European markets close higher but defense, pharma stocks falter
European stocks made gains at the start of a busy week for Europe's central banks.
TL;DR
- European stocks closed higher, with most sectors and major bourses in positive territory.
- The European Central Bank's final policy meeting of the year is expected to keep rates at 2%.
- The ECB is likely to lift its growth forecasts again in December.
- Other central banks, including the Bank of England, Riksbank, and Norges Bank, will also hold their last monetary policy decisions for 2025.
- The Bank of England is expected to trim interest rates.
- Eurozone and U.K. inflation figures are due on Wednesday.
- European leaders will address funding for Ukraine at a summit, including the possible use of frozen Russian assets for a loan to Kyiv.
- European defense stocks declined after Ukraine dropped its long-term aim of joining NATO.
- Magnum Ice Cream Company closed higher, while Argenx and Sanofi shares fell due to trial discontinuations and drug trial failures, respectively.
- Hikma Pharmaceuticals saw its CEO step down, while GSK's drug received positive recommendation for approval.
- U.S. stocks were little changed ahead of key economic data reports, including nonfarm payrolls, retail sales, and consumer price index figures.
- Asia-Pacific markets fell, influenced by declines on Wall Street.