European stocks advance despite ratings cuts

PARIS: European stock markets closed higher on Monday after shrugging off the effects of downgrades to nine eurozone countries by the international ratings agency Standard and Poor's.

In London, the FTSE index of leading shares gained 0.37 percent at 5,657.44 points.

In Paris, the CAC-40 index added 0.89 percent to 3,225 points while in Frankfurt the DAX 30 jumped by 1.23 percent to 6,220.01 points.

S&P said it had cut France's top AAA rating to AA+ but would maintain Germany at the highest level.