/European stocks climb as foreign investors chase bargains – MarketWatch

European stocks climb as foreign investors chase bargains – MarketWatch


People walk past a sign encouraging social distance in a shopping street in Solihull, central England, on September 14, 2020.


oli scarff/Agence France-Presse/Getty Images

European stocks rose on Monday, as foreign investors went shopping for bargains in a flurry of activity.

Down 3.6% last week in its worst performance since early June, the Stoxx Europe 600
SXXP,
+2.02%

climbed 1.5%.

The German DAX
DAX,
+2.82%
,
French CAC 40
PX1,
+2.10%

and U.K. FTSE 100
UKX,
+1.43%

all advanced.

Futures on the Dow Jones Industrial Average
YM00,
+1.28%

rose 222 points. Politics were in the limelight after a report Donald Trump paid $750 in federal income taxes in each of his first two years as president, a day after he nominated Amy Coney Barrett to the U.S. Supreme Court. Amid the presidential focus, U.S. lawmakers are still weighing a second stimulus package.

In Europe, the ninth round of talks between the U.K. and the European Union are due to kick off Tuesday.

HSBC Holdings
HSBA,
+9.03%

5,
+9.22%

jumped 9% after China’s Ping An Insurance
2318,
-0.31%

nudged higher its stake to 8% from 7.95%. Last week, HSBC shares fell to their lowest since 1995, in the wake of a report on alleged money laundering activities at leading banks.

The Global Times last week said HSBC could be added to China’s “unreliable entities” list, so the Ping An move helped to counter those concerns.

Commerzbank
CBK,
+4.54%

rose 4% after saying Deutsche Bank executive Manfred Knof will become its next chief executive. Knof headed Deutsche Bank’s private banking arm in Germany, and also has served as chief executive at Allianz Deutschland.

Steel-and-mining company ArcelorMittal
MT,
+9.69%

rose 10% after reaching a deal to sell its U.S. arm to mining company Cleveland-Cliffs
CLF,
+2.97%

in a deal worth $3.3 billion including assumed liabilities.

British bookie William Hill
WMH,
-10.31%

fell 13% to 273 pence, after rocketing 43% on Friday when it disclosed Caesars Entertainment and Apollo each were talking about placing separate bids. Caesars Entertainment
CZR,
+7.94%

on Monday said it may offer 272 pence in cash for each share, valuing the company at £2.9 billion. Caesars said the deal, if it comes off, would better serve its customers in the fast-growing U.S. sports betting and online market.

Diageo
DGE,
+6.96%

DEO,
+0.46%

jumped 5% after the alcoholic beverages giant said its outlook for the fiscal year has improved, driven in large part by its U.S. business, due to “resilient” consumer demand and the spirits category continuing to gain share within the total beverage alcohol market.

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