European Stocks Post Fifth Weekly Advance; Novo Nordisk Rises
(Bloomberg) — European stocks posted their fifth straight weekly advance as investors remained confident about artificial intelligence demand. Novo Nordisk A/S jumped 6.5% after the UK regulator approved a higher dose of its obesity drug.
The Stoxx Europe 600 Index was little changed by the close, but still posted a 0.8% advance for the week. Energy and utilities outperformed on Friday, while consumer products and mining sectors were among the biggest laggards.
The luxury sector declined, dragged down by Richemont SA, which received a downgrade from Bank of America Corp. Analysts said the firm faces margin pressure from foreign exchange, gold and tariffs.
European equities have hit multiple all-time highs this week, as lingering optimism about potential fiscal stimulus and economic growth outweighed geopolitical concerns.
“Given the improving growth picture in Europe, driven by German fiscal spending, euro area equities have room to move higher, even if at a more moderate pace,” said Wolf von Rotberg, equity strategist at Bank J Safra Sarasin.
Focus is now on the corporate earnings season. Goldman Sachs Group Inc. strategists said analysts expect Stoxx 600 companies to post a 1% rise in fourth-quarter earnings. Profits are projected to decline 5% when excluding financials.
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–With assistance from Lisa Pham and Sagarika Jaisinghani.
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