By Steve Goldstein
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 /zigman2/quotes/210599654/delayed XX:SXXP +0.89% climbed 1.5%.
The German DAX /zigman2/quotes/210597999/delayed DX:DAX +1.34% , French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.45% and U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.76% all advanced.
Futures on the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.66% 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 /zigman2/quotes/203901799/delayed UK:HSBA -0.87% /zigman2/quotes/202687335/delayed HK:5 -0.10% jumped 9% after China’s Ping An Insurance /zigman2/quotes/210315058/delayed HK:2318 -0.06% 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 /zigman2/quotes/207286669/delayed XE:CBK -0.43% 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 /zigman2/quotes/209487033/delayed NL:MT +2.33% rose 10% after reaching a deal to sell its U.S. arm to mining company Cleveland-Cliffs /zigman2/quotes/205424168/composite CLF +3.23% 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 /zigman2/quotes/205281174/composite CZR +3.45% 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 /zigman2/quotes/205611832/delayed UK:DGE +0.69% /zigman2/quotes/208129584/composite DEO +0.85% 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.