Pharmaceuticals, Deutsche Bank nudge European shares higher

lunes 19 de octubre de 2015 12:35 GYT

* FTSEurofirst 300 and Euro STOXX 50 close up 0.2 pct

* Mining and oil stocks fall on weak China data

* Deutsche Bank rises on restructuring plans

By Sudip Kar-Gupta

LONDON, Oct 19 (Reuters) - European equities closed higher on Monday, lifted by gains at Deutsche Bank and pharmaceutical stocks, although weak Chinese data hurt commodity shares.

The pan-European FTSEurofirst 300 index closed up 0.2 percent at 1,438.49 points, while the euro zone's blue-chip Euro STOXX 50 index also rose 0.2 percent.

Germany's DAX outperformed with a 0.6 percent rise, helped by a 3.7 percent gain at Deutsche Bank 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 Bank's top 20 shareholders.

Gains in pharmaceutical companies such as Novo Nordisk and Shire also propped up European stocks, with Novo Nordisk advancing 2.5 percent after a broker upgrade.   Continuación...