12:17 PM EST, 11/11/2024 (MT Newswires) -- The European stock markets closed higher in Monday trading as The Stoxx Europe rose 1.1%, Germany's DAX advanced 1.2%, the FTSE in London increased, France's CAC gained 1.2%, and the Swiss Market Index was up 0.89%.

The European Court of Justice upheld an appeal against a 2019 decision by the European Commission that a British tax exempting corporations using overseas financing companies are illegal government subsidies, according to media reports. As a result of the ruling, the UK government will have to repay approximately 700 million British pounds to companies, with educational company Pearson set to receive among the largest payouts.

And in corporate news, shares of German tiremaker Continental closed more than 10% higher on the DAX after it reported a jump in Q3 net income from a year earlier.

Deutsche Bank fired more than 100 senior managers in its retail and private wealth business on Monday, the Financial Times reported, as the company aims to reduce its cost-to-income ratio to between 60% and 65% in 2025. Shares of Deutsche Bank rose 4% on the DAX.

European automaker Stellantis has signed an offtake deal under which batter tech company Novonix will supply a minimum of 86,250 tons of synthetic graphite material, with a target volume of up to 115,000 tons, the companies said Sunday.

British biopharmaceutical company NuCana said Monday that initial data from an ongoing phase 1b/2 study of NUC-3373 in combination with pembrolizumab indicated a significant reduction in tumor volume in patients with lung cancer.