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European stocks rose with reports on the merger of Germany largest bank

2019-03-18 09:17 am | Resource: News | No Views : 157

 European markets posted modest gains in early trade on Monday after German banks confirmed they were in discussions on a possible merger. Meanwhile, investors are still focusing on Britain's exit from the EU, as the government in London is trying to rally support for its deal in Britain's exit from the European Union before the third vote on Tuesday. Yesterday, British Treasury Secretary Philip Hammond said there was still insufficient support for the withdrawal agreement.

Deutsche Bank, Coms Bank launch merger talks

Deutsche Bank and Commerzbank announced on Sunday the launch of exploratory merger negotiations after months of speculation that the biggest lenders in Germany could come together.

"We confirm that we are participating in discussions with Commerzbank," Deutsche Bank said in a statement. "There is no certainty that any treatment will occur," the statement said. On the other hand, Commersbank told investors that both banks "have agreed today to start discussions with an open outcome on possible merger."

In March, the Deutsche Bank board gave the green light to start talks with rival Comersbank over a possible merger deal, while in February it was reported that a preliminary decision to allow the merger or ban was made before the European elections in May.

Market observers also expect the results of the Fed meeting in the United States with a rate decision on Wednesday.

European Stocks Open
  • The DAX rose 0.09% at 9:15 am. Deutsche Bank was the best performer, jumping 3.20%. Commerzbank shares rose 5.20%.
  • Meanwhile, the CAC 40 index gained 0.08%, with Societe Generale gaining 1.67%.
  • London's FTSE 100 rose 0.32%. Rio Tinto led gains as it jumped near 2%.

The euro rose 0.20% against the dollar at 1.13474 at 9:16 CET. The pound traded flat against the US currency, where it bought 1.32842 dollars.

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