German shares lead Europe higher on M&A cheer
May 23 (Reuters) - Broad-based gains helped European shares
rally more than 1% in early trade on Monday, with the German
market lifted by deal talks between Siemens Energy and its unit.
The pan-European STOXX 600 index was up 1.2% by
0720 GMT, after posting its fifth weekly loss in six weeks as
investors fled riskier assets on fears of recession.
Banks rose 0.5%, while basic material and
industrial stocks were also among the biggest boosts to the
STOXX 600.
Siemens Energy gained 3.6% after launching a 4.05
billion euro ($4.28 billion) bid for minority holdings in
struggling wind turbine unit Siemens Gamesa. Siemens
Gamesa jumped 5.8%. Siemens AG which is the largest
shareholder in Siemens Energy, rose 2.3%.
In global markets, while China stocks fell on COVID-19
worries as cases rose in Beijing, the gradual easing of curbs in
Shanghai as well as hopes of more central bank stimulus kept up
hopes of a recovery in the world's second-largest economy. Most
stocks outside China and U.S. futures gained.
(Reporting by Susan Mathew in Bengaluru; Editing by Aditya
Soni)
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