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European shares close 2% higher as banks bounce; HSBC soars 9%

European stocks rallied Monday, recovering from their worst week since mid-June, with a global rise in coronavirus cases and political developments stateside on investors’ radar.

The pan-European Stoxx 600 jumped 2.3% by the close with banks surging 5% to lead gains, as all sectors and major bourses finished in positive territory.

The European blue-chip index had closed 3.7% lower for the week on Friday after a choppy session, with global markets roiled by a resurgence in coronavirus cases on the continent and further afield.

However, markets received a boost Monday from signs that the Chinese economic recovery is gathering steam, with fiscal stimulus, pent-up demand and positive export data boosting sentiment.

In Europe, Bank of England policymaker Silvana Tenreyro said in an interview published over the weekend that the central bank’s investigation into whether negative interest rates could help the British economic recovery has yielded “encouraging” results.

Reference: CNBC