European Stocks Climb as Energy Gains Temper Geopolitical Gloom
European stocks rose on Thursday as gains across heavyweight energy stocks offset concerns over a potential escalation in the Ukraine-Russia conflict and Nvidia Corp.’s underwhelming sales forecast.
The Stoxx Europe 600 Index ended the session 0.4% higher, with energy shares tracking oil’s price rise after Ukraine said earlier in the day that Russia launched an intercontinental ballistic missile at the city of Dnipro. Tech shares pushed higher into the close, shrugging off any concerns after fourth-quarter forecasts from artificial-intelligence bellwether, Nvidia, missed Wall Street’s most optimistic expectations.
JD Sports Fashion Plc was a big laggard as the weather and US election hit the sportswear retailer’s sales. Galderma Group AG also fell after holders of the Swiss dermatology company offered a stake at a discount. However, Novartis AG shares edged higher after the Swiss drugmaker raised its medium-term sales guidance thanks to upbeat expectations for new cancer and immunological disease medicines.
The European equity benchmark has struggled in November on fears that President-elect Donald Trump’s protectionist policies will trigger a global trade war and impact the region’s exporters, especially in sectors such as autos.
Source : Bloomberg
