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Deutsche Bank leads European shares higher

Deutsche Bank's shares jumped 3.6 per cent and helped the DAX index climb 1.1 per cent.

Aug 19, 2019, 01.12 PM IST
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.

Deutsche Bank's shares jumped 3.6 per cent and helped the DAX index climb 1.1 per cent. Some major investors of the German bank want supervisory board chairman Paul Achleitner to step down before his term ends in 2022, a German magazine reported on Friday.

Stocks across Europe were also boosted on Friday by a report 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.

The People's Bank of China announced key interest rate reforms over the weekend to help steer interest rates lower.

The pan-European STOXX 600 index was 1 per cent higher by 0713 GMT, after rebounding from six-month lows on Friday, with the technology sector leading the charge.

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