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

Major European markets struggled to sustain initial gains, with the STOXX 50 and STOXX 600 indices both declining by approximately 0.2%. Novo Nordisk shares plummeted by over 8% following an announcement that its oral version of Ozempic did not slow the progression of Alzheimer’s disease in a significant trial. Defense stocks faced considerable pressure, as shares of Rheinmetall decreased by 4.2%, Leonardo by 2%, and BAE Systems by 1.9%, after reports from US and Ukrainian officials indicated progress in discussions aimed at concluding the conflict with Russia. Conversely, Bayer's shares soared by more than 10% following positive results from its anticoagulant Asundexian study, marking it as a standout performer for the session. Additionally, Germany's Ifo Business Climate Index saw a decline in November, highlighting companies' pessimism regarding the short-term economic forecast. Focus in Europe also centered on today's meeting in Brussels between US officials and EU ministers, anticipated to involve a forthright discussion on the bloc's tense trade relations with Washington.