European Stocks Gain With Index Set for Best Week in a Month

European stocks gained, with the regional benchmark heading for its best week in a month. Danish stocks hit an all-time high, helped by the rally in Novo Nordisk A/S.

Bloomberg
Updated13 Sep 2024, 11:43 PM IST
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European Stocks Gain With Index Set for Best Week in a Month
European Stocks Gain With Index Set for Best Week in a Month

European stocks gained, with the regional benchmark heading for its best week in a month. Danish stocks hit an all-time high, helped by the rally in Novo Nordisk A/S. 

The Stoxx 600 Index rose 0.5% as of 12:58 p.m. in London. The index is up 1.5% this week, recouping some of last week’s selloff. Real estate and retail led gains, with most sectors in the green.

While there were few catalysts on Friday, investors said the focus remains on the trajectory for US interest rates as the Federal Reserve prepares to meet next week. Barclays Plc strategists including Emmanuel Cau wrote that he expects European cyclical stocks to find a floor as markets no longer expect outsized interest-rate cuts and the economic data is “not falling off a cliff.” 

The OMX Copenhagen 25 Index gained 1% to 2,036.33 points, surpassing the previous intraday peak of 2,023.445 hit in August 2021. The index has rallied 12% so far this year, partly as the popularity of weight-loss drugs made Novo one of the most well-owned stocks across global funds. 

Read: Danish Stocks Hit First Record High Since 2021 as Novo, DSV Gain

Investors were also taking stock of comments from European Central Bank President Christine Lagarde after policymakers delivered the second quarter-point reduction in the deposit rate since June. 

The ECB is open to considering an interest-rate cut in October if the economy suffers a major setback — though the next comprehensive set of information will only be available at the following meeting, she told reporters in Budapest, where she attended a meeting of euro-area finance chiefs. 

Read: Lagarde Signals ECB Open to October Cut But December More Likely

“With the ECB not in panic mode but observing slower growth and persistent core inflation, markets are beginning to see how recession risks are probably marginally retreating,” said Florian Ielpo, head of macro research at Lombard Odier Investment Managers.

Among individual stocks, AstraZeneca Plc shares were on track for their biggest weekly decline since July 2023, after a disappointing update for an experimental lung cancer medicine prompted two analyst downgrades. The stock fell for a fourth straight session on Friday, their longest falling streak since May, and have dropped 6.9% so far this week. 

Read: AstraZeneca Shares Set For Worst Week in 14 Months on Sell Calls

Worldline shares plunged 18%. The French digital payment group cut its guidance for a second time in two months and said Chief Executive Officer Gilles Grapinet would step down by the end of the month.

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First Published:13 Sep 2024, 11:43 PM IST
Business NewsMarketsStock MarketsEuropean Stocks Gain With Index Set for Best Week in a Month

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