This is CNBC's live blog covering European markets.

European stock markets closed lower Monday as a positive run faltered.

The regional Stoxx 600 index closed 0.6% lower, with most sectors and major bourses declining. Household goods stocks were 2.6% lower as bank stocks climbed 0.5%.

The Stoxx gained 2.94% last week, according to Eikon data, its strongest week since March.

Globally, markets were boosted by cooler-than-expected inflation figures out of the United States and increasing bets on a less aggressive path ahead for the Federal Reserve.

Investors will be assessing gross domestic product figures from China, which came in at 6.3%, lower than economists expected.

Earnings season will also ramp up this week, with results from Novartis, Ocado and ASML in Europe as well as U.S. juggernauts Bank of America, Morgan Stanley, Tesla, Netflix, United Airlines and IBM.

Luxury Swiss retailer Richemont fell 8.6% Monday morning after its sales figures showed a slowdown in U.S. demand, though a significant rebound in Asia.

Asia-Pacific markets were lower, while U.S. stocks started the week higher.

Stocks set to close lower: Richemont down 9%, Orion down 8%

Shares of luxury firm Richemont were down 9.8% towards the end of the session on weaker-than-expected organic sales growth and sluggish economic data out of China.

Drugmaker Orion saw shares down 8.7% late afternoon after missing analyst expectations for the second quarter and readjusting its earnings outlook for the rest of the year.

— Hannah Ward-Glenton

Argenx up 30% as muscle weakening drug hits targets

European immunology company Argenx soared 30% on news that a muscle weakening drug hit its main goal.

The drug, VYVGART Hytrulo, is designed to help those suffering with chronic inflammatory demyelinating polyneuropathy (CIDP), and patients showed a 61% reduction in the risk of relapse compared to placebo participants, the company said in a press release.

The share price surge helped the healthcare sector inch into positive territory, with a 0.03% uptick, while the majority of sectors remained in the red.

— Hannah Ward-Glenton

‘Feel good factor’ of travel encourages purchase of luxury goods, investment director says

Swetha Ramachandran, investment director for luxury equities at GAM Investments, discusses the outlook for luxury goods, saying it is strongly linked to tourism due to the feel good factor travel brings, as well as tax and price differences tourists benefit from.

European stocks fall

European stocks were lower in early trade, with the Stoxx 600 index down 0.3% at 8:27 a.m. BST.

Mining stocks were 1.2% lower after Chinese GDP figures missed forecasts, while household goods fell 1.9%.

France's CAC 40 fell 0.6%, Germany's DAX was lower by 0.2%, and the FTSE 100 was flat.

— Jenni Reid

Europe markets: Here are the opening calls

European stocks look set for a gloomy start to the week's trading, with Germany's DAX seen opening 88 points lower at 16,020, according to IG data.

The U.K.'s FTSE 100 is seen 43.5 points lower at 7,397, and France's CAC 40 56.5 points lower at 7,322.

— Jenni Reid

China's second quarter GDP grows 6.3%, slower than expected

China's second-quarter gross domestic product grew by 6.3% from a year ago, missing expectations compared to the 7.3% forecast by analysts polled by Reuters

The 6.3% GDP print for the second quarter marked a 0.8% pace of growth from the first quarter, slower than the 2.2% quarter-on-quarter pace recorded in the first three months of the year.

Seperately, the unemployment rate among young people ages 16 to 24 was 21.3% in June, a new record.

— Evelyn Cheng

Global headline inflation appears to have peaked, says IMF

Among the Group of 20 nations, headline inflation seems to have peaked, according to the International Monetary Fund. However, in most of the G20 countries, particularly the advanced economies, core inflation remains well above central banks' targets.

"In the fight against inflation there are some early signs of monetary policy transmitting to activity, with bank lending standards tightening in the euro area and the United States. That said, policymakers should avoid 'premature celebrations': lessons from previous inflationary episodes show that easing policy too early can undo progress on inflation," IMF managing director Kristalina Georgieva wrote in a Friday note.

The IMF forecasts global growth over the medium-term to fall around 3%, lower than the historical average of 3.8% over 2000 to 2019.

— Hakyung Kim

CNBC Pro: 'Red-hot upside': This global high-growth tech fund's stock could rise by 180%, says Berenberg

Shares of a venture capital fund focusing on the high-growth technology sector could rise by more than 180%, according to Berenberg.

The bank's analyst said even if the VC fund's portfolio experiences no growth and is valued at a 20% discount compared to its peers, it would still imply a 54% upside.

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: UBS updated its 'highest conviction' stock list — and it aims to beat a major index

UBS named a raft of U.S. and global stocks it says are set to beat a major index in 2023, which it described as a year of "inflection points."

The stock picks are its "highest conviction" names, and the list is aimed at beating the MSCI All Countries World Index, the Swiss bank said in a July 11 research note, adding that it did not "shy away from taking some contrarian positions."

CNBC Pro subscribers can read more here.

— Lucy Handley