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European Shares Inch Higher Led By Utilities

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

The pan-European Stoxx Europe 600 index was up 0.4 percent at 379.60 in late opening deals after rising 0.4 percent on Friday.

The German DAX was rising 0.8 percent and France's CAC 40 index was up 0.3 percent while the U.K.'s FTSE 100 was little changed, giving up earlier gains.

RWE soared 8 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 13 percent while E.ON advanced 5 percent.

Deutsche Bank rose 1.2 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.

Air France KLM climbed almost 3 percent amid reports that a consortium of India's Jet Airways, Air France-KLM and Delta Air Lines are bidding for national carrier Air India.

Swiss bakery business Aryzta tumbled 3 percent after widening its first-half net loss.

British engineering group GKN rose about 1 percent after Melrose raised its offer for the company to £8.1bn. Melrose shares declined 3 percent.

Just Eat fell over 4 percent on a brokerage downgrade.

by RTTNews Staff Writer

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