LONDON (The Deal) -- European markets opened up Monday, with financial services and mining companies generally opening on a positive note. But while Frankfurt and Paris drifted lower again as the morning wore on, London in particular found new confidence in the insurance sector, which many felt had been oversold last week. Mining stocks rose, on a belief, also reflected in Asian markets overnight, that China will soon introduce new stimulus measures to counter the gloom over bad loans and a slowing economy.
Banks had a good morning in several European markets, led by Holland's ING Group (ING). The Amsterdam bank said it had repaid the Dutch state a further 1.23 billion euros -- or $ 1.7 billion -- in crisis era loans and said it would start paying dividends again in 2015. ING was up over 2.6% mid-morning at 10.26 euros a share.
Even Credit Suisse (CS) rose strongly in Zurich, despite a surprise announcement that the Swiss competition regulator has added the bank to the list of those under investigation for foreign exchange manipulation. Credit Suisse was up 1.45%, although its rival UBS (UBS), already named in the regulator's probe, was up by the same percentage.
Top of the leaderboard in London was the insurer Resolution, up 2.87% at 304.8 pence, followed by two miners, Rio Tinto (RIO), up 2.41% at 3358.5 and Anglo American which was up 2.25% at 1,543.0 pence.