FX.co ★ European Stocks Rise Further, Eyeing New Records

European stocks experienced an upswing on Thursday, with the STOXX 50 climbing 1% and the STOXX 600 advancing by 0.6%. This follows the previous session's rally, which propelled both indices to new record-high closes. Technology stocks led the charge, supported by developments in Asia after OpenAI struck a deal with South Korean semiconductor manufacturers. Pharmaceutical stocks also continued their upward trend, bolstered by a recovery rally from the previous session. This comes in light of indications that US President Trump's proposed tariffs on branded pharmaceuticals might not be as stringent as initially feared, particularly after Pfizer reached an agreement with the administration to offer reduced-cost prescriptions via a newly launched federal website. Among major corporations, ASML Holding surged 3.6%, Novo Nordisk increased by 3.2%, and Novartis climbed 1% to an unprecedented high of CHF 105.02. L’Oréal and Siemens also each appreciated by about 1%. Despite these gains, investors remained vigilant regarding the ongoing US government shutdown, although traders largely set aside these concerns for the moment while awaiting further developments.