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9/4, 11:59 AM (Source: TeleTrader)
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Europe turns to gains as bank shares surge

Following a weak open, European equities moved higher on Friday as bank stocks gained on reports of a merger of two Spanish lenders.

Spain’s CaixaBank SA and Bankia SA are exploring a €14 billion merger, according to statements from the two lenders earlier in the day. The deal would lead to the creation of Spain's largest lender, sending shares of CaixaBank and Bankia sharply higher.

At 11:52 am CET, the DAX jumped 0.41%, while the CAC 40 climbed 1.07%. In London, the FTSE 100 rose 0.72%. Shares of financial giants including Deutsche Bank, BNP Paribas, Societe Generale and Lloyds Banking Group all traded with significant gains at the time.

Breaking the News / JC