European stocks jump after China data, banking rebound

(Reuters) – European stocks partly recovered from last week’s hefty losses on Monday, helped by upbeat industrial profits data from China and a jump in German lender Commerzbank after it appointed a new chief executive officer.

Commerzbank rose 4.3% after it named a top manager at rival Deutsche Bank Manfred Knof to lead the bank, which has been in turmoil following the sudden resignation of its CEO in early July.

HSBC Holdings surged 10.1% after Chinese insurance group Ping An <601318.SS> <2318.HK>, the biggest shareholder in the British lender, boosted its stake.

Banking stocks <.SX7P> gained 3.6%, bouncing off all-time lows hit last week.

ArcelorMittal SA rose 8% after Cleveland-Cliffs agreed to buy the U.S. assets of the steelmaker for about $1.4 billion.

The pan-European STOXX 600 index <.STOXX> rose 1.4% by 0711 GMT after last week’s 3.6% drop.

Investors have been wary about a second wave of coronavirus outbreak in Europe stalling the economic recovery. The British government is mulling tougher restrictions, possibly outlawing more inter-household socialising, a junior health minister said on Monday.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)