European markets close higher as traders look ahead to Fed meeting; Philips up 29%

This is CNBC's live blog covering European markets.

European markets closed higher Monday as investors looked ahead to more central bank decisions, earnings and data this week.

The regional Stoxx 600 index closed up 0.1%, with sectors broadly positive.

Philips shares soared 29% after the Dutch medical devices giant agreed a $1.1 billion settlement in a U.S. case linked to the recall of some of its devices used to treat sleep apnea.

France's Atos rose 19% after confirming the French government had made an offer for three strategically important parts of the business, advanced computing, critical systems and cyber products.

The U.S. Federal Reserve's latest interest rate announcement will come Wednesday, and follows another hotter-than-expected U.S. inflation reading last Friday.

The central bank is widely anticipated to keep the borrowing cost unchanged, but investors will still closely monitor the post-announcement press conference with Chair Jerome Powell.

U.S. stocks inched higher Monday, lifted by gains in some megacap tech stocks as traders eyed upcoming earnings and Wednesday's Fed meeting.

The pan-European Stoxx 600 index provisionally closed up 0.1% Monday as investors looked ahead to more central bank decisions, earnings and data due this week. Sectors were broadly positive, with miners up 1.5% to lead the gains.

Philips was the top individual performer, soaring 29% after the Dutch medical devices giant agreed a $1.1 billion settlement in a U.S. case linked to the recall of some of its devices used to treat sleep apnea.

- Ryan Browne

Germany's consumer price index rose 2.4% in April compared to a year ago, the German statistics office said Monday. The CPI increased by 0.6% from March, which logged a 2.3% year-on-year