(Reuters) – European stocks partly recovered from last week’s hefty losses on Monday, helped by upbeat industrial profits data from China and a jump in German lender Commerzbank after it appointed a new chief executive officer.

Commerzbank CBKG.DE rose 4.3% after it named a top manager at rival Deutsche Bank DBKGn.DE Manfred Knof to lead the bank, which has been in turmoil following the sudden resignation of its CEO in early July.

HSBC Holdings HSBA.L surged 10.1% after Chinese insurance group Ping An 601318.SS2318.HK, the biggest shareholder in the British lender, boosted its stake.

Banking stocks .SX7P gained 3.6%, bouncing off all-time lows hit last week.

ArcelorMittal SA MT.LU rose 8% after Cleveland-Cliffs CLF.N agreed to buy the U.S. assets of the steelmaker for about $1.4 billion.

The pan-European STOXX 600 index .STOXX rose 1.4% by 0711 GMT after last week’s 3.6% drop.

Investors have been wary about a second wave of coronavirus outbreak in Europe stalling the economic recovery. The British government is mulling tougher restrictions, possibly outlawing more inter-household socialising, a junior health minister said on Monday.

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