. Novo Nordisk, Siemens earnings boost European stocks at open

Novo Nordisk, Siemens earnings boost European stocks at open

05 Aug 2021

European stocks hovered near record levels on Thursday as strong earnings from Novo Nordisk  and Siemens helped counter weakness in miners and banking shares that weighed on UK’s blue-chip index.

The pan-European STOXX 600 index inched up 0.1% after a three-day run of gains that took it to fresh highs.

Danish company Novo Nordisk rose 3.1% after it raised its full-year forecast and posted above-forecast quarterly earnings on strong sales and demand for its new obesity drug.

German industrial firm Siemens climbed 3.9% as it lifted its profit guidance for the third time this year.

Retailers took a hit as German online fashion company Zalando slid 7.2% after it said it had spent more on marketing to keep its customers shopping.

Adidas also fell 3.6% after it raised its outlook for full-year sales and profitability but took a hit in China.

The FTSE MIB climbed up by 0.05% to 25,502.82. In the cash markets, the DAX  Germany was trading up 0.02%  to 15,695.17. CAC 40  in France rose  by 0.24% to 6,762.60 while the FTSE 100  in the U.K. were down by 0.12% to 7,115.35. ,at the time of writing.