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Deutsche Bank leads European shares higher, China stocks up

Credit: Reuters Studio
Published on August 19, 2019 - Duration: 01:14s

Deutsche Bank leads European shares higher, China stocks up

European shares rose on Monday, extending gains from the previous session, as German stocks, led by Deutsche Bank, rallied and investors cheered plans from Germany and China to counter slowing growth.

Francis Maguire reports.

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Deutsche Bank leads European shares higher, China stocks up

European shares rose early Monday, As German stocks rallied and investors cheered plans from Germany and China to counter slowing growth.

Deutsche Bank led the way.

Shares jumped just 3.5% and helped the DAX move up 1%.

That as Der Spiegel reported some major investors of the German bank want supervisory board chairman Paul Achleitner to step down before his term ends in 2022.

Markets also rose on reports that Germany's right-left coalition government would be prepared to ditch its balanced budget rule and take on new debt to counter a possible recession.

In Asia, Chinese stocks were up more than 2% - its best showing since early July, The central bank unveiled key interest rate reform on Saturday to help drive down borrowing costs for companies and support a slowing economy hurt by the Sino-U.S. trade war.

The move is widely seen as a guided rate cut.

Stock brokerage China Merchants Securities said it means monetary policy loosening is more likely in the short term.

Around the region, the MSCI Asia index was firmer by 1.25%, While Japan's Nikkei closed up slightly.

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