European stocks jump after China data, banking rebound
Reuters
Published Sep 28, 2020 08:28
(Reuters) - European stocks partly recovered from last week's hefty losses on Monday, helped by upbeat industrial profits data from China and a jump in German lender Commerzbank after it appointed a new chief executive officer.
Commerzbank (DE:CBKG) rose 4.3% after it named a top manager at rival Deutsche Bank (DE:DBKGn) Manfred Knof to lead the bank, which has been in turmoil following the sudden resignation of its CEO in early July.
HSBC Holdings (L:HSBA) surged 10.1% after Chinese insurance group Ping An (SS:601318) (HK:2318), the biggest shareholder in the British lender, boosted its stake.
Banking stocks (SX7P) gained 3.6%, bouncing off all-time lows hit last week.
ArcelorMittal SA (LU:MT) rose 8% after Cleveland-Cliffs (N:CLF) agreed to buy the U.S. assets of the steelmaker for about $1.4 billion.
The pan-European STOXX 600 index (STOXX) rose 1.4% by 0711 GMT after last week's 3.6% drop.
Investors have been wary about a second wave of coronavirus outbreak in Europe stalling the economic recovery. The British government is mulling tougher restrictions, possibly outlawing more inter-household socialising, a junior health minister said on Monday.
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Written By: Reuters
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