European Stocks Extend Gains, Adidas Boosts German Market
Boosted by strong holiday-quarter performance, European stocks continued their upward trend on Wednesday. The pan-European STOXX 600 rose by 0.5% as of 0822 GMT, reaching its highest level since September 27, 2024.
Healthcare stocks led the surge, gaining 1.1%. Novo Nordisk, a major drugmaker, contributed to this growth with a 2.7% increase. Adidas outperformed the market, jumping by 6% after announcing better-than-expected preliminary fourth-quarter results. Sales and profitability during the crucial holiday shopping period exceeded expectations.
Similarly, Puma gained 2.5%, while Germany's benchmark index surpassed its regional counterparts, adding 0.9% to set a record high. The positive market sentiment remained despite threats of fresh tariffs from US President Donald Trump on the European Union and a potential 10% tariff on Chinese goods from February 1st.
However, Schaeffler experienced a significant setback, declining by 15% after the automotive supplier reported lower-than-expected preliminary results for 2024.