FX.co ★ European Stocks Cut Gains, Novo Nordisk Weighs

The STOXX 50 and STOXX 600 indices forfeited early gains, hovering near the unchanged line on Friday. Investors adopted a cautious stance as they awaited further developments in global trade and monitored the peace negotiations between Russia and Ukraine. Shares of Novo Nordisk dropped approximately 3% following the announcement of the CEO's resignation, sparking fears that the company could be relinquishing its first-mover advantage in the competitive obesity drug sector. E.ON also performed poorly, declining by 3.9%. On a positive note, Richemont surged over 6%, leading the STOXX 600, buoyed by the luxury goods company's announcement of a better-than-expected 7% increase in first-quarter revenue. In spite of Friday’s lackluster trading activity, both indices are poised to achieve weekly gains of roughly 1.8%, signifying their fifth straight week of upward movement.