European stocks rebound from 3-month lows, HSBC jumps over 8%

2020-09-28 13:39:20 GMT (Economies.com)
European stocks rebound from 3-month lows, HSBC jumps over 8%

European stocks surged in morning trading on Monday, to rebound from the 3-month low hit on Friday and head for the first daily gain in 3 days, led by the strong rally of bank's shares, as HSBC jumped more than 8%, thanks to improved investors' sentiment following Wall Street's strong gains.

 

The Stoxx Europe 600 index rose over 2% as of 11:25 GMT, after it closed lower by 0.2% on Friday and posted the lowest level since June 15 at 351.24 points.

 

The index lost 3.3% during the past week, and posted its first weekly loss in 3 weeks and the biggest since June.

 

This came amid a broad sell-off move in most global stock markets, due to worries about the global economy, after a surge in the number of coronavirus cases in Europe and the US.

 

The pan European index opened higher today, in the first session of the weak, rebounding from the 3-month low hit in the previous session, with most of the major European markets and sectors seeing green today.

 

S&P 500 futures rose over 1.5%, and hit a 2-week high, after the index closed higher by 1.6% on Friday at Wall Street, in its second straight daily gain.

 

This came thanks to hopes for a solution to the political disagreement on the coronavirus stimulus plan to support the US economy from the pandemic's repercussions.

 

The banking sector saw the largest gains in Europe today, rising over 4.5%, after HSBC's share jumped 8% following the Chinese investment giant "Ping" announcement of increasing its stake in the British bank.

 

Back to Europe, the Euro Stoxx 50 index added 2.3%, France's CAC 40 rose 2.2%, Germany's DAX added 2.9%, and the UK's FTSE 100 rose 1.5%.

 
 
 
  Symbol Last Change Chg.%
1.1860
0.0081
0.6868%
1.3045
0.0058
0.4481%
Tadawul
8505.18
18.45
0.22%
24.606
-0.168
0.676%
39.735
-1.208
2.949%
41.65
-0.81
1.91%
1902.820
-9.195
0.481%
 
 
US
 
Europe
 
Asia