© Reuters. The German share worth index DAX graph is pictured on the inventory change in Frankfurt, Germany, January 24, 2024. REUTERS/Workers
(Reuters) – European shares opened marginally greater on Wednesday, rising for the sixth straight session on a lift from monetary shares, whereas traders awaited the U.S. Federal Reserve’s coverage determination later within the day.
The pan-European index was up 0.2% as of 0822 GMT.
Monetary companies rose 0.5%, lifted by a 1.7% acquire in Spanish lender Santander (BME:), which posted a record-high revenue for the final quarter of 2023, beating forecasts.
Investor consideration was centred on the Fed’s rate of interest verdict, due at 1900 GMT, for clues concerning the timing of rate of interest cuts on this planet’s largest financial system.
Upbeat earnings studies from Europe Inc and rising bets round an rate of interest lower from the European Central Financial institution drove the index to two-year highs earlier this week, and on the right track to clock its third straight month of beneficial properties.
Amongst main movers, Danish drugmaker Novo Nordisk (NYSE:) gained 1.7%, hitting an all-time excessive after Europe’s most precious firm forecast one other 12 months of double-digit gross sales and working revenue development attributable to its fashionable weight-loss drug Wegovy.
H&M (ST:), nonetheless, slumped 8.9% to the underside of STOXX 600 after the Swedish trend retailer posted a fall in This autumn margin, whereas its CEO determined to step down.
(This story has been corrected to take away reference to Novo Nordisk’s gross sales and revenue forecast being a document in paragraph 6)