This was CNBC's live blog covering European markets.

European markets closed lower on Monday as traders awaited the U.S. presidential election due to take place on Tuesday.

The pan-European Stoxx 600 provisionally closed down by 0.3%. Regional bourses and sectors were broadly in the red.

Banks led the gains by sector, trading up 0.7%, while technology stocks closed 1.1% lower.

Oil shares got a boost as crude prices rose more than 2% Monday on a decision by OPEC+ to delay plans to increase production. The sector closed up by 0.4%.

Shares of Burberry closed 4.8% higher after a media report over the weekend suggested that its peer Moncler is mulling a bid for the British luxury retailer.

Global markets are gearing up for a key week, with the latest U.S. presidential election poll from NBC News showing a "deadlocked race" between former President Donald Trump and current Vice President Kamala Harris.

Global market aftershocks may hinge heavily on which party takes charge of Congress as a result of the vote.

A divided U.S. House of Representatives and Senate would likely maintain the political status quo of the world's largest economy.

A Republican or Democratic sweep, however, would likely be coupled with a White House victory for the same party, and could translate into fresh spending plans or a tax overhaul.

Asia-Pacific markets mostly rose Monday.

U.S. stocks fell as investors looked ahead to the 2024 presidential election.

Nvidia shares climbed 2% after S&P Dow Jones Indices announced the chipmaker would replace rival Intel in the 30-stock Dow.

— CNBC's Samantha Subin contributed reporting to this markets blog.

Volvo Cars climbs nearly 4% after reporting bumper October sales

Shares of Volvo Cars rose Monday after the Swedish carmaker reported a bumper month of sales in October.

Volvo Cars, which is majority-owned by Chinese autos giant Geely Holding, said Monday that its October sales climbed 3% year-over-year to 61,686 cars.

The bumper performance was fueled mainly by an increase in sales of fully electric and plug-in hybrid vehicles in Europe, the company added.

Shares of Volvo Cars were up 3.8% as of 2:15 p.m. London time Monday, outperforming the broader blue-chip OMX Stockholm 30 index, which was up 0.5%.

- Ryan Browne

ECB to cut rates faster than previously assumed: UBS

UBS analysts predict the European Central Bank will implement 25-basis-point cuts during in every meeting until June next year, until the institution hits its target rate of 2%.

"We expect the ECB to cut rates by another 25bps to 3.0% on 12 December and now anticipate subsequent rate cuts to proceed faster than previously assumed," the analysts said in a Monday note.

"Our central scenario remains that labour markets will stay reasonably resilient, wage growth decelerates only gradually, and GDP growth stays subdued, but does not collapse," the analysts added.

In a risk scenario where labor markets crack, wage growth slows faster or GDP weakens, the analysts anticipate the ECB would have to cut at a faster clip.

- April Roach

Commerzbank announces start of share buyback

German lender Commerzbank announced Monday it plans to buy back 600 million euros ($654.8 million) of shares following its third-quarter results on Wednesday.

"Today, the Board of Managing Directors of Commerzbank AG has decided to start the planned share buyback programme. Previously, the German Finance Agency and the European Central Bank (ECB) had given their approval. It is already the third buyback programme since 2023," the bank said in a release.

The bank's shares were 0.6% higher by midday London time.

— Katrina Bishop

U.K.'s FTSE 100 gains 0.7%

The U.K.'s FTSE 100 rose 0.7% in morning trade Monday, helped by Burberry's 5.8% increase. Other U.K. stocks on the up include Ocado, which was 3.8% higher at 11:30 a.m. local time, and Natwest Group, up 3.5%.

— Katrina Bishop

European leaders breathe a sigh of relief as pro-EU candidate wins Moldova election

European leaders congratulated pro-Western incumbent Maia Sandu on winning a runoff vote in Moldova's presidential election over the weekend, with the result seen as further step on the former Soviet republic's road to integration with the bloc.

Sandwiched between Ukraine and Romania, the largely agrarian nation of 3 million people has found itself pulled between remaining within Russia's orbit, and a future with Europe.

Following the result, German Chancellor Olaf Scholz posted in a Google-translated update on X that Sandu had "steered the Republic of Moldova safely through difficult times and set the country on a European course. We stand by Moldova's side."

Read more here.

— Holly Ellyatt

Many still undecided on whether Trump victory would be dollar negative or positive: RBC’s Lignos

Elsa Lignos, the global head of FX strategy at RBC Capital Markets, discusses the dollar ahead of the U.S. election this week.

- Matt Clinch

Oil prices rise by 2%

Oil stocks rose Monday alongside crude prices after OPEC+ decided to delay plans to increase production.

OPEC+, which is the Organization of the Petroleum Exporting Countries plus other allies like Russia, said Sunday it would extend its output cut of 2.2 million barrels per day for another month.

Read the full story here.

-Matt Clinch

Burberry stock rises after report Moncler is mulling a bid

Shares in Burberry were 5.25% higher at 8:51 a.m. London time on Monday after a media report over the weekend suggested that its peer Moncler is mulling a bid for the British luxury retailer.

Moncler is an Italian luxury brand known for its ski jackets and winter coats.

The report, published Sunday on industry news website Miss Tweed, was not confirmed by CNBC.

