

Italy's FTSE MIB soared 515 points, or 2.33%, to 22,610. Spain's IBEX 35 rose 161 points, or 2%, to 8,194 at the closing bell.

The markets had closed Friday with gains, a day after the European Central Bank's (ECB) decision to increase its key rates by 75 basis points.

The ECB's decision follows a rate hike of 50 basis points in July, which marked the first rate increase in over a decade, in order to fight record-high inflation.