European Markets Soar: A Closer Look at the Numbers
European markets are on a roll, hitting new highs. The Stoxx 600, DAX, and CAC 40 indexes have all seen significant gains. This year alone, the Stoxx 600 has climbed 14% higher. With just a week left, it's looking like it will be the third year in a row of growth.
Novo Nordisk Gains FDA Approval
Investors are keeping a close eye on Novo Nordisk. The Danish company just got FDA approval for a new GLP-1 pill. This is a big deal because it gives Novo Nordisk a leg up on its U.S. competitor, Eli Lilly. As a result, Novo Nordisk's stock price jumped 7.5%.
Other Health Companies See Gains
- Zealand Pharma: Shares rose by 2.3%.
- Abivax: Shares went up 1.4%, though this was a bit less than the 15.4% gain it saw the day before.
Orsted Takes a Hit
Not all news was good, though. Danish renewables giant Orsted took a hit, with its shares dropping 13%. This came after the U.S. Department of the Interior suspended leases on five offshore wind projects. Orsted had previously successfully challenged a similar stop-order earlier this year.
Greenland and Spain in the News
- Greenland's Prime Minister brushed off President Trump's appointment of a "special envoy" to the territory. Trump has been trying to buy Greenland, partly because of its rare earth minerals.
- Spain is set to release its final GDP data on Tuesday. Earlier data showed a year-on-year growth of 2.8%.
Global Market Update
Across the globe, Asia-Pacific markets opened higher on Tuesday. This follows a boost from the AI trade on Wall Street overnight. In the U.S., stock futures were trading near the flatline on Monday night after a strong start to the week.
