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European stocks surge buoyed by Nestle-Starbucks deal

European stocks were underpinned on Monday by some strong financial results and rise in Nestle after the Swiss food company announced an agreement to sell Starbucks coffee worldwide.

Photo: Reuters

The pan-European STOXX 600 index inched up 0.1% to 387.37, extending a 0.6% rise from Friday.

The DAX 30 index in Germany was up 0.1% at 12,827.48, while France’s CAC 40 index slid 0.2% to 5,507,35.

Shares in Nestle gained 0.6% after the news about deal. Shares of Statoil rose 1.8%, Eni added 0.3%.

Shares of Allianz SE were up 0.1% on news it will sell 8.4% stake in Banco BPI S/A to CaixaBank SA.

German industrial orders slumped 0.9% in March due to low foreign require, the Federal Statistics Office reported.


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