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Germany Leads Europe’s Shares Jump to a Record High After a Mega Acquisition

Adel 25 May, 2021 12:57 pm Global Stock Market, Market Update

European stocks hit unprecedented levels on Tuesday, as investors were optimistic on the back of a $1 billion takeover that brought together two of Germany’s biggest real estate developers and comments that calmed inflation concerns.

The pan-European STOXX 600 index rose 0.3% to 446.44 points, its highest level ever. The index exceeded its peak recorded in early May at 446.19.

The German DAX index rose 0.8%, also hitting a record high after a long weekend, fueled by news that Europe’s largest residential real estate group, Funuvia, has agreed to acquire rival Deutsche Fonen for around 18 billion euros ($ 22 billion).

Technology stocks rose 1% after their Wall Street peers jumped overnight due to fresh assurance from US Federal Reserve officials that there would be no change in easing policy.

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