European Bourses on Track for a 2nd Consecutive Week of Gains
European stocks rose on Friday, with STOXX 50 and STOXX 600 up 0.2%, marking a second week of gains. Positive sentiment is driven by expectations of a Federal Reserve rate cut and US-led Ukraine negotiations. Novo Nordisk, AstraZeneca, and Novartis saw gains, while Ocado surged 9% after a settlement with Kroger. BP fell 2.6%. For the week, STOXX 50 rose 0.9% and STOXX 600 increased 0.4%.
Stocks in Europe traded higher on Friday, with both the STOXX 50 and STOXX 600 up 0.2%, putting them on track to notch a second consecutive week of gains.
Expectations that the Federal Reserve will deliver another rate cut next week continued to lift sentiment, supporting a broadly positive tone across equity markets.
Investors in Europe are also keeping a close eye on US.-led negotiations aimed at ending the war in Ukraine.
Corporate news drove much of the day’s sector moves, with basic resources, autos, healthcare, and chemicals among the top performers.
Novo Nordisk rose more than 2% after announcing ongoing tests of an Ozempic pill formulation for Alzheimer’s disease.
AstraZeneca gained 0.6% and Novartis added 0.5%.
Ocado Group surged more than 9% to lead the STOXX 600 following news of a settlement between the company and Kroger.
By contrast, BP was among the weakest performers, falling 2.6%.
For the week, the STOXX 50 has risen 0.9%, while the STOXX 600 is up 0.4% so far.
