Key facts
- European stocks reached a record high on Wednesday, with the STOXX 600 index rising 0.4% to 659.29.
- Mining shares led gains, rising 2.4%, while Siemens Energy gained 3.9% on record results.
- Novo Nordisk shares dropped 3.5% despite raising its full-year outlook, due to a sales miss for its Wegovy pill.
- Sandoz shares rose 7% after reporting a 9% jump in second-quarter net sales.
- Bayer reported a 1.9% increase in quarterly operating profit, with its shares rising 3%.
- The technology sector gained 1.7%, with BE Semiconductor advancing 5.6% after a 'buy' upgrade.
- Lufthansa shares fell 10.6% after warning of lower operating profit, and Zalando dropped 16.8% after revising forecasts.
European stocks edged higher on Wednesday, with the pan-European STOXX 600 index rising 0.4% to 659.29, as investors monitored corporate earnings and diplomatic efforts to end the U.S.-Iran war. Mining shares led the gains, rising 2.4%, while Siemens Energy climbed 3.9% after posting record third-quarter results driven by AI data center demand and Middle East activity.
Investors' attention was focused on earnings reports. Novo Nordisk raised its full-year profit and sales outlook but its shares fell 3.5% due to a narrow sales miss for its Wegovy pill and a trial setback for its next-generation obesity drug. Rival Sandoz, however, saw its shares rise 7% after reporting a 9% jump in second-quarter net sales.
Bayer shares rose 3% after the German pharmaceuticals group reported an unexpected 1.9% increase in quarterly operating profit. The technology sector gained 1.7%, with BE Semiconductor advancing 5.6% following a 'buy' upgrade from Berenberg. Lufthansa shares dropped 10.6% after the airline warned that operating profit could decline this year, while Zalando fell 16.8% after forecasting lower revenue and growth.
Sentiment was also supported by expectations of progress in U.S.-Iran negotiations, with President Donald Trump reporting "very good discussions."