European Stocks Advance With Deutsche Bank Climbing on Reshuffle

A gain in Deutsche Bank AG and positive earnings reports helped push European stocks higher.

The Stoxx Europe 600 Index added 0.6 percent to 365.38 at 8:16 a.m. in London. Shares of the German lender rose 2.5 percent after it said it’s reshuffling management in an effort to to reshape the lender and rebuild relations with regulators.

Company earnings also pushed some stocks higher. Danone gained 2.2 percent after the world’s biggest yogurt maker reported third-quarter sales that beat analysts’ estimates as Chinese consumers ordered more foreign-made infant formula. German retailer Metro AG rose 3.5 percent after reaffirming its earnings target for the year and saying it sees good Christmas results. Christian Dior SE advanced after posting revenue that beat estimates.

Wincor Nixdorf AG surged 21 percent after Diebold Inc. said it offered 1.57 billion euros ($ 1.78 billion) to buy the maker of ATMs and cash registers.

Shire Plc lost 1.8 percent after U.S. regulators asked for additional testing and information to approve a drug to treat dry-eye disease that the Irish company has touted as a potential blockbuster. It plans to resubmit its application next year.

Miners, which were among the biggest decliners during the recent global rout, slipped after data showed China’s economy expanded at the slowest pace since 2009.

The Stoxx 600 ended little changed last week, recovering from three days of losses toward the end. The gauge has recovered from a low at the end of last month, triggered by concern over China’s slowdown and Volkswagen AG’s cheating scandal. Still, it closed 12 percent below its April record on Friday.

Source : Bloomberg

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