European stock markets are steadily rising during trading

European stock markets are steadily rising during trading

European stock markets are steadily rising during trading

Stocks in Western Europe rallied in Monday trading, trying to recover from their worst week since mid-June.

The composite index of the largest enterprises in the region Stoxx Europe 600 by 11:55 Moscow time rose by 1.48% and amounted to 360.78 points. At the end of the previous week, the indicator lost 3.7%, which was the maximum weekly decline since mid-June.

The British FTSE 100 indicator by this time increased by 1.07%, the German DAX – by 2.18%, the French CAC 40 – by 1.48%, the Italian FTSE MIB – by 1.6%, the Spanish IBEX 35 – by 1, 08%.

The markets were supported on Monday, among other things, by signs of accelerating economic recovery in China, while optimistic statistics help to improve sentiment in European markets, writes CNBC.

The combined profit of Chinese industrial enterprises with annual revenues in excess of 20 million yuan last month increased 19.1% on an annualized basis to 612.8 billion yuan ($ 90 billion), according to data from the State Statistical Office (GSO) of China. Thus, the profit of the country's industrial enterprises increased for the fourth month in a row. In July, it increased by 19.6%.

Traders are following the coronavirus pandemic amid rising infections in several regions of the world.

Market participants are also focused on the political situation in the United States. The first of three televised debates between US President Donald Trump and his November presidential rival, Joe Biden, will take place in the States this week.

HSBC Holdings (LON: HSBA) rose 8.4% on news that China's Ping An Insurance increased its stake in the company to 8% from 7.95%. Last week, HSBC fell to its lowest level since 1995 following an investigation by the International Consortium of Journalists (ICIJ).

Commerzbank (DE: CBKG) shares are up 4.9%. The German bank has appointed Manfred Knof, head of personal banking at Deutsche Bank AG (DE: DBKGn) in Germany, as chairman of the board of managing directors. As reported in a press release from Commerzbank, Knof will take office on January 1, 2021, replacing Martin Zilke. Until 2017, Knof headed Allianz (DE: ALVG) Deutschland AG.

The shares of other European banks are also steadily increasing. Deutsche Bank added 5.5%, Standard Chartered (LON: STAN) – 5.3%.

ArcelorMittal shares are gaining 9.8%. Cleveland-Cliffs Inc. buys the company's US operations for $ 1.4 billion, making it the largest flat steel producer in North America.

Diageo shares are up 5.4%. The British company, the world's largest alcohol producer, announced an improvement in its outlook for the current fiscal year, mainly driven by US businesses amid “robust” consumer demand.

William Hill, meanwhile, is down 12.8% after jumping 43% on Friday on news that US casino operator Caesars Entertainment Inc. is negotiating the purchase of a British bookmaker. William Hill also announced last week that Apollo Management International LLP is interested in its purchase.

Leave a Reply

Your email address will not be published. Required fields are marked *