FX.co ★ European Bourses on Track for a 2nd Week of Gains

European stocks showed gains on Friday, with the STOXX 50 and STOXX 600 indices each advancing by 0.2%. This positive performance sets the stage for both indices to achieve a second straight week of gains. Investor optimism was buoyed by the expectation of another interest rate cut by the Federal Reserve anticipated next week, which fostered a general uptrend in equity markets. In Europe, investors are closely monitoring US-led discussions aimed at resolving the conflict in Ukraine. Various sectors experienced notable movements due to corporate news, with basic resources, automotive, healthcare, and chemicals sectors leading the rally. Novo Nordisk saw an increase of over 2% after it revealed ongoing trials for an Ozempic pill related to Alzheimer's disease. AstraZeneca's shares rose by 0.6%, and Novartis saw an uptick of 0.5%. Ocado Group made significant gains, climbing more than 9% to become the STOXX 600's top performer, following a settlement announcement with Kroger. Conversely, BP was one of the weakest performers, registering a drop of 2.6%. For the week, the STOXX 50 has increased by 0.9%, while the STOXX 600 has recorded a 0.4% rise.