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European stocks closed higher on the second trading day of the week on hopes that the war in Ukraine may end soon.

The pan-European Stoxx 600 index rose 0.91%, or 5.13 points, to close at 568.01.

Germany's DAX 40 index was up 0.97% to end at 23,464.63 points, and the UK's FTSE 100 gained 0.78% to end at 9,609.53.

France's CAC 40 rose 0.83% to 8,025.8, and Italy's FTSE MIB index added 0.95% to close at 42,698.66 points.

And Spain's IBEX 35 gained 1.08% to end the day at 16,140.9 points.

The positive course followed a recovery in major US indices following strengthening expectations that the US Federal Reserve would cut interest rates and positive developments regarding the peace process between Russia and Ukraine.

In global markets, statements from US Fed officials reinforced expectations that the bank could cut rates in December, boosting the risk appetite in global markets.

In European markets, investors are closely monitoring news that could influence the Fed's monetary policy decision, with markets pricing in a 25-basis-point cut by the Fed next month at 85%, according to CME FedWatch.

European defense stocks recovered slightly after two consecutive days of sharp losses as the peace process in Ukraine continued. The Stoxx 600 Aerospace & Defense Index closed 1% higher, while shares of German defense company, Rheinmetall, gained 1.73%

European construction and building materials stocks benefited from hopes for a peace plan for Ukraine. Shares of German construction materials manufacturer Heidelberg Materials climbed 6.6%.