European shares rose today supplementing gains from the previous sessions, as it completed Friday’s recovery, led by gains in Deutsche Bank, as U.S. President Donald Trump allayed recession fears and major economies prepared stimulus plans.
As of 08:26 GMT, Deutsche Bank's shares were up 2.60 percent to 6.23 euros, helping Germany's DAX 30 to rise to 11,674.79 points after adding 1 percent.
German newspapers reported last Friday that some of Deutsche Bank's major investors had demanded that Paul Achleitner, the bank's chairman, to step down before his term expires in 2020.
The Euro STOXX 600 rose 0.83 percent to 372.74, France CAC 40 soared 0.63 percent to 5,334.32 and Britain’s FTSE 100 rose 1 percent to 71,856.55 points.
This push for most European equities began on Friday when hopes of Chinese plans to stimulate economic growth triggered a recovery in investors’ risk appetite.
Overnight, US President Donald Trump has insisted that their trade war with China has not hurt the United States and that the economy is "working very well."
Also, German Finance minister Olaf Scholz said Germany could launch fiscal stimulus worth $55 billion in case it fell into recession.
Last week, global shares were rattled by growing recession fears that caused U.S. Treasury bond yields to invert.
Earlier on Monday, Asian equities finished higher, where the Japanese Nikkei 225 index closed 0.71 percent up at 20,563.16 points while Shanghai Composite ended on a 2.10 percent gain.
Despite protests, Hong Kong Hang Seng ascended 2.13 percent and Australia’s ASX 200 rose about 1 percent to 6,467.4 points.
It is worth mentioning that the NASDAQ closed near 7,604.11 points, up 1.59%, the Dow surged 1.20 percent, approaching 25,886.01 and the S&P 500 settled at 2,888.68 after edging up 1.44 percent at the end of Friday’s session.
Later in the week, traders will try to get new insights from the Federal
Reserve’s minutes for July meeting, which witnessed the first interest rate cut
in a decade.