This was CNBC's live blog covering European markets.

European markets closed higher Monday, gaining ground through the afternoon as investors reviewed the geopolitical situation in the Middle East.

The pan-European Stoxx 600 provisionally ended the session 0.47% higher after some choppiness earlier on.

Media and construction stocks added 1.6% and 2%, respectively, while oil and gas stocks fell 1.4%, tracking oil prices lower.

Shares of Dutch medical devices giant Philips closed nearly 17% lower. The company on Monday said{

Philips cuts sales outlook as China demand has 'deteriorated'

Dutch medical devices giant Philips on Monday said it was cutting its full-year sales outlook due to weak demand from China.

Comparable sales growth is now expected to come in between 0.5% and 1.5% for full-year 2024, the company said. This is down from a previously expected sales growth range of 3% to 5%.

"In the [third] quarter, demand from hospitals and consumers in China further deteriorated, while we continue to see solid growth in other regions. We have adjusted our full-year sales outlook to reflect the continued impact from China," Philips CEO Roy Jakobs said in a statement.

Comparable sales growth was flat in the third quarter, Philips said in its earnings release on Monday. According to Reuters, analysts had been expecting 2.1% growth.

— Sophie Kiderlin

cutting its full-year sales outlook due to weak demand from China.

Market participants are digesting a cooling geopolitical situation in the Middle East Monday, after weekend airstrikes by Israel against Iran did not target oil or nuclear facilities as feared. Oil prices slid more than 6%, although Citi analysts discounted the chance of an escalation that disrupts oil supplies.

U.S. stocks opened higher as investors looked ahead to a batch of mega-cap technology earnings to keep driving the Nasdaq Composite to new heights this week.

In the Asia-Pacific region on Monday, Japan's benchmark Nikkei 225 and its Topix index climbed, supported by a weak yen amid political uncertainty as the ruling LDP lost its parliamentary majority.

Europe stocks close higher

European stock markets closed broadly higher Monday, with the Stoxx 600 index moving past a negative week to gain nearly 0.5% through the session.

France's CAC 40 index closed 0.79% higher, boosted by luxury stocks. The U.K.'s FTSE 100 and Germany's DAX rose 0.45% and 0.34%, respectively.

— Jenni Reid

Manufacturer Melrose tops Stoxx 600 on trading update

Aerospace manufacturing firm Melrose Industries topped the Stoxx 600 index in afternoon deals, with shares trading more than 9% higher after the company released an update on its Revenue and Risk Sharing Partnership (RRSP) portfolio.

Melrose said 17 of its 19 RRSPs were generating cash, while the remaining two were expected to turn cash positive by 2028.

Analysts at Citi said the update was a positive step toward the market "understanding the potential strength of the company's mid-term cash generation."

Melrose's share price doubled in 2023 but have fallen nearly 15% in the year to date.

— Jenni Reid

Crypto stocks jump as bitcoin climbs toward $70,000

Stocks tied to the price of bitcoin jumped on Monday as the flagship cryptocurrency moved above $69,000, after briefly touching the level a week ago.

Crypto exchange operator Coinbase added 4%. Bitcoin price proxy MicroStrategy advanced more than 5%. Both companies are scheduled to report their quarterly earnings on Wednesday. Bitcoin miners Mara Holdings rose 6% and Riot Platforms gained 5%.

Bitcoin has been trying to reclaim the $70,000 level since hitting its record in March above $73,000. Earlier attempts this year have led to brief forays above $70,000, but it has not touched the level since June. Some say that could soon change with the U.S. presidential election drawing nearer.

— Tanaya Macheel

Stocks open higher Monday

U.S. stocks began Monday's trading session in the green.

The Dow Jones Industrial Average advanced 232 points, or 0.6%.

The S&P 500 rose 0.5%, while the Nasdaq Composite climbed 0.7%.

— Hakyung Kim

UK retailers report declining sales in October, CBI says

Retailers in the U.K. reported a decline in sales volumes in October, with some saying consumers were being cautious about spending spending ahead of the U.K. budget due later this week, according to the Confederation of British Industry.

Retail sales fell at a "modest pace," the body's monthly retail sales survey showed, with the headline balance coming in at -6 in October, compared to the +4 reading in September.

Sales are expected to be broadly flat next month, the CBI also said.

— Sophie Kiderlin

VW targets layoffs and 10% pay cuts, union says

Volkswagen's works council said Monday that the auto giant is considering widespread pay cuts and layoffs as well as the closure or size reduction of its plants in Germany.

According to Daniela Cavallo, head of the works council, Volkswagen management recently presented plans to the council that included a 10% reduction in pay across the board, as well as wage freezes in 2025 and 2026. All factored in, the body estimates workers will suffer pay cuts of around 18% over the period.

Cavallo said Volkswagen also intends to shut three factories and downsize all other plants in Germany.

"In concrete terms, this means taking out even more products, volumes, shifts and entire assembly lines far beyond to what we have already done," she said in a statement released Monday. "All German VW plants are affected by this. None of them are safe," Cavallo added.

Read the full story here. Shares were down around 1% in early afternoon deals.

-Sophie Kiderlin

Stocks turn negative

The pan-European Stoxx 600 was down 0.14% at 11 a.m. London time, reversing earlier gains with most regional bourses and sectors slipping into negative territory.

Oil prices plunge 6% after Israel’s attack spares Iran’s energy facilities

Oil prices lost 6% on Monday after Iranian energy facilities were not damaged during an Israeli attack over the weekend.

Futures for global crude benchmark Brent slid 6.13% to $71.39 per barrel at 10:10 a.m. London time, while U.S. West Texas Intermediate futures dropped 6.35% to $67.22 per barrel.

