Europe Holds Pace, Focus Shifts to US Data
European stocks were flat on Wednesday. The pan-European STOXX 600 index held at around 557.9 at 07:11 GMT, after posting three consecutive monthly gains through September. On major exchanges, performance was mixed: Germany's DAX fell 0.5%, while the UK's FTSE 100 rose 0.2% to hit a record high.
The main support came from healthcare stocks, which jumped around 2.7%. Positive sentiment was fueled by news that Pfizer and US President Donald Trump had reached a deal to cut prescription drug prices. Novartis also rose 2.8% after the US FDA approved its oral therapy for a chronic inflammatory skin disease—adding support to this defensive sector.
On the macro front, UK house prices rose slightly above expectations, while eurozone inflation is expected later today. Investors' focus is on the US private payrolls (ADP) report, which could potentially serve as a substitute for the benchmark, as Friday's non-farm payrolls report was not released due to the US government shutdown—adding caution and holding back a broader rally.
Source: Newsmaker.id
