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European equities finished Monday's session on an upbeat note as global markets bounced back after posting their worst week in years.
The pan-European STOXX 600 index closed up 1.17 percent provisionally, off session highs, while all major sectors posted solid gains.
The U.K.'s FTSE 100 rose 1.19 percent by the close, while France's CAC 40 jumped 1.2 percent and Germany's DAX 1.45 percent. In peripheral markets, the only major index that fell into the red by the close was the Athens Stock Exchange.
Stocks received a boost after markets in the States rallied during their morning trade.
Chemicals was one of the top performing sectors Monday, closing up 1.56 percent — after several rating upgrades boosted sector sentiment. Polymer solutions firm Victrex rose over 3 percent, following an upgrade from Bank of America Merrill Lynch. Umicore jumped over 6 percent after Credit Suisse and Citigroup raised their price target on the stock.
Shares of Danish operator TDC soared 13.4 percent, making it the STOXX 600's top performer, after confirming that a consortium — made up of three Danish pension funds and Macquarie Infrastructure & Real Assets (MIRA) — had decided to initiate a takeover offer. TDC's chairman stated Monday that after reviewing their options, its board of directors recommended shareholders accept the offer.
Basic resources and energy stocks also jumped, on the back of a strong uptick in commodity prices, as global markets showed signs of steadying. London-listed miners, including Anglo American, BHP Billiton and Rio Tinto, rose 2 percent each or more, as some metal prices ticked higher.
On the other hand, the French firm Ses dropped to the bottom of the index, off 11.18 percent, after announcing management changes.
On the earnings front, Heineken pared some of its losses, but closed down 0.88 percent, after the brewer lowered its margin growth target for 2018.
In other corporate news, Apollo has joined forces with a Dutch pension fund to buy part of Akzo Nobel's business, the Financial Times reported. The latter was up almost 2 percent at the market close.
Markets in Europe bounced back Monday after a strong performance seen in both Asia and on Wall Street. Sentiment was boosted after Wall Street's session last Friday, where the Dow closed up more than 300 points, despite posting its worst week in two years. On Monday, U.S. markets built upon Friday's gains, with the Dow up more than 250 points around Europe's close, with the S&P 500 and Nasdaq also posting strong gains.
International Monetary Fund Managing Director Christine Lagarde told CNBC over the weekend that "there's been a market correction of anywhere between 6 to 9 percent" and she described it as "a welcome correction."
Looking to politics, German Chancellor Angela Merkel said on Sunday that the "painful" concessions made to her coalition party do not mean that her power has diminished ahead of her fourth term as leader.
Around Europe's close, the White House budget called for $3 trillion in deficit reduction, which involved $1.7 trillion in mandatory spending cuts. In addition, the plan also proposed cutting down the discretionary spending by 2 percent a year after 2019.