European markets closed higher on Tuesday in a shortened trading session ahead of the Christmas holiday. The pan-European Stoxx 600 index ended the day 0.2% higher, with technology and mining stocks leading the gains. This followed a strong performance in U.S. markets on Monday, particularly in the technology sector.
Key Market Performances
- FTSE 100 (London) and CAC 40 (France) both closed in positive territory, with broad sector gains.
- Technology stocks were among the top performers, mirroring trends seen in the U.S. earlier in the week.
Novo Nordisk Leads the Stoxx 600
Novo Nordisk, the Danish pharmaceutical giant, emerged as the standout performer on Tuesday, with its shares surging 5.7% by the close of the session. The company’s stock recovery follows last week’s significant sell-off, which was triggered by disappointing trial results for its weight-loss drug, CagriSema.
AstraZeneca Withdraws EU Application for Lung Cancer Drug
In other pharmaceutical news, AstraZeneca announced the voluntary withdrawal of its EU marketing application for the lung cancer treatment, datopotamab deruxtecan. This decision, made alongside co-developer Daiichi Sankyo, came after feedback from the European Medicines Agency. The company’s stock saw a modest 0.1% increase by the close of trading.
Anglo American Faces Environmental Charges in Chile
Mining giant Anglo American is facing legal challenges in Chile, where the country’s Superintendency of the Environment (SMA) filed four environmental charges related to its Los Bronces copper mine. The charges could result in fines of up to $17 billion for alleged non-compliance with environmental permits. Despite the news, Anglo American’s London-listed shares closed 2% higher, buoyed by positive sentiment in the mining sector.
Vistry Group Suffers Heavy Losses
British homebuilder Vistry Group saw its shares plummet 16% on Tuesday after the company revised its full-year profit forecast. Citing delays in year-end transactions and completions, Vistry reduced its profit outlook by £50 million, now expecting an adjusted pre-tax profit of £250 million.
Other Notable Performances
- Swedish gambling firm Evolution continued its downward trajectory, following news of a U.K. Gambling Commission review. The company’s shares remained under pressure after Monday’s sharp decline.
- Mining stocks across Europe rallied after reports that China plans to issue a record 3 trillion yuan ($411 billion) in treasury bonds in 2025, boosting demand for raw materials.
Global Market Context
Overnight in Asia, markets were mixed as investors monitored key developments:
- Japan’s monetary policy outlook remains uncertain.
- A blockbuster merger between Honda and Nissan grabbed headlines, signaling major consolidation in the automotive sector.
- South Korea’s consumer confidence faltered, adding to concerns about the region’s economic resilience.
Muted Trading Ahead of the Holidays
With multiple markets closing early on Tuesday and remaining closed on Wednesday for Christmas Day, trading volumes are expected to remain thin throughout the week.
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