The major European bourses are recording broad gains ahead of Monday’s close. In the news flow, Novo Nordisk is falling as it holds a capital markets day.
On Sunday, two state elections were held in Germany, both of which were major setbacks for the CDU led by Chancellor Friedrich Merz. The far-right AfD became the largest party in Mecklenburg-Western Pomerania, while Die Linke won in Berlin. Merz himself has said that he intends to remain as chancellor and continue with the reform work.
Furthermore, tensions surrounding Greenland have eased after the US and Denmark reached an agreement. The parties have agreed on a security agreement that gives the US an expanded military presence in Greenland.
Oil and LNG shipments through the Strait of Hormuz have been at their highest level in six months over the past two weeks, according to US Central Command. The statement has caused the oil price to fall and is helping to strengthen the stock markets.
The broad European Stoxx 600 index was up 0.81 percent at 640.59 at 15:56. During the day, the index has traded within a range of 0.11 percent at its lowest and 1.22 percent at its highest.
By sector, banks are performing best, up 1.55 percent, while technology is recording the second-best performance, up 1.52 percent.
Energy is performing worst, down 0.48 percent, while utilities are recording the second-weakest performance, down 0.11 percent.
Danish pharmaceutical company Novo Nordisk is targeting the launch of more than five products with multibillion sales by 2030 and sales of more than 150 billion Danish kroner from its pipeline by 2035. The company is to have at least five phase 3 programs in obesity and diabetes and at least five in other therapeutic areas. During 2026 to 2030, the target is average annual revenue growth in line with industry peers. Furthermore, the Financial Times reported that shareholders want Novo to broaden its portfolio through acquisitions to reduce its earnings dependence on Ozempic. The share falls 8.1 percent in Copenhagen.
French major bank Société Générale is raising its profitability target and planning additional cost savings in a new strategy through 2029. The bank is targeting a return on tangible equity, ROTE, of 13-14 percent in 2029, compared with around 11 percent this year, and above 15 percent from 2030. The share rises 1.4 percent.
Nscale, which provides cloud infrastructure for AI, has applied for a listing on the New York Stock Exchange. The company gave no details regarding the subscription price or the number of shares covered by the offering. Norwegian investment company Aker is a major shareholder in Nscale. Aker’s share initially rose, but has fallen back and is now trading 0.3 percent lower.
IndexLatestToday, %This year, %TimeStoxx 600640,690,82%8,19%15:56:00FTSE 10010 722,860,60%7,97%15:56:07DAX25 527,010,89%4,23%15:56:10CAC 408 123,530,73%-0,32%15:56:00Stoxx 600 sector performance:Automobiles & parts443,270,71%-15,56%15:56:00Banks431,341,58%21,40%15:56:00Basic resources828,640,75%24,39%15:56:00Chemicals1 259,341,19%13,71%15:56:00Construction & materials787,410,63%-7,15%15:56:00Oil & gas547,15-0,47%35,23%15:56:00Financial services948,481,01%5,45%15:56:00Food619,510,24%-0,50%15:56:00Industrial goods1171,591,39%9,67%15:56:00Insurance547,380,55%7,25%15:56:00Media379,940,52%-4,75%15:56:00Health care1 110,520,50%-2,77%15:56:00Technology1 004,131,53%20,03%15:56:00Telecommunications283,660,24%10,86%15:56:00Utilities531,11-0,11%8,44%15:56:00Consumer goods923,770,25%-13,94%15:56:00Retail456,290,46%-6,17%15:56:00Travel & leisure271,560,52%-3,19%15:56:00Real estate119,930,39%-5,07%15:56:00Source: Factset
