HSBC jumps after Ping An Insurance raises stake
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
Futures on the Dow Jones Industrial Average
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.
jumped 9% after China’s Ping An Insurance
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.
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
rose 10% after reaching a deal to sell its U.S. arm to mining company Cleveland-Cliffs
in a deal worth $3.3 billion including assumed liabilities.
British bookie William Hill
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
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.
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.