European equities closed in positive territory on Monday, led by Milan's benchmark, which gained 0.81%, while the pan-European STOXX 600 edged up 0.14% to 562.88 points. Frankfurt and Madrid also advanced, though London slipped following Andy Burnham's assumption of the premiership after Keir Starmer's resignation.
Wall Street rallied in New York, with the S&P 500 rising roughly 0.8%. 3M Company surged more than 9% after posting second-quarter earnings that beat expectations, and General Motors climbed about 4.5% on better-than-forecast quarterly results. SpaceX gained around 6% ahead of its first quarterly report on August 4. Technology stocks led a 1.4% sector advance, buoyed by artificial intelligence names.
Hopes for looser U.S. monetary policy supported sentiment after Federal Reserve policymaker John Williams signalled rates could fall in the near term. Gold held above $4,000 an ounce, while U.S. crude rose 2.25% to $85.10 a barrel.