European stocks have renewed the peak of almost 9 months thanks to pharmaceutical manufacturers

Jan 16 (Reuters) – European stocks traded higher on Monday, continuing their rally since early 2023, as health-care equities pushed the European benchmark to its highest level since late April.

The pan-European STOXX 600 index rose by 0.1% by 12:12 Moscow time, while papers of the health sector gained 0.83%.

The STOXX 600 is up 6.7% YtD as warmer weather fueled hopes for a milder-than-expected recession in the region and statistics pointed to easing inflationary pressures in the US and the Eurozone.

The World Economic Forum began in Davos in the traditional format after a three-year break. Investors’ attention will be riveted to the comments of a number of representatives of central banks and industry leaders.

In addition, the focus is on today’s meeting of EU finance ministers, European Central Bank President Christine Lagarde and Fabio Panetta, a member of the regulator’s board of governors, in Brussels.

Shares in financial software developer Temenos jumped 5.8% amid the departure of Max Schuard as CEO.

Spanish bank BBVA was volatile and sank more than 0.2% after the chairman spoke about a possible notable increase in dividends for 2022 compared to payments a year earlier.

Shares of the British Marks & Spencer, which announced the expansion of its chain of stores in the 2023/24 financial year, rose by 0.8%.

Swiss construction chemicals maker Sika rose 1.09% following a decision to sell part of its business to British chemical and energy group INEOS.

The original message in English is available at the code: (Bansari Mayur Kamdar in Bangalore)


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