STOXX 600 rises on healthcare, luxury stocks

The pan-European STOXX 600 closed 0.2 per cent higher, coming off a flat finish the previous week

European shares ended slightly higher on Monday as gains in healthcare and luxury stocks offset weakness in banks and energy, while investors assessed the possibility of a U.S. government shutdown that could delay the release of economic data.

The pan-European STOXX 600 closed 0.2 per cent higher, coming off a flat finish the previous week.

Healthcare stocks were among the top gainers, up 0.9 per cent. UCB shares hit a record high after U.S. rival MoonLake Immunotherapeutics released mixed data for its skin disease drug.

GSK added 2.2 per cent after the drugmaker said Emma Walmsley will step down as CEO and will be replaced by insider Luke Miels in January. AstraZeneca advanced nearly 1 per cent after it said it would directly list its shares on the New York Stock Exchange instead of the current depository shares.

European miners jumped 1.7 per cent, tracking higher metal prices, with gold at a record high and copper prices in London also gaining, while technology stocks added 1.1 per cent.

Luxury stocks also provided a lift, with the broader index up 1.9 per cent, reclaiming ground lost last week.

On the flip side, euro zone banks slid 1.1 per cent as Germany’s Commerzbank shed 3 per cent, while energy shares dropped tracking a 2 per cent decline in crude prices.

European stocks, took the Federal Reserve’s first interest rate cut of 2025 in stride earlier this month, but still are still lagging Wall Street, reversing their outperformance in the beginning of the year.

Among other stocks, London-listed shares of Carnival dropped 4.5 per cent to bottom the STOXX 600 despite raising its annual profit forecast.