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Deutsche merger moves brighten mood for European stocks

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European stocks extended a recent run of gains on Monday as a flurry of dealmaki...

- European stocks extended a recent run of gains on Monday as a flurry of dealmaking reports, including merger talks between German lenders Deutsche Bank and Commerzbank, spurred gains in the financial services sector.

Banks across Europe were boosted by the news, with Italian lenders Banco BPM and UBI Banca gaining about 3 percent each. Also caught in the merger wave was German insurer Allianz, which Bloomberg reported was exploring combining its asset management business with DWS, mostly owned by Deutsche Bank. DWS shares jumped 9 percent, touching their highest since May.

By 1019 GMT, the STOXX 600 was up 0.22 percent, surpassing a five-month closing high it hit on Friday on the back of hopes of a less chaotic Brexit and progress in U.S.-China trade talks. The European Central Bank changed its own direction on policy this month, pushing out the timing of its first post-crisis rate hike until 2020 at the earliest and offering banks a new round of cheap loans to help revive the euro zone economy.

 

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