European shares reach five-week high as Deutsche Bank and Metro climb

lunes 19 de octubre de 2015 06:34 GYT
 

* FTSEurofirst 300 at highest level since early Sept.

* Metro shares gain on positive outlook

* Deutsche Bank up on restructuring plan

By Atul Prakash

LONDON, Oct 19 (Reuters) - European shares climbed to a five-week high on Monday, helped by a rise in Deutsche Bank and retailer Metro AG, while expectations of stimulus measures offset some weak Chinese data.

The pan-European FTSEurofirst 300 index rose 0.4 percent to 1,441.17 points going into the middle of the trading session, marking its highest level since early September.

Deutsche Bank rose 3.7 percent, the top performer, as investors welcomed Chief Executive John Cryan's plan to restructure the German bank and cull managers in a move aimed at cutting costs and putting past scandals behind it.

"The fresh start as far as personnel is concerned has been done. Now the bank needs to deliver substance," said Ingo Speich from Union Investment, one of Deutsche's top 20 shareholders.

Metro rose 3 percent, after the retailer said it was optimistic for the Christmas trading period as like-for-like sales rose 1.3 percent in the final quarter of its fiscal year.   Continuación...