European stocks rose, lifted by Novo Nordisk A/S shares after a US competitor scrapped a copycat Wegovy weight-loss pill.
The Stoxx Europe 600 Index was up 0.4% as of 8:26 a.m. in London. In individual stocks, Novo Nordisk rose 8.6% after US firm Hims & Hers Health Inc. said it will stop selling a cheaper version of the drug after the US Food and Drug Administration warned it was cracking down on copycat treatments.
Travel and leisure as well as industrial shares outperformed, while personal care and media sectors lagged.
Europe’s benchmark index has outperformed US peers that have been hurt by a selloff in technology shares. Europe’s relatively lower exposure to artificial intelligence has insulated it at a time of the tech rout, with investors also remaining confident about resilient economic growth.
“The rally continues to broaden as more cyclical pockets of the market are leading the pack,” said Stephan Kemper, chief investment strategist at BNP Paribas Wealth Management.
In other individual stocks, UniCredit SpA gained 4.8% as the Italian lender plans to return about €50 billion to investors through 2030.
For more on equity markets:
You want more news on this market? Click here for a curated First Word channel of actionable news from Bloomberg and select sources. It can be customized to your preferences by clicking into Actions on the toolbar or hitting the HELP key for assistance. To subscribe to a daily list of European analyst rating changes, click here.
This article was generated from an automated news agency feed without modifications to text.
