European markets close higher to kick off week with gains

By Ovunc Kutlu

ANKARA (AA) - 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.