MILAN - European shares recovered on Monday with merger talk lifting the battered banking sector and helping offset worries over a slowdown in the global economy, while the crash of a Boeing 737 MAX hit shares in its French engine maker Safran.
London’s export-heavy FTSE added 1 percent, outperforming its euro-zone peers boosted by stronger oil prices. The management board of Deutsche has agreed to hold talks with Commerzbank on the feasibility of a merger, a person with knowledge of the matter said on Saturday.Berenberg’s equity sales team said a merger between the two could make sense, given the overlap in their businesses, even though Deutsche has repeatedly said it needs to focus on increasing its own profitability.
Safran fell 1.3 percent following Sunday’s fatal crash of a Boeing 737 MAX 8 operated by Ethiopian Airlines. The 737 MAX 8 uses LEAP-1B engines made by a joint venture of General Electric Co and Safran SA.
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