European markets were higher on Tuesday, as trading activity remained subdued ahead of Christmas in a shortened session.
The pan-European Stoxx 600 index gained around 0.3% in morning trading, with all sectors showing positive movement. Technology stocks were among the leading gainers, buoyed by strong performances from US-listed technology shares the previous day.
In the UK, the FTSE 100 rose by 0.44%, while France’s CAC 40 gained 0.32%. The German DAX fell by 0.18%, while Italy’s FTSE MIB and Spain’s IBEX 35 index experienced minor declines of 0.08% and 0.21%, respectively.
Novo Nordisk saw a significant recovery, topping the Stoxx 600 with a 5.7% gain by late morning in London. The Danish pharmaceutical company was rebounding from a sharp decline last week, which followed disappointing trial results for its CagriSema weight-loss drug.
In the pharmaceutical sector, AstraZeneca’s shares rose by 0.4% following the company’s announcement that it had voluntarily withdrawn its marketing application for a lung cancer treatment in the European Union. This decision came after feedback from the European Medicines Agency.
Meanwhile, Anglo American faced environmental challenges in Chile, as the country’s environmental regulator filed four charges against the company related to its Los Bronces copper mine. The mining giant’s shares were up 1% at 11:06 a.m. in London as it continues to cooperate with the authorities.
At the other end of the market, British homebuilder Vistry Group saw a sharp 16% drop in its stock price after it lowered its profit forecast for the year, citing delays in transactions and completions.
Swedish online gambling firm Evolution continued its decline, falling further following news that the UK Gambling Commission had placed the company under review for its operations through unlicensed operators in Britain.
Globally, stocks were mixed. In Asia, Chinese markets performed strongly, with the Shanghai Composite and CSI300 indexes rising by 1.3% each after news that China planned a significant fiscal stimulus. However, investor sentiment remained cautious about the outlook for the Chinese economy as it faces challenges, including the potential for a trade war with the US.
