European stocks soar as foreign investors seek bargains

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European stocks rose on Monday, as foreign investors looked for bargains in a wave of activity.

Down 3.6% last week in its worst performance since early June, the Stoxx Europe 600 SXXP,
+ 1,54%
climbed 1.5%.

The German DAX DAX,
+ 2,38%,
French CAC 40 PX1,
+ 1,56%
et UK FTSE 100 UKX,
+ 1,17%
all advanced. Futures sur le Dow Jones Industrial Average YM00,
+ 0,93%
increased by 222 points. Politics was in the spotlight after a report that Donald Trump paid $ 750 in federal income tax in each of his first two years as President, a day after appointing Amy Coney Barrett to the Supreme Court of United States. Amid the presidential stance, US lawmakers are still considering a second stimulus package.

In Europe, the ninth round of negotiations between the United Kingdom and the European Union is due to start on Tuesday.

HSBC Holdings HSBA,
+ 8,82%

5,
+ 9,22%
jumped 9% after China’s Ping An Insurance 2318,
-0,31%
increased its stake to 8% from 7.95%. HSBC shares fell to their lowest level since 1995 last week, following a report of suspected money laundering activity at major banks.

Last week, the Global Times said HSBC could be added to China’s “untrusted entities” list, so the Ping An movement has helped counter those concerns.

Commerzbank CBK,
+ 5,02%
rose 4% after announcing that Deutsche Bank executive Manfred Knof would become its next chief executive. Knof headed the private banking division of Deutsche Bank in Germany and also served as Managing Director of Allianz Deutschland.

ArcelorMittal MT steel and mining company,
+ 9,79%
rose 10% after closing a deal to sell its US arm to mining company Cleveland-Cliffs CLF,
+ 2,97%
in a transaction valued at $ 3.3 billion, including assumed liabilities.

Bookie britannique William Hill WMH,
-11,27%
fell 13% to 273 pence, after soaring 43% on Friday when it revealed that Caesars Entertainment and Apollo were each talking about placing separate bids. Caesars Entertainment CZR,
+ 7,94%
Monday said he could offer 272 pence in cash for each share, valuing the company at £ 2.9 billion. Caesars said the deal, if it comes to fruition, would better serve its customers in the burgeoning US sports betting and online market.

Diageo DGE,
+ 6,10%

DEO,
+ 0,46%
jumped 5% after the alcoholic beverage giant said its outlook for the year had improved, in large part due to its U.S. operations, due to demand from “resilient” consumers and the spirits category continuing to gain share in the total alcoholic beverage market.

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