23.12.202517:10:59UTC+00European Stocks Inch Higher

European stocks experienced a slight uptick on Tuesday, buoyed by gains in the pharmaceutical sector, which helped offset declines in consumer staples and discretionary stocks. The Eurozone's STOXX 50 edged up to 5,748, while the broader STOXX 600, encompassing major pharmaceutical firms from Denmark, Switzerland, and the UK, saw a more significant rise of 0.4%. Novo Nordisk led the charge with a nearly 10% jump following the US Food and Drug Administration's approval of its oral obesity treatment, Wegovy, for the American market. Several other prominent pharmaceutical companies also saw their shares advance, with Bayer, Novartis, and Roche each posting gains exceeding 1%. Conversely, luxury giants Hermes and Kering experienced declines of 1.2% and 2%, respectively. In the financial sector, banks generally registered gains, capitalizing on robust bond performance within the Eurozone, which outshone US Treasuries in the wake of strong US GDP figures.