German stocks advanced on Monday, with merger & acquisition activity and improved business sentiment data helping underpin sentiment.
Germany’s business climate index rose to 93.0 points in May from a revised figure of 91.9 points in April, according to data from the Ifo Institute released earlier in the day.
The benchmark DAX rose 99 points, or 0.7 percent, to 14,080 after climbing 0.7 percent on Friday.
Banks gained ground, with Commerzbank rallying 3.5 percent and Deutsche Bank adding nearly 4 percent.
Deutsche EuroShop AG shares soared 40 percent after a consortium of bidders offered 1.4 billion euros ($1.49 billion) to acquire the shopping-center real-estate firm.
Siemens AG gained around 1 percent after its energy arm, Siemens Energy, made a cash tender offer to acquire all outstanding shares in Siemens Gamesa Renewable Energy. Siemens Gamesa shares jumped more than 6 percent.
DAX Rises Led By Banks
2022-05-23 09:01:06
