Europe Markets

Europe closes higher after Greece repayment to IMF

Europe closes higher after Greece repayment to IMF
Europe closes higher after Greece repayment to IMF

European equity markets closed slightly higher on Monday after the International Monetary Fund (IMF) confirmed that Greece had repaid the roughly 2 billion euros ($2.2 billion) it owed to the transnational body.

The pan-European Stoxx 600 finished the day around 0.3 percent higher, bouncing back into the green after the IMF announcement.

This announcement came after Reuters reported that Greece had begun to repay both the European Central Bank (ECB) and the IMF, citing finance ministry officials.

European markets

Britain's FTSE 100 index held onto gains, ending up around 0.2 percent. The French CAC and the German DAX pared some gains to close around 0.3 and 0.5 percent higher respectively.

U.S. stocks traded higher on Monday, following a record close on the Nasdaq Composite, as investors focused on second-quarter earnings reports.

A good day for Greece

The adult in the room is IMF, not Greece, Germany
The adult in the room is IMF, not Greece, Germany

Greek banks reopened on Monday after being closed for around three weeks, with withdrawal limits shifting to 420 euros a week from 60 euros a day.

This weekend, German Chancellor Angela Merkel said in an interview with German broadcaster ARD that discussions over the details of Greece's third bailout needed to start soon so that Greece's banks could return to normal.

Gold selloff hits miners

Mining stocks came under pressure on Monday after a strong sell-off in gold. Fresnillo, Lonmin and Randgold plummeted to near the bottom of the Stoxx 600, with all ending more than 4 percent lower.

Read MoreInvestors should question gold as a safe haven

Meanwhile, Julius Baer said on Monday that first-half net profits plunged 62 percent after it paid a $350 million charge to settle a tax case in the U.S. The news saw shares close down around 1.4 percent.

Barclays shares turned slightly negative after The Sunday Times newspaper reported that the British bank planned to cut more than 30,000 jobs within two years, after firing Chief Executive Antony Jenkins this month. However, shares reversed earlier losses to close slightly higher

Read MoreBarclays plans to cut more than 30,000 jobs: The Times

French firm Schneider Electric said it would buy Britain's Aveva in a reverse takeover. Schneider Electric's shares were over 0.5 percent higher by the close, while shares in Aveva skyrocketed to end more than 27 percent higher.