European stocks ended mostly lower Monday as bank shares fell in some regional markets, although German stocks pulled ahead thanks to the pharmaceutical and reinsurance sectors.

Stocks closed higher and near session highs Monday, with the Nasdaq Composite snapping a seven-day streak of losses after data showed slow-but-steady economic growth unfolding in the U.S. On the data front, the Institute for Supply Management said its manufacturing index fell to 50.8% last month from 51.8% in March. The reading, coming in above 50%, indicates expansion, albeit at a slower-than-expected pace.

Asian stocks swung between gains and losses as weaker-than-forecast Chinese manufacturing dragged mainland firms trading in Hong Kong lower and investors awaited a finely balanced interest-rate decision in Australia. The Caixin China manufacturing purchasing managers' index declined to 49.4 in April from 49.7, missing the average 49.8 forecast of economists. The data comes after the release of an official index at the weekend. Readings below 50 signal a contraction.

Based on MarketWatch materials