FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 25, 2020. REUTERS/Staff
September 28, 2020
(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 <CBKG.DE> rose 4.3% after it named a top manager at rival Deutsche Bank <DBKGn.DE> Manfred Knof to lead the bank, which has been in turmoil following the sudden resignation of its CEO in early July.
HSBC Holdings <HSBA.L> surged 10.1% after Chinese insurance group Ping An <601318.SS> <2318.HK>, 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 <MT.LU> rose 8% after Cleveland-Cliffs <CLF.N> 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.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)
