The IBEX 35 index climbed 2.7% to 7063.20 in Madrid, while the FTSE MIB index bounced 2.6% to 14275.35.

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Italy's FTSE MIB was down 2.47%.

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Italian equities have been falling since last Wednesday, with the FTSE MIB sliding a further 2.2% on Monday.

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Spain's IBEX 35 jumped 1.2% higher while Italy's FTSE MIB index rose 1.5%.

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European markets sold off more sharply than the U.S., with Spain's IBEX 35 sliding 5.2%, and Italy's FTSE MIB losing 4.6%.

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European markets gained, highlighted by a 2.2% surge in Italy's FTSE MIB index as the swearing in of Italian Prime Minister Enrico Letta over the weekend helped settle the nation's political situation.

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Elsewhere, Spain's IBEX-35 surged 2.7% to 6693.90, Italy's FTSE Mib added 3.4% to 13, 445.46 and Greece's ASE gained 3.3% at 600.07.

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