European shares rose on Monday, hovering near nine-month highs, as strong China data and hopes of a Covid-19 vaccine renewed bets for a swifter economic recovery, while Spanish lender BBVA surged on a deal to sell its US business. The pan-European STOXX 600 rose 0.7pc by 09:30 GMT, with banks and travel stocks gaining the most. Although Europe's bank stocks outperformed other major sectors last week, their performance is the second worst this year as lenders grapple with rock-bottom interest rates amid the Covid-19 crisis. Overall, quarterly results for STOXX 600 companies have been better than expected, with 68pc of those that have reported results so far beating earnings estimates, according to Refinitiv data. Deutsche Bank rose 1.1pc after chief executive officer Christian Sewing said the German lender will focus on the bank's restructuring over the next year rather than on mergers.

Source: Irish Independent November 16, 2020 10:18 UTC