(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
March 29 (Reuters) - European shares rose on Wednesday,
echoing an upbeat mood in Asian markets following Chinese tech
giant Alibaba's break-up plans, while Swiss bank UBS climbed
after it rehired Sergio Ermotti as its CEO.
The benchmark STOXX 600 index rose 0.6% by 0705
GMT, in line with the gains in Asian equities .
UBS Group AG climbed 2.2% after the Swiss bank
announced Ermotti will take the helm to steer its massive
takeover of smaller peer Credit Suisse. Credit Suisse climbed 2.1%, while the financial services and banking
indexes were up about 1% each.
Germany's Infineon climbed 5.1% after the
chipmaker raised its outlook for both its fiscal second quarter
and the whole of 2023. The wider tech index climbed 1.7%
to lead sectoral gains.
Aroundtown fell 5.3% to a fresh record low after
the German real estate company reported a full-year net loss of
457 million euros and said it was suspending dividend payout due
to market uncertainties.
Mercedes-Benz slipped 1.8% after news Kuwait's
sovereign wealth fund is planning to reduce its stake in the
German luxury carmaker via the sale of 20 million shares.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Dhanya
Ann Thoppil)
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