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European equities rise higher, as the improvement in economic data offset the downward downward performance of the banks

Commuters wearing face masks will travel in a tram past HSBC signs outside the bank’s local headquarters in Hong Kong on April 28, 2020.

anthony wallace / Agence France-Presse / Getty Images

European equities rose higher on Monday after early losses, as improved data on the economy helped offset the disappointing results of HSBC Holdings and Société Générale.

An increase of 1.1% in July, the Stoxx Europe 600 SXXP,
+ 0.46%
rose 0.5%.

The German DAX DAX,
+ 1.21%
rose 1.2% and the French CAC 40 PX1,
+ 0.25%
0.4% added as the UK FTSE 100 UKX,
-0.08%
slipped.

US equity futures ES00,
+ 0.02%
lit up after a 5.5% gain for the S&P 500 SPX,
+ 0.76%
in July. Lawmakers reported progress over the weekend with a new stimulus package, but gaps persisted between Democrats and Republicans.

Economic data showed how far the recovery has progressed. The Caixin China industrial purchasing manager index rose to 52.8 in July, with the best production and new order results since January 2011. The production PMI in Spain rose to 53.5, the best since April 2018, when the final Eurozone production PMI value came in stronger than the flash report.

The U.S. economic calendar includes the Institute of Supply Management’s production index and a number of non-voting officials of the Federal Reserve.

Featured companies, HSBC Holdings HSBA,
-5.91%
HSBC,
-0.48%
dropped after that a decline of 77% in net profit for the first half year.

Société Générale GLE,
-3.01%
then refused a loss of € 1.26 billion for the second quarter.

Siemens Heathineers SHL,
-4.49%
fell 5% after reaching a purchase agreement Radiotherapy software company Varian Medical Systemsms
VAR,
+ 3.18%
for $ 16.4 billion. Siemens SIE,
+ 1.29%
said its stake in Siemens Heathineers will drop from 72% to 72% as part of the fundraising for the deal.

Morphosys MOR,
+ 5.97%
MOR,
-2.16%
jumped after the biotech company received accelerated approval from the U.S. Food and Drug Administration for a lymphoma drug.

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