European stocks rose on Friday as regional markets reopened after being closed for the Christmas holidays.
pan-european Stocks 600 As of 8:40 a.m. London time, the index was up 0.2%, with most sectors and major exchanges in positive territory.
Shares in Danish pharmaceutical giant Novo Nordisk rose 3.5% in morning trading, propelling the company to the top of the Stoxx 600 index. The company’s stock price has continued its rise that began earlier this week, showing a recovery from a significant share price decline. It plunged 20% in one session last week.
Elsewhere, investors were focused on economic data from China, with official figures showing industrial profits in the world’s second-largest economy contracted for the fourth straight month in November.
The data print comes a day after the World Bank raised its growth forecast for China for 2024 and 2025, given subdued business confidence and continued uncertainty in China’s troubled real estate sector. He warned that the country’s economy would remain under pressure.
Asian markets were mixed overnight as traders reacted to the latest data from China and recent inflation data from Japan. In Friday’s latest update, official figures showed Tokyo’s core inflation rate stood at 3% in November, up from 2.6% in October.
Turning to Europe, Spain and Norway are scheduled to release November retail sales figures on Friday.
