Europe stocks up on Monday

European stocks closed with gains on Monday after China's central bank  took further measures to cushion its economic slowdown.

Stoxx Europe 600 rose 0.7% to a price of 333.92 points. This happened after the statement of G20, which failed to satisfy the market.

The index trimmed losses during morning trading after the People's Bank of China reduced the level of reserves that banks are required to hold by 0.5%. The move is aimed at strengthening the credit growth of the second largest economy in the world.

US stocks ended Monday with declines. S & P 500 and Nasdaq Composite registered a third consecutive monthly decline for the first time since 2011, while the Dow Industrials bounced from trend and recorded its first monthly increase since November.

The market is selling off in the last two hours of volatile session. Investors took a defensive position, bidding for companies in the utilities sector, while selling off shares in the energy and health care.

S&P 500 ended with a drop of 0.8% to 1,932 points, caused by the decline in health by 1.6% and loss of 1.2% in energy. Utilities sector registered a growth of 0.2% and was the only profit. Index reported a monthly loss of 0.4%, which is the third in a row.