Europe midday: Shares extend gains as IWG report boosts sentiment

European shares extended gains on Monday with shares in IWG gaining on a potential bidding war for its digital arm.

The pan-regional Stoxx 600 index was up 0.64%. Investors are eyeing US mid-term elections on Tuesday and inflation figures on Thursday.

Eurozone finance ministers also meet today, where officials will discuss coordination on energy support plans and to better prepare for the imminent recession.

Asian stocks shrugged off data showing an unexpected contraction in China's exports and imports last month. Exports fell by 0.3% and imports by 0.7% in October, against expectations of increases of 4.3% and 0.1% respectively.

Health officials in China reiterated their commitment to strict Covid-19 curbs over the weekend, disappointing investors after a rally on Friday around an unsubstantiated rumour on social media that curbs were about to be relaxed.

In equity news, German industrial production unexpectedly rose in September, according to federal statistics authority Destatis, beating market forecasts with a 0.6% month-on-month increase.

September's rise followed a downwardly revised 1.2% contraction in August and tripled market expectations for a 0.2% uptick. On an annual basis, Germany's industrial production was up 2.6% in September.

In equity news, shares in IWG, formerly Regus, surged by more than a quarter on a report that CVC Capital Partners was among a number of private equity firms circling IWG,'s digital arm The Instant Group.

Ryanair shares gained as the low cost carrier reported record interim profits after a strong summer. Sector rival Wizz flew higher on the news.

Flutter shares were up as Fox ended its legal battle with the gambling company over FanDuel’s price.

Telecom Italia shares were up on a report that major shareholder Vivendi wants to start talks on a new national broadband network with Italy’s new right-wing government.

Sports equipment maker Adidas fell as Moody's cut its ratings outlook to 'negative' from 'stable' after a lower earnings outlook.

Reporting by Frank Prenesti for Sharecast.com