European Stocks Rise as Healthcare Gains Outweigh Tech Drop
European equities rose on Tuesday as gains for healthcare stocks and banks offset losses across the technology sector and a drop in Unilever Plc’s shares.
The Stoxx Europe 600 Index ended the session 0.2% higher, after dipping as much as 0.3% earlier in the day. Healthcare stocks rose 1%, boosted by gains for Novo Nordisk A/S after Hims and Hers Health Inc. said it is going to stop selling some weight-loss drugs. Smith & Nephew Plc shares also jumped following an earnings beat.
Worries over potentially tougher US curbs on semiconductor companies weighed on tech stocks. STMicroelectronics NV also came under pressure as the Italian government looks to replace the chipmaker’s Chief Executive Officer Jean-Marc Chery.
Unilever dropped after the consumer goods company said Hein Schumacher would step down as chief executive officer.
European stocks have been on a tear this year, with the benchmark index gaining 9% and coming within a whisker of a fresh record earlier on Tuesday. Resilient company profits have kept the region’s stock market afloat, even amid concerns over an escalation in trade tensions and uncertainty over the path of interest rates.
Source : Bloomberg
