In Europe, European Commission (EC) officials said they had reached agreement with the Greek authorities on the economic and financial policies the country needs to instigate, in order to receive its next tranche of international loans.
Portugal's government made moves to end its political turmoil on Monday, with a cabinet reshuffle agreed by the two coalition partners and the prime minister. Portuguese stocks were 2.25 percent higher on the day.
(Read More: PortugalSuffering From 'Austerity Fatigue': Pro)
In Asia, stock markets outside of Japan widened their losses after sharp falls in the Shanghai Composite, which slid 2.4 percent to a one-week low. News that Beijing will no longer extend credit to sectors that struggle with overcapacity spooked mainland investors, and led to steep declines in property and banks.
(Read More: China Stocks Sink 2.4% on Growth Concerns)
In Egypt, 51 people were killed and 435 injured in clashes on Monday, near the Republican Guard headquarters in Cairo, according to a Ministry of Health spokesperson. Egypt's stock exchange closed 3.5 percent down on Monday.