Banks weigh, chemical deals lift European shares

European shares rose on Wednesday after three sessions of losses, as deal-making activity in the chemical sector helped offset dim profits from banks in the region, with US-China trade concerns.

The shares of both companies rose between 1.7% and 3%, with the chemical sub-sector leading earnings.

London’s FTSE 100 underperformed as Glencore Plcra heavyweight mine after reporting a 32% drop in first-half base earnings.

German chemical groups Bayer and Lanxess agreed to sell Currenta’s chemical operator Macquarie Infrastructure and Real Estate for an enterprise value of 3.5 billion euros ($ 3.9 billion).

The country’s largest bank from UniCredit assets remained after lowering its revenue target for 2019 amid expectations that interest rates would remain lower for longer, but Banco BPM shares rose 3% after reporting a sharp increase in net profit.

The pan-European STOXX 600 index rose 0.3% after a volatile session Monday with trade-sensitive DAX in Germany cutting back bad manufacturing data.

Also weighing in on the banks was Commerzbank as the German lender said its target of a slight increase in full year net profit had become “significantly more ambitious”./investing

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