Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ European stocks rise with hopes of recovery as Spanish banks rise after deal with BBVA

European stocks rise with hopes of recovery as Spanish banks rise after deal with BBVA

A woman uses a smartphone in front of an ATM of the Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) in Madrid on September 4, 2020.

AFP via Getty Images

European stocks rose on Monday, aided by data showing that Asia’s economic recovery is accelerating, even as the United States and Europe struggle to cope with COVID-19. Spanish banks jumped after BBVA signed a contract to sell the US division.

A 5% increase last week after early data from US drugmaker Pfizer PFE,
+ 2.85%
and BNTX of the German partner BioNTech,
+ 4.30%
the coronavirus vaccine has been shown to be 90% effective, Stoxx Europe 600 SXXP,
+ 0.73%
adds 0.7%. The main resource sector SXPP,
+ 1.84%,,
which is particularly sensitive to Asian economic growth, led to profits.

Spanish IBEX 35 IBEX,
+ 1.93%
increased by 1.8%. The French CAC 40 PX1,
+ 1.26%
increased by 1.2% and the German DAX DAX,
+ 0.60%
and UK FTSE 100 UKX,
+ 0.68%
also won.

Futures on Dow Jones Industrial Average YM00,
+ 0.90%
increased by 259 points.

The recovery in the world’s number two economy appears to be accelerating, with industrial production in China jumping 6.9% in the 12 months to October and retail sales rising 4.3%. Japan’s gross domestic product for the third quarter grew 5% stronger than forecast for the third quarter. China and Japan were also among the signatories of the Regional Comprehensive Economic Partnership, a free trade pact covering 15 key Asian countries besides India.

According to the COVID-19 project, US hospitalizations for COVID-19 reached a record high on Sunday as various regional restrictions began to begin. The Prime Minister of the United Kingdom Boris Johnson, who previously suffered from COVID-19, is now independent – he is isolated after a meeting with a member of parliament who has contracted the virus, although he has not been reported to show symptoms. The news that the Biden administration did not approve a national lock turned out to be supportive of the actions.

It is also a critical week for negotiations between the United Kingdom and the European Union on a trade deal, as the current terms expire at the end of the year.

+ 15.97%

+ 4.76%
jumped 15% after agreeing to sell its US operations to PNC Financial Services PNC,
+ 1.47%
for $ 11.6 billion. The news was sent by Banco Sabadell SAB,
+ 14.74%
by 13% as it helped rekindle previous speculation that BBVA could buy it. Banco Santander SAN,
+ 2.77%

+ 4.70%
increased by 5%.

Vodafone Group VOD,
+ 2.99%

+ 4.06%
increased by 3% as the mobile phone operator reported a 1.9% decline in its half-year adjusted earnings before interest, depreciation and amortization, with a 2.3% decline in revenue. Vodafone kept its dividend and repeated its free cash flow and guidelines for Ebitda.

Unibail-Rodamco-Westfield URW,
+ 12.10%
shares jumped 14% after replacing its chairman with a director who was critical of the company’s commercial real estate strategic plans. Last week, shareholders rejected a fundraising plan.

Source link