Key facts
- Banco BPM shares rose 9.4% after Credit Agricole SA proposed a merger with its Italian subsidiary.
- Credit Agricole said the combined entity would become Italy's third-largest bank, according to Reuters.
- Credit Agricole shares fell 1.4% on the proposal.
- The STOXX 600 was flat at 648.88 points by 0810 GMT.
Credit Agricole SA said on November 9, 2026 that it proposed that its Italian subsidiary merge with Banco BPM, creating a combined entity that would become Italy's third-largest bank, according to Reuters. Banco BPM shares jumped 9.4% after the proposal, while Credit Agricole shares fell 1.4%. The pan-European STOXX 600 index was flat at 648.88 points by 0810 GMT, a level Reuters attributed to the open. The merger proposal led trading in the banking sector. Reuters reported that UniCredit gained 3.6% after posting a much larger-than-forecast 24% annual rise in third-quarter earnings and raised its full-year profit goal; Commerzbank rose 2.5%. Mining stocks rose 1.4%, tracking higher precious metal prices. Tech names Aixtron and ASML moved between small gains and losses, following sharp declines the week before tied to concerns about the global AI trade. Frankfurt-listed Nvidia shares fell 6% after a report on CEO Jensen Huang's alleged ties to a Chinese businesswoman accused of passing information to Beijing. Hochtief fell 5.3% after majority shareholder ACS said it had not considered launching a takeover bid. LVMH and Burberry each lost over 2% after data showed weak China consumer demand in October.