Europe Markets

Europe ends higher despite China selloff, Glencore surges 7%

Europe ends higher despite China selloff

European equities ended higher on Monday, bucking the trend set in Asia, with shares of commodities trader Glencore soaring after it unveiled a debt revamp plan.

The pan-European STOXX 600 index ended around 0.5 percent higher amid lighter trade volumes as U.S. markets were closed for the Labor Day holiday.

London's FTSE index finished up around 0.6 percent, the German DAX provisionally ended 0.8 percent higher, while the French CAC closed 0.6 percent higher.

Miner and commodity trader Glencore saw its shares surge over 12 percent after the London-listed company announced plans to ax its debt by $10 billion and issue up to $2.5 billion of new shares.

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The group pared some gains to end 7 percent higher, climbing to the top of benchmarks.

Other miners were given a boost after Glencore said it would curb copper production. Antofagasta closed around 7.5 percent higher, while Anglo American and BHP Billiton both ended around 1.3 percent higher.

In Asia, there was choppy trade with investors cautious after the wild swings seen in Chinese equities. China's National Bureau of Statistics revised its annual economic growth rate for 2014 on Monday to 7.3 percent from the previously released figure of 7.4 percent.

The Chinese benchmark Shanghai Composite closed down 2.6 percent on Monday. This weighed on oil prices, with both brent and light crude falling by nearly 4 percent.

Last Friday's sell-off on Wall Street after a lackluster jobs report has not helped investor sentiment either. Major U.S. indexes finished more than 1 percent lower, after the nonfarm payrolls report showed that 173,000 jobs were created in August, missing expectations of 220,000.

The number had some analysts suggest that the U.S. central bank might wait until later in the year to raise interest rates, but traders appear to be betting on a rate-rise at next week's Federal Open Market Committee (FOMC) meeting.