European stocks rise on recovery hopes, as Spanish banks surge after BBVA deal

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European stocks led higher by Spanish banks after PNC deal for BBVA's U.S. unit

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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