-Lee Ying Shan

France's CAC 40 rises, buoyed by luxury stocks

The French CAC 40 index rose by more than 1% at one point on Monday and was last up 0.8% at 9:24 a.m. London time, as luxury stocks buoyed the index higher.

Gucci-owner Kering and Hermes were last around 2.6% and 2.1% higher respectively, recording the biggest gains of companies on the CAC 40 on Monday. LVMH meanwhile added close to 1.5%.

This comes amid a choppy time for luxury stocks, which have in recent weeks been reacting to a slew of news out of China — a key market for the sector — about the state of the country's consumers and economy.

— Sophie Kiderlin

Philips shares tumble as much as 15%

Shares in Dutch health product giant Philips tumbled in Europe deals early on Monday, after the company cut{=null} its full year sales outlook on weak demand from China.

After initially failing to begin trading when markets opened, Europe-traded shares of Philips fell as much as 15% and were last down 14.55% at 8:26 a.m. London time.

— Sophie Kiderlin

European markets rise as trading kicks off

European markets were higher as trading began on Monday, with the pan-European Stoxx 600 last adding 0.24% at 8:15 a.m. London time.

Travel and leisure stocks were up around 1.1%, while oil and gas stocks lost 1.7%.

Regional bourses were also mostly higher with France's CAC 40 adding 0.7% and Germany's DAX rising 0.2%.

— Sophie Kiderlin

Philips needs to 'adjust to a new speed of growth in China,' CEO Roy Jakobs says

Health device maker Philips needs to "adjust to a new speed of growth in China," its CEO Roy Jakobs told CNBC's "Squawk Box Europe" on Monday.

The company had been expecting China to stabilize in the second half of the year, but instead saw deterioration, he said.

China however is still a key market for Philips, Jakobs said.

"We believe that China fundamentally remains an attractive growth market for us. So it's a matter of when that comes back, not if it comes back," he said.

Jakobs' comments come after Philips on Monday said{=null} it was cutting its full-year sales outlook after demand in China "deteriorated."

Speaking to CNBC, Jakobs attributed the issues in China to slowing consumer confidence and a resulting easing of sales, as well as the impact of anti-corruption measures on the health care side, which he said were keeping the market at a "low-point."

— Sophie Kiderlin

Philips cuts sales outlook as China demand has 'deteriorated'

Dutch medical devices giant Philips on Monday said it was cutting its full-year sales outlook due to weak demand from China.

Comparable sales growth is now expected to come in between 0.5% and 1.5% for full-year 2024, the company said. This is down from a previously expected sales growth range of 3% to 5%.

"In the [third] quarter, demand from hospitals and consumers in China further deteriorated, while we continue to see solid growth in other regions. We have adjusted our full-year sales outlook to reflect the continued impact from China," Philips CEO Roy Jakobs said in a statement.

Comparable sales growth was flat in the third quarter, Philips said in its earnings release on Monday. According to Reuters, analysts had been expecting 2.1% growth.

— Sophie Kiderlin

European markets: Here are the opening calls

European markets are expected to open in mixed territory Monday.

The U.K.'s FTSE 100 index is expected to open 8 points lower at 8,243, Germany's DAX up 30 points at 19,747, France's CAC up 12 points at 7,508 and Italy's FTSE MIB up 108 points at 34,648, according to data from IG.

Earnings come from Philips Monday. There are no major data releases.

— Holly Ellyatt

Oil prices slide more than 4% after Israel's 'limited' attack on Iran

Oil prices slid more than 4% on Monday as Israel's strikes on Iran over the weekend were dubbed as "limited" by local media, with Citi analysts discounting chances of an escalation that disrupts oil supplies.

Futures for global crude benchmark Brent slid 4.43% to $72.68 a barrel, while U.S. West Texas Intermediate futures dropped 4.57% to $68.5 per barrel.

Israel on Saturday attacked Iran's military installations in three provinces in response to Tehran launching ballistic missiles at Israel on Oct. 1. Iranian News agency Tasnim reported the attack — which killed four soldiers — had inflicted "limited damages."

Read full story here.

— Lee Ying Shan

Yen weakens to fresh 3-month low after Japan elections

The Japanese yen weakened to fresh three-month lows against the dollar on Monday, after the ruling LDP lost its majority in the country's lower house following elections on Sunday.

The currency hit a low of 153.32 against the greenback, marking its weakest level since July 31.

— Lim Hui Jie

CNBC Pro: Analysts give this Chinese tech stock 40% upside - but one CIO warns it could be a 'one trick pony'

This Chinese tech company has garnered interest among investors following a drop in its share price - but one market watcher is unimpressed.

"I think you might have a short-term rally. But that's not really about [the stock]- it's about sort of the broad based rally," Jason Hsu, founder and chief investment officer of Rayliant Global Advisors says.

Unlike Hsu, not everyone is so negative about the stock with 35 out 46 analysts having a buy or overweight rating and an average upside of 40.1%.

CNBC Pro subscribers can read more on the stock - and Hsu's take - here.

— Amala Balakrishner

CNBC Pro: Buy this tech stock that's quietly automating warehouses with robots, say Berenberg and Citi — giving it 50% upside

Investment banks are telling investors to buy shares in a warehouse automation company, with price targets suggesting potential gains of more than 50 percent over the next 12 months.

The use of these systems means warehouses can store items four times more densely than manually operated warehouses while retrieving products faster than human workers. The increased efficiency and lower operating costs for its customers have allowed the firm to command significant profit margins, making its shares more valuable.

CNBC Pro subscribers can read more here.

— Ganesh Rao