European Shares Gain for Fourth Week; FTSE 100 Outperforms
Source: Live Mint
European stocks advanced for four consecutive weeks as miners rose on a report Rio Tinto Group and Glencore Plc have discussed combining their businesses. UK stocks rose to a record.
The Stoxx Europe 600 Index was up 0.7% at the close in London, with mining stocks leading the gains. The FTSE 100 rose 1.4%, marking its best three-day run since 2022, with pound weakness benefiting its biggest exporters.
Health care was the only sector in the red in the European index as Novo Nordisk A/S fell, weighed down by the news that Ozempic and Wegovy weight-loss drugs are targeted for Medicare price negotiations. The drugmaker’s drop took its market capitalization below luxury bellwether LVMH, which has just reclaimed its spot as Europe’s biggest stock.
Europe’s main equity benchmark closed at its highest level since October, notching its best run of weekly gains since August.
“European markets have rallied, and bond market pressures have eased over the past few days, driven by the absence of inflation surprises in the US, calming concerns after last week’s bond yield spike,” said Susana Cruz, a strategist at Panmure Liberum.
Rio Tinto Group and Glencore Plc shares advanced following a Bloomberg News report that the miners have held early-stage talks that could create a mining firm to rival longstanding leader BHP Group.
Sea-freight stocks, including Maersk A/S, Hapag-Lloyd AG and DSV A/S, fell on expectations of lower shipping rates as the Yemen-based Houthis signaled a pause in their attacks on commercial vessels in the Red Sea.
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.
With assistance from Michael Msika and Sagarika Jaisinghani.
This article was generated from an automated news agency feed without modifications to text.
