Deutsche Bank leads European shares higher

Credit: REUTERS/KAI PFAFFENBACH

European shares rose on Monday, extending gains from the previous session, as German stocks, led by Deutsche Bank, rallied and investors cheered plans from Germany and China to counter slowing growth.

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Aug 19 (Reuters) - European shares rose on Monday, extending gains from the previous session, as German stocks, led by Deutsche Bank, rallied and investors cheered plans from Germany and China to counter slowing growth.

Deutsche Bank's DBKGn.DE shares jumped 3.6% and helped the DAX index .GDAXI climb 1.1%. Some major investors of the German bank want supervisory board chairman Paul Achleitner to step down before his term ends in 2022, a German magazine reported on Friday.

Stocks across Europe were also boosted on Friday by a report that Germany's right-left coalition government would be prepared to ditch its balanced budget rule and take on new debt to counter a possible recession.

The People's Bank of China announced key interest rate reforms over the weekend to help steer interest rates lower.

The pan-European STOXX 600 index .STOXX was 1% higher by 0713 GMT, after rebounding from six-month lows on Friday, with the technology sector .SX8P leading the charge.

(Reporting by Shreyashi Sanyal and Amy Caren Daniel in Bengaluru; Editing by Arun Koyyur)

((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780))

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