European stocks rose on Monday on data showing that the Asian economic recovery is accelerating as the US and Europe struggle to hold on to COVID-19. Spanish banks soared after BPVA reached an agreement to sell its US division.
Stocks Europe 600 SXXP, up 5% last week, after initial data showed that Pfizer’s corona virus vaccine was 90% effective.
Spain’s IBEX 35 IBEX,
Increased by more than 2%. French CAC 40×1,
1.1% higher, and German DAX DAX,
And UK FTSE 100 UKX,
Futures on the Dow Jones Industrial Average YM00,
282 points higher.
With China’s industrial output up 6.9% and retail sales up 4.3% in the first 12 months of October, the world’s number-two economy looks set to recover. Japan’s GDP grew 5% in the third quarter, higher than forecast in the third quarter. China and Japan were among the signatories to the Regional Comprehensive Economic Partnership, a free-trade agreement that included 15 major Asian countries besides India.
U.S. hospitals for COVID-19 hit a record high on Sunday, according to data from the COVID-19 program. The Prime Minister of the United Kingdom Boris Johnson is self-isolated after suffering from COVID-19. Germany is said to be taking drastic measures to combat COVID-19, while cases are on the rise in Italy.
This is an important week for negotiations between the UK and the EU on the trade agreement, as the current terms expire at the end of the year.
PNC Financial Services rose 17% after agreeing to sell its US operations to BNC,
6 to 11.6 billion. News Banco Sabadel SAP,
Up to 12%, PPVA helped revive previous speculations that it could buy it. Banco Santander SAN,
Vodafone Team VOD,
The mobile phone operator rose 3% as it announced a 1.9% decline in its half-year adjusted earnings before interest, depreciation and debt. Vodafone maintained its dividend and reaffirmed its free cash flow and EPIDTA guidance.
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