European stocks inch higher as global markets rally; UniCredit falls 4% after making offer for Banco BPM

This is CNBC's live blog covering European markets.

European stocks were slightly lower Monday as global market sentiment rose.

The pan-European Stoxx 600 was up 0.11% at 1:28 p.m. London time. Mining stocks led gains, adding 1.21%, while retail stocks fell 0.8%.

Bank stocks were also on the move Monday after UniCredit offered to buy its fellow Italian lender Banco BPM for roughly 10 billion euros ($10.5 billion). Banco BPM shares rose as much as 5%, before paring back gains and last trading around 3.5% higher, while UniCredit shares pulled back and were last down around 4.2%.

Shares in Commerzbank meanwhile fell 6.3% after UniCredit said that its offer for Banco BPM was separate from its pursuit of the German lender and that any bid for it would come after Banco BPM had been integrated.

Global market sentiment got a boost when President-elect Donald Trump signaled his intention to nominate Key Square Group founder Scott Bessent as U.S. Treasury secretary.

Investors have generally viewed the pick favorably and see the hedge fund manager as someone who will be supportive of equity markets. However, Trump stated that Bessent would help him implement protectionist trade policies, which could have significant negative impacts.

U.S. stock futures climbed Monday as Wall Street kicked off a shortened Thanksgiving trading week. Markets are closed on Thursday for Thanksgiving Day and end early on Friday.

Meanwhile, Asia-Pacific markets mostly rose Monday, with investors awaiting a slew of economic data this week, including China industrial data and India's third-quarter gross domestic product numbers.

Thyssenkrupp Steel on Monday said it was planning to cut 5,000 jobs by 2030 through changes in its production and administration