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DAX Rises Led By Utilities

German stocks rose on Monday as strong U.S. jobs report stoked optimism about global growth and utilities E.ON and RWE announced they are planning a major asset swap involving RWE subsidiary Innogy.

The benchmark DAX was up 64 points or 0.51 percent at 12,410 in opening deals after closing 0.1 percent lower on Friday.

RWE soared 9 percent after the company reached an agreement in principle according to which RWE shall sell its 76.8 percent stake in Innogy SE to E.ON. Innogy jumped more than 13 percent while E.ON advanced almost 6 percent.

Deutsche Bank rose about 1 percent on reports that the management board is seeking to cut as many as 6,000 jobs at the lender's retail unit by the end of 2022.

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