European stocks rose Monday, helped by data showing the Asian economic recovery is accelerating even as the U.S. and Europe struggle to get to grips with COVID-19. Spanish banks surged after BBVA reached a pact to sell its U.S. division.
Spain’s IBEX 35 IBEX, +1.76% surged over 2%. The French CAC 40 PX1, +0.78% rose 1.1%, and the German DAX DAX, +0.37% and U.K. FTSE 100 UKX, +0.54% also gained.The recovery in the world’s number-two economy seems to be accelerating, with China’s industrial production jumping 6.9% in the 12 months to October and retail sales rising 4.3%. Japan’s third-quarter GDP rose a stronger-than-forecast 5% in the third quarter.
It’s also a critical week for negotiations between the U.K. and European Union on a trade deal, as current terms expire at the end of the year.
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