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MILAN/FRANKFURT: European stocks bounced back sharply on Monday as investors snapped up beaten-down shares in the banking sector that hit a record low last week and data gave signs of pick-up in the Chinese economy.

The pan-European STOXX 600 index jumped 2.2%, recording its biggest percentage gain since mid-June, after last week's 3.6% drop.

The broader banks index surged 5.6% in its first session of gain in eight days.

HSBC Holdings surged 8.9% after Chinese insurance group Ping An, the biggest shareholder in the British bank, boosted its stake to 8.00% from 7.95%.

Commerzbank rose 5.6% after it named a top manager at rival Deutsche Bank, Manfred Knof, to lead the bank. The stock move was, however, in line with the broader sector.

Europe's auto and industrial sectors, heavily reliant on Chinese demand, rose more than 3.5%.

ArcelorMittal SA gained 4.8% after Cleveland-Cliffs Inc agreed to buy the US assets of the steelmaker for about $1.4 billion.

Sonova Holding AG, the world's biggest hearing aid maker, surged 14.4% as it expects revenue to return to growth in the next six months.

London-based spirits maker Diageo rose 6.1% after saying it had made a strong start to its fiscal year 2021, with its US business performing ahead of expectations.

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