FX.co ★ European Stocks Rise, Novo Soars

European equities experienced a slight increase on Tuesday, as evidenced by the STOXX 50 incrementing by 0.1% and the STOXX 600 climbing 0.3%, reaching a new all-time high after recovering from a slight decline the previous day. The pharmaceutical sector spearheaded this growth. Novo Nordisk shares notably jumped nearly 6% following the approval from the US Food and Drug Administration for the marketing of its oral obesity treatment, Wegovy, in the United States. Other prominent pharmaceutical companies also saw their stock prices rise, with AstraZeneca advancing 0.8%, Novartis increasing by 0.7%, and Roche appreciating by 0.6%. Defensive sectors, such as telecommunications and financial services, further bolstered overall market resilience. Conversely, the luxury sector faced downward pressure, with LVMH dipping by 0.1%, Hermes remaining stable, and Kering declining by 0.4%.