The European Stoxx 600 index exceeded 500 points for the first time in history, follows from trading data.
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Trading on the exchange
At 15:22, the Stoxx Europe 600 was 500.83 points (+0.55% ). Investors are awaiting a decision from the European Central Bank on interest rates, which is likely to keep them at the same level, writes Bloomberg.
The main regional index rose for four months on optimism about global growth, and even a complete reassessment of expectations for rate cuts in 2024 did not cover the hype around artificial intelligence, Bloomberg notes.
YTD Stoxx 600 grew by almost 4.7%, and over the last 12 months – by 8.7%.
During trading on March 7, shares of the Danish Novo Nordisk rose to a record level after the company informed investors about positive results of early trials of a new weight loss drug.
In Copenhagen, shares of Novo Nordisk rise by $6.5%, to 940.20 Danish kroner (about $137.5), in London – by 5.25%, to $131.
Shares of the British bank Virgin Money in London soared by 36% after the British Nationwide Construction the community agreed to purchase it for 2.9 billion ($3.7 billion). At the same time, shares of fashion manufacturer Hugo Boss in Germany fell by 18% after the publication of a report for 2023 and a forecast that the company will not be able to achieve targets for 2025 due to weakening demand.
Economists, Those surveyed by Bloomberg expected the ECB to keep the deposit rate at 4%, as announced on March 7, but believe that new economic data should strengthen the case for moving to a cut in 2024.
Liberum investment bank strategist Susana Krutz noted that she does not expect surprises from the regulator, despite signs of weak eurozone GDP and a rapid decline in inflation.