European stock markets inched higher on Monday, though the absence of U.S. and London markets, which are both closed for holidays, kept volumes thin. U.S. financial markets will be closed for the Memorial Day holiday on Monday, while London markets are closed for a bank holiday, which is expected to keep volumes low in Europe.

Financial markets in the U.S. will be closed on Monday for the observance of Memorial Day, in honor of men and women who died while serving in the U.S. military. The stock and bond market will remain closed, while trading in all Globex contracts will be halted from 1 to 6 p.m. Eastern.

Asian stocks rose, paring the worst monthly loss since February, as the dollar maintained strength against the yen amid expectations for higher U.S. interest rates.Prime Minister Shinzo Abe wants to put off a planned sales tax increase for 2 1/2 years, senior officials from his ruling party and its coalition partner said Monday, as Abe prepares to end the speculation that has swirled for months. With the weakness in private consumption, now isn't the time to raise the sales tax, Japanese Finance Minister Taro Aso said in Tokyo on Tuesday.

Based on MarketWatch materials