The pan-European Stoxx 600 was up around 0.25 percent shortly after the opening bell, with most sectors and major bourses in positive territory.

On Monday, Argentine President Mauricio Macri announced "emergency" measures to try to balance next year's budget, including new taxes on exports and steep cuts to government spending. The Argentine peso dipped more than 3 percent lower on the news, and is expected to face further pressure over the coming days.

Meanwhile, Turkey's central bank promised it would take steps to combat "significant risks" to price stability at its next monetary policy meeting. The signal is likely to heighten expectations of an interest rate hike later this month. The lira was slightly lower on the news, adding to losses of more than 40 percent against the dollar this year.

Elsewhere, investors continued to monitor an escalating global trade war between the U.S. and China. President Donald Trump reportedly said over the weekend that he is prepared to impose tariffs on additional $200 billion worth of imports from Beijing as soon as a public comment period ends on Thursday.