Frankfurt Stock Exchange
By Susan Mathew and Shreyashi Sanyal
(Reuters) – European shares closed higher on Monday as an unexpected rise in German business confidence underscored the resilience of the region’s biggest economy, while wind turbine maker Siemens Gamesa jumped after a takeover bid.
After rising as much as 1.3% earlier in the day, the pan-European STOXX 600 index closed up 1.26% at 436.54 points.
Commodity-linked securities gained about 2% on higher oil and base metal prices, while banks gained 2.3%. [O/R] [MET/L]
Siemens Gamesa jumped 6.2% after Siemens Energy launched a €4.05 billion ($4.3 billion) bid for minority stakes in the struggling wind turbine unit.
Siemens Energy’s biggest shareholder, Siemens AG, rose 1.4%.
An Ifo survey showed that German business confidence unexpectedly rose in May, signaling hope that Europe’s biggest economy is proving resilient in the face of high inflation, supply chain problems and the war in Ukraine.
In LONDON, the Financial Times index advanced 1.67% to 7,513.44 points.
In FRANKFURT, the DAX index rose 1.38% to 14,175.40 points.
In PARIS, the CAC-40 index gained 1.17%, at 6,358.74 points.
In MILAN, the Ftse/Mib index appreciated by 0.17%, at 24,136.56 points.
In MADRID, the Ibex-35 index registered an increase of 1.67%, to 8,625.80 points.
In LISBON, the PSI20 index rose by 2.67%, to 6,079.51 points.
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