European stocks recovered in afternoon trading and closed slightly higher on Monday (November 24th), paring losses from the previous week thanks to renewed dovish signals from key FOMC members. The Eurozone STOXX 50 rose 0.4% to 5,540, and the pan-European STOXX 600 gained 0.3% to 564.
Technology stocks traded in the bloc closed sharply higher, following sentiment in US stocks that indicated a slight respite from last week's sell-off. Risk-sensitive sectors also benefited from Fed Chairman Waller's support for an interest rate cut next month. ASML rose 3% and Infineon jumped 3.5%, while Siemens and Schneider also closed higher.
Banking stocks also rose sharply, with Nordea and BBVA each rising 1.5%, while UniCredit and Intesa Sanpaolo weakened as major Italian banks withheld dividends. Meanwhile, Novo Nordisk plunged 6.5% after the company announced that its version of the Ozempic pill failed to slow the progression of Alzheimer's disease in a large trial. (alg)
Source: Trading Economics
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