European shares rise to near one-week highs
The euro hovered near a 17-month low
European equities edged closer to a one-week high on Tuesday (Oct 6), buoyed by a strong performance from Genmab, a Danish biotech firm, and gains across healthcare stocks. Meanwhile, euro zone bond yields experienced a slight reprieve following their recent surge driven by fiscal and inflation concerns. The Stoxx 600 index, which tracks European stocks, rose 0.8% to 638.41 points by 0727 GMT, setting up for a third consecutive day of gains.
Genmab led the charge, surging 7.6% to reach the pinnacle of the Stoxx 600 index. This followed positive results from a late-stage study involving a blood cancer drug combination developed by Genmab and US pharmaceutical company AbbVie. The combination was found to reduce the risk of progression or death in cancer patients.
The broader healthcare sector also posted gains, climbing 1.6%. Market focus now shifts to euro zone retail sales data and the UK S&P Global PMI survey, which are due later in the day. These releases could provide further insight into consumer spending patterns and Britain's economic activity.
Meanwhile, the euro was trading near a 17-month low, feeling the pressure from political uncertainty following Spanish Prime Minister Pedro Sanchez's decision to call for a snap election. Additionally, the French government is pushing for the passage of an unpopular 2027 budget aimed at reducing its deficit, causing a decline in bond prices.
Yet, euro zone bond yields have eased, having reached multi-decade highs just last week. Other notable stock movements included Italy's Technoprobe, which jumped 2.3% after JPMorgan initiated coverage with an "overweight" rating.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
