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(Sharecast News) - European shares extended gains on Monday, lifted by the bank sector as Crédit Agricole proposed a merger between its Italian banking operations and part-owned Banco BPM, while all eyes were on an alleged honeytrap scandal involving Nvidia boss Jensen Huang.
The pan-regional Stoxx 600 index was up 0.90% to 654 at 1217 GMT with major bourses in the green. Chip giant Nvidia launched an investigation after founder Huang admitted having an affair with a woman suspected of spying for China.
In a memo sent to employees on Sunday, Huang - who has led the business for more than 30 years - admitted: "I owe my family and all of you an apology. I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry."
Neither the company nor Huang named the woman. However, she was widely reported to be Alice Huang, an executive at Singapore-based Nvidia customer Megaspeed. US officials believe she was recruited by China's Ministry of State Security intelligence agency.
US President Donald Trump told reporters he had not spoken to the Nvidia boss since news of the probe emerged, but said: "I just know he's a fine person, but you never know what's going on." According to the New York Times, Trump was first briefed on intelligence concerns about Alice Huang in late October.
In equity news, Banco BPM shares surged after Credit Agricole said it had proposed merging its Italian subsidiary with the bank in a move that would create Italy's third-largest bank.
UniCredit shares jumped as Italy's second-biggest bank posted a much larger-than-forecast rise in third-quarter earnings and lifted full-year profit guidance.
"European banks have benefited in `the early `quarters of this year `from the AI expansion. The AI productivity gains have been quite strong, but the financing also helped keep the bank earnings quite `strongly along with higher trading revenues," said Swissquote Bank analyst Ipek Ozkardeskaya.
Reporting by Frank Prenesti for Sharecast.com
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