European markets closed higher on Tuesday, paring the previous session's losses.
The pan-European Stoxx 600 closed up 0.3%, notching a new record closing high, lifted by surging shares of Copenhagen-listed Novo Nordisk.
That brings the benchmark's year-to-date gains to 16%. With a week to go, it looks on track for its third consecutive year of gains.
Investors are watching Novo Nordisk stock after the Wegovy-maker gained FDA approval for the first-ever GLP-1 pill, giving the Danish firm a head start over U.S. rival Eli Lilly. Novo stock closed 9.2% higher as the best performer among European large-cap companies.
Shares of fellow Danish drugmaker Zealand Pharma which is also developing weight loss medicines closed 1.6% higher. The Stoxx 600 healthcare index moved more than 1% higher.
Meanwhile, French biotech Abivax extended gains into a second day, advancing 3.8%. The company — one of Europe's best-performing stocks this year — popped 15.4% on Monday.
Danish renewables giant Orsted pared some losses Tuesday following a 13% drop on Monday after the U.S. Department of the Interior said it was suspending leases on five offshore wind projects already under construction. Orsted successfully challenged the Trump administration's stop-order on the nearly-completed Revolution Wind project off Rhode Island when it was halted earlier this year. The stock closed 1.3% higher in Tuesday trading.
Elsewhere, Greenland's Prime Minister Jens-Frederik Nielsen brushed off President Donald Trump's appointment of a "special envoy" to the Danish territory. Trump has made multiple entreaties to acquire Greenland, which is particularly luring for its rare earths depository.
Source : CNBC
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