Novo Nordisk's Wegovy Raises European Shares Amidst Trade Tensions
European shares rose, led by healthcare stocks, as Novo Nordisk's Wegovy exhibited superior heart-protective benefits compared to Eli Lilly's treatments. The STOXX 600 index climbed after Denmark's Novo Nordisk and Zealand Pharma performed well. Meanwhile, U.S.-Europe trade tensions persisted, with defensive stocks also seeing gains due to Britain's military procurement deals.
In a positive start to the week, European shares nudged higher, primarily driven by the health sector. Novo Nordisk led the charge with its weight-loss drug, Wegovy, proving to be more heart-beneficial than treatments offered by Eli Lilly.
The pan-European STOXX 600 index inched up 0.35%, as Novo Nordisk's shares surged following the promising heart-protective findings. Meanwhile, Denmark's main stock index also climbed 1.8%, bolstered by the performance of peer Zealand Pharma.
Other significant market movements included gains in defense stocks, particularly Britain's BAE Systems, amid trade uncertainties and geopolitical maneuvers. The U.S. and Europe continue to grapple with trade tensions, adding a layer of complexity to market dynamics.
(With inputs from agencies.)
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