STOXX 600 climbs further with real estate and tech sectors leading the way

  • Stock Market News
STOXX 600 climbs further with real estate and tech sectors leading the way
Credit: © Reuters.

On Thursday, the STOXX 600 continued its upward climb, posting a 1.2% increase amid potential rate hike signals from Jerome Powell and concerns over rising market-based interest rates. The real estate sector led the gains with a 2.7% growth, bolstered by Kojamo's 7.6% leap following its Q3 results.

The tech sector also saw significant growth, rising 2.3%, spurred by Europe’s largest online meal delivery firm, Just Eat The company's shares experienced a 7% gain on the back of DoorDash’s robust Q4 forecast.

Adecco (SIX: ADEN ) Group, a leading HR solutions company, topped the STOXX 600 gainers with a surge of 10.2% after reporting positive Q3 net profit. Energy giant Shell (LON: SHEL ) also reported Q3 earnings of $6.2 billion, resulting in a 1.4% gain in its stock value.

In the healthcare sector, Novo Nordisk (NYSE: NVO ) announced record sales and profits but also flagged supply restrictions on its Wegovy drug.

On Wednesday, the STOXX 600 had also risen by 0.7%, marking three consecutive days of gains driven by retail and healthcare sectors. This followed its worst monthly performance in over a year in October.

Retail stocks were among the leaders in Wednesday's gains, with Next raising its profit outlook for the fourth time in six months and seeing a 1.7% increase in its stock value. Healthcare stocks also rose by 1.1%, thanks to companies like Novo Nordisk, set to release results on November 2, and Belgian pharmaceutical firm Argenx.

Investors have been closely watching the Federal Reserve's policy decisions and have been expecting steady US interest rates. Stuart Cole from Equiti Capital highlighted market nervousness ahead of such decisions.

Meanwhile, Euro zone bond yields rose as recent data showed a contraction in the euro zone economy due to the European Central Bank’s (ECB) steady rate hikes. ECB Vice-President Luis de Guindos welcomed falling inflation, but policymaker Joachim Nagel stressed the need for high rates.

Barry Callebaut emerged as the top performer after announcing updated medium- to long-term targets, while Denmark’s Orsted (CSE: ORSTED ) faced significant losses following a $4 billion impairment charge and the abandonment of two US wind projects.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or


Related Articles