European stocks end the day higher.
Due to increased speculation on a June rate decrease following the European Central Bank’s most recent monetary policy meeting, the Stoxx 600 in Europe increased by 1.05% on Thursday, closing above the psychological level of 500 for the first time ever.
Health care gained 2.3%, but technology stocks surged by 2.26%.
The U.K.’s FTSE 100 finished the session up 0.17%, while the DAX in Germany and the CAC 40 in France all saw gains of almost 0.7%.
The European Central Bank maintains stable interest rates.
On Thursday, the European Central Bank reduced its projection for yearly growth while maintaining constant interest rates.
The Bank has revised its prediction for 2024’s economic growth to 0.6% from 0.8%. They revised up their annual inflation estimate from 2.7% to 2.3%.
Investors were hoping to see a hint of when rate reductions may start in the March estimates.
Novo Nordisk’s stock rises 4.5% following a new medication trial.
Following the announcement that it was broadening its emphasis to include cardiovascular disease treatment following late-stage research that showed its Ozempic weight-loss medication delayed the progression of chronic renal disease in diabetes patients, Novo Nordisk’s shares, a Danish drugmaker, surged 4.5% in morning trade.
Additionally, according to new data revealed on Thursday, the company’s investigational medication, Amycretin, increased weight reduction by 13%, as reported by Reuters. In pre-market trading, shares of Eli Lilly dropped 2% as the two biggest companies in the obesity medication industry intensified their competition.
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