Milan's FTSE Mib index fell more than 3.0 percent on Monday, as European markets slumped on the bleak outlook for China and the flare-up in tensions between Iran and Saudi Arabi.

Shortly before closure the index was down 3.08 percent, with fashion companies leading the slump: online retailer Yoox Pret-a-Porter was down 6.69 percent while Salvatore Ferragamo had dropped 5.43 percent.