Stoxx 600 Rises, European Sentiment Solidifies
European markets opened higher on Monday (February 9th), driven primarily by a surge in Novo Nordisk shares. The market responded to news that US company Hims & Hers would stop selling a "cheap version" of its Wegovy weight-loss pill, after the FDA signaled a crackdown on counterfeit drugs.
The Stoxx Europe 600 Index rose around 0.4% in London morning. At the share level, Novo Nordisk surged 8.6%, as investors believed this move would reduce competitive pressure from counterfeit products and strengthen Novo's flagship drug's position in the weight-loss market.
Sectorally, travel & leisure and industrial stocks led the gains, while personal care and media lagged. This means that positive sentiment today is quite widespread, but there are still sectors that have yet to join in.
In recent times, European indices have appeared stronger than major US indices, which were hit by a sell-off in technology stocks. One reason is simple: Europe's exposure to AI is less significant than the US, so when global tech stocks correct, Europe remains relatively safe. Furthermore, investors remain confident the region's economy can survive.
Beyond Novo, attention is also focused on UniCredit, which rose around 4.8%. The Italian bank announced plans to return around €50 billion to investors by 2030—news that the market usually immediately welcomes as it signals cash flow and commitment to shareholders.
Source: Newsmaker.id
