European stocks surge to new highs, strong results from HSBC
September 27, 2021
Finance

European stocks surge to new highs, strong results from HSBC

European stocks scaled fresh peaks on Monday following a clutch of deals and strong results from Europe’s biggest bank HSBC, while sentiment was also supported by a rebound in Asian stocks.

The pan-European STOXX 600 index rose 0.8% to hit an all-time high of 465 points in early trading.

British aero-engineer Meggitt soared 59.7% to record a life high after U.S. industrial firm Parker-Hannifin said it would buy UK rival in a deal that values it at 6.3 billion pounds ($8.76 billion).

UK’s midcap index jumped 1.5%, while the blue-chip index added 1.0%. [.L]

Asia-focussed lender HSBC gained 1.4% after it beat forecasts for first-half pretax profit and reinstated dividend payments.

French insurer Axa was up 3.6% after it posted a 180% surge in first-half net income, while bigger rival Allianz fell 2.6% after U.S. regulators started a probe relating to Allianz Global Investors’ Structured Alpha Funds.

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