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(Bloomberg) — European stocks posted their fifth straight weekly advance as investors remained confident about artificial intelligence demand. Novo Nordisk A/S jumped 6.5% after the UK regulator approved a higher dose of its obesity drug.
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The Stoxx Europe 600 Index was little changed by the close, but still posted a 0.8% advance for the week. Energy and utilities outperformed on Friday, while consumer products and mining sectors were among the biggest laggards.
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The luxury sector declined, dragged down by Richemont SA, which received a downgrade from Bank of America Corp. Analysts said the firm faces margin pressure from foreign exchange, gold and tariffs.
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European equities have hit multiple all-time highs this week, as lingering optimism about potential fiscal stimulus and economic growth outweighed geopolitical concerns.
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“Given the improving growth picture in Europe, driven by German fiscal spending, euro area equities have room to move higher, even if at a more moderate pace,” said Wolf von Rotberg, equity strategist at Bank J Safra Sarasin.
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Focus is now on the corporate earnings season. Goldman Sachs Group Inc. strategists said analysts expect Stoxx 600 companies to post a 1% rise in fourth-quarter earnings. Profits are projected to decline 5% when excluding financials.
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For more on equity markets:
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- Even for Tech, Europe Is the Place to Be Right Now: Taking Stock
- M&A Watch Europe: Monte Paschi, Klöckner, Heineken, HSBC, Gimv
- CSG Ushers In Wave of IPOs for Europe’s Top Trade: ECM Watch
- US Stock Futures Unchanged; NIO Inc. Gains
- Revving Up Growth: The London Rush
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—With assistance from Lisa Pham and Sagarika Jaisinghani.
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