It comes as Burberry has been facing growing pressures from waning sales and a series of management changes. In September, the British retailer dropped out of the U.K.'s FTSE 100 index.

Both Moncler and Burberry said they don't comment on speculation. A spokesperson for the former told CNBC: "Moncler does not comment on unsubstantiated rumors."

— Sophie Kiderlin

European markets open mixed

European markets were mixed as trading kicked off on Monday.

The pan-European Stoxx 600 was last 0.02% lower at 8:11 a.m. London time. Sectors diverged, with oil and gas and mining stocks adding 0.57% and 0.59%, respectively, while tech shares dipped 0.7%.

Regional bourses were also mixed, with the U.K.'s FTSE 100 last adding 0.33%, while Germany's DAX shed 0.14%.

— Sophie Kiderlin

Schneider Electric removes Peter Herweck as CEO

French energy company Schneider Electric has appointed Olivier Blum as CEO, ousting Peter Herweck over what the business described as "divergences in the execution of the company roadmap at a time of significant opportunities."

Blum, a veteran employee at the company, has been on the executive committee for around 10 years.

Company Chairman Jean-Pascal Tricoire said that Blum "deeply" understands the business and is focussed on "future technology and strategic development."

He added, "I have complete confidence in his ability to lead Schneider Electric in this new phase of focused acceleration, in line with the goals announced during the Capital Market Day."

— Katrina Bishop

Asia-Pacific markets rise as investors await U.S. elections, China parliament meeting outcome

SINGAPORE — Asia-Pacific markets rose Monday as investors geared up for a busy week that includes the U.S. presidential election, Federal Reserve's monetary policy meeting and China's parliament meeting.

South Korea's blue-chip Kospi rose 1.83% to 2,588.97, snapping a three-day losing streak, while the small-cap Kosdaq gained 3.43% to close at 754.08.

Hong Kong's Hang Seng index was up 0.27% as of its final hour of trade, while mainland China's CSI 300 rose 1.41% to end at 3,944.76.

Australia's S&P/ASX 200 closed 0.56% higher at 8,164.6. The Taiwan Weighted Index gained 0.81% to close at 22,965.39.

— Anniek Bao

Fare declines 'hopefully somewhere under 5%' in current quarter, Ryanair CFO says

Ryanair CFO Neil Sorahan told CNBC's "Squawk Box Europe" on Monday that he hoped that air travel fares would fall by less than 5% in the current quarter.

The company posted its fiscal second-quarter results earlier in the session.

"We're hopeful now that you know fares will start to moderate somewhat and the declines in Q3 will be well down under 15% of Q1, the 7% in Q2 and you know, hopefully somewhere under 5% in Q3," Sorahan said.

He also addressed current issues for the airline and travel industry, saying the biggest issue currently was "trying to get aircraft" amid delays in deliveries.

— Sophie Kiderlin

Ryanair profit falls

Irish budget airline Ryanair on Monday said its quarterly profit after tax fell by 6% to 1.43 billion euros ($1.56 billion) in the three months to the end of September compared to the same period a year earlier.

Across the two most recent quarters, which make up the first half of Ryanair's financial year, the airline's profit after tax dropped 18%.

Customer numbers grew 9% over the first half, totaling 59.8 million and 115.3 million respectively.

The average fare fell 7% in the three months to the end of September, the airline said, after tumbling 15% in the previous quarter. Fares in the current quarter are expected to be "modestly lower" than a year earlier, it added, noting that forward booking data indicated strong demand and an easing of price declines.

— Sophie Kiderlin

European markets: Here are the opening calls

European markets are expected to open in mixed territory Tuesday.

The U.K.'s FTSE 100 index is expected to open 15 points lower at 8,177, Germany's DAX down 12 points at 19,149, France's CAC down 1 point at 7,374 and Italy's FTSE MIB up 73 points at 34,358, according to data from IG.

Earnings are set to come from Earnings come from Saudi Aramco, Adecco, Schaeffler, Deutsche Post DHL, Zalando, Hugo Boss, Bouygues, Ørsted, Vestas Wind and Fresenius Medical Care.

Data releases include U.K. BRC retail sales and Spanish unemployment data.

— Holly Ellyatt

CNBC Pro: Want to invest in China's hot EV market? The pros share their take

China's hot electric vehicle market has been gaining investor interest, and one analyst sees potential for the sector to grow further.

"China's EV market is the largest in the world and also delivers fast growth," Vincent Sun, senior equity analyst at Morningstar said.

Sun remains positive on the sector's growth following a 31% year-to-date jump in EV sales to around 8 million units at the end of the third quarter. This translates to a penetration rate of 49% of China's auto market in September.

Sun, along with Jason Hsu, founder and chief investment officer at Rayliant Global Advisors, share their take on the sector.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

CNBC Pro: Meta is 'net winner' on AI spending, says outperforming fund manager that previously sold the stock

An outperforming fund manager who previously sold Meta Platforms shares over concerns about the company's virtual reality investments is now bullish on the technology giant's artificial intelligence strategy.

Stephen Yiu, chief investment officer of Blue Whale Growth Fund, revealed that his fund had previously sold out of Meta Platform shares in 2022 due to doubts over the company's Metaverse strategy. He is now backing Meta's plans to spend billions on AI.

CNBC Pro subscribers can read more here.

— Ganesh Rao