12:14 PM EDT, 10/28/2024 (MT Newswires) -- The European stock markets closed higher in Monday trading as The Stoxx Europe 600 was up 0.46%, the Swiss Market Index gained 0.47%, France's CAC rose 0.89%, the FTSE in London advanced 0.40%, and Germany's DAX closed 0.37% higher.

European Central Bank Vice President Luis de Guindos is scheduled to speak later in the day at a forum in Madrid. Investors will be parsing what he says for any possible clues to the ECB's future monetary policy moves.

In the UK, the Confederation of British Industry reported Monday that retail sales volumes fell at a modest pace in October following slight growth in September. The CBI said that some companies observed consumers holding back on spending due to uncertainty about the Autumn Budget, which is set each year by the UK's Treasury.

And in corporate news, Volkswagen said Monday that it will close at least three factories, lay off thousands of workers, and cut wages for tens of thousands of employees, according to media reports. Shares of the German automaker were off 0.87% in Frankfurt.

Royal Philips shares tumbled 18% in Amsterdam after it reported lower Q3 sales that missed analysts' forecast. The tech conglomerate also lowered its full-year 2024 guidance for comparable sales growth.

Shares of Melrose Industries closed more than 9% higher in London trading after the British aerospace company said Monday that it repurchased 100,000 of its ordinary shares at prices ranging from 446.1 pence ($5.79) to 455.1 pence.