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Europe: Deutsche Bank outperforms weaker European stock markets
[LONDON] European shares fell on Monday, weighed down by a drop in agrochemicals group Syngenta although Deutsche Bank outperformed to surge higher after boardroom changes at the German bank.
The pan-European FTSEurofirst 300 index was flat while the euro zone's blue-chip Euro STOXX 50 index fell 0.2 per cent.
Syngenta was the worst-performing stock on the FTSEurofirst 300 index, slipping 2.1 per cent after the company rejected a second takeover proposal from agrochemicals firm Monsanto .
However, shares in Deutsche Bank rose 7.2 per cent after the company purged its leadership on Sunday, appointing Briton John Cryan as chief executive to replace Anshu Jain just two weeks after Jain was given more power to reorganise the bank.
"The changes had to be made. There may be some short-term volatility with the share price but, all in all, it should be a positive for the stock," said JNF Capital investment manager Edward Smyth.