European shares rise, on track for biggest weekly gain in 12

The pan-European STOXX 600 index rose 0.2 per cent, with most regional bourses also trading in the green.

European shares edged higher and were on track for their biggest weekly gain in 12 as investors assessed U.S. President Donald Trump’s nomination for Federal Reserve’s open spot on its governing board.

Danish drugmaker Novo Nordisk added 3.2 per cent and ranked among the top performers on the Stoxx 600 after rival Eli Lilly’s weight-loss pill’s late-stage study showed that it lagged Novo’s injectable obesity treatment Wegovy.

The pan-European STOXX 600 index rose 0.2 per cent, as of 0715 GMT. Most regional bourses were also trading in the green with Spain’s benchmark index up 0.4 per cent.

UK’s blue-chip FTSE 100 added 0.2 per cent, a day after the Bank of England cut interest rates by a quarter percentage point in a narrow 5-4 vote with inflation concerns weighing on the decision.

Munich Re shares fell 7 per cent and were among the top decliners on the index after the German reinsurer trimmed its fiscal-year outlook for insurance revenue due to business and foreign exchange rates.

RTL Group shares added 3.1 per cent after the European broadcaster reported its half-year results and confirmed its full-year revenue outlook.

The world’s largest online betting company Flutter raised its full-year profit growth forecast but shares fell 1.4 per cent.

Italian finance group Unipol shares fell 2.7 per cent despite reporting a rise in first-half profit.

Trump said he will nominate Council of Economic Advisers Chairman Stephen Miran to serve out the final few months of a newly vacant seat at the Fed while the administration looks for a permanent addition.