European equities close 1% higher; the Stoxx 600 crossed the 500-point mark for the first time

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%.

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.

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.