European stock markets concluded Monday on a positive note, with The Stoxx Europe increasing by 1.1%. Germany's DAX saw a gain of 1.2%, while the FTSE in London also recorded an uptick. France's CAC rose by 1.2%, and the Swiss Market Index climbed 0.89%. The European Court of Justice has upheld an appeal against a 2019 ruling by the European Commission, which had classified a British tax exemption for corporations utilizing overseas financing companies as illegal government subsidies.
This ruling necessitates that the UK government return approximately 700 million British pounds to the affected companies, with the educational entity Pearson positioned to receive one of the most substantial compensations. In notable corporate developments, shares of German tire manufacturer Continental soared over 10% on the DAX after reporting a significant rise in its net income for Q3 compared to the previous year. On another front, Deutsche Bank dismissed more than 100 senior managers from its retail and private wealth division on Monday.
The Financial Times has revealed that the bank is striving to decrease its cost-to-income ratio to between 60% and 65% by 2025. Following this announcement, shares of Deutsche Bank surged by 4% on the DAX. European automotive giant Stellantis recently formalized an offtake agreement with battery technology firm Novonix, under which Novonix will furnish a minimum of 86,250 tons of synthetic graphite material, potentially scaling up to 115,000 tons, as per the companies' announcement. Additionally, British biopharmaceutical company NuCana reported promising initial results from an ongoing phase 1b/2 study of NUC-3373 in conjunction with pembrolizumab, showcasing a notable decrease in tumor volume among lung cancer patients..