European stocks rallied Monday, looking to recover from their worst week since mid-June, with a global rise in coronavirus cases and political developments stateside on investors’ radar. HSBC shares surged by 9.2 percent by early afternoon after China’s Ping An Insurance announced that it would increase its stake in Europe’s largest lender. The rally extended across the banking sector, with Deutsche Bank and Standard Chartered, Barclays and Credit Agricole all adding more than 5 percent. Reuters reported Sunday, citing sources, that Luxembourg steel giant ArcelorMittal is in talks to merge its U.S. assets with Cleveland-Cliffs, the largest producer of iron ore pellets in the U.S. ArcelorMittal shares rallied by 10 percent. At the bottom of the European benchmark, airplane engine manufacturer Rolls-Royce slid a further 5 percent.

Source: The Standard September 28, 2020 16:07 UTC