European shares gain as Genmab jumps, bond yields retreat
- The pan-European STOXX 600 index was up 0.8% to 638.41 points
European shares rose to near one-week highs, led by healthcare stocks like Genmab, while euro zone bond yields eased. Investors await key economic data and monitor political uncertainties.
- Genmab's drug trial success boosting healthcare stocks.
- Upcoming euro zone retail sales and UK economic data.
- Political uncertainty affecting the euro and bond yields.
European shares rose to near one-week highs on Tuesday, as Genmab led gains in healthcare stocks, while euro zone bond yields took a breather after rallying on fiscal and inflation concerns.
The pan-European STOXX 600 index was up 0.8% to 638.41 points by 0727 GMT, poised for a third straight session of gains.
Genmab climbed 7.6% to the top of STOXX 600 after the Danish biotech firm and US drugmaker AbbVie’s blood cancer drug combination cut risk of progression or death in a late-stage study.
The broader healthcare sector was up 1.6%.
Attention now turns to euro zone retail sales data and the UK S&P Global PMI survey due later in the day, which could offer clues about the region’s consumer spending and Britain’s economic activity.
The euro hovered near a 17-month low, weighed down by political uncertainty after Spanish Prime Minister Pedro Sanchez called a snap election on Monday.
Meanwhile, the French government is seeking to enact an unpopular 2027 budget to lower its deficit, sparking a rout in bonds. Still, euro zone bond yields eased, having touched multi-decade highs last week.
Among other stocks, Italy’s Technoprobe gained 2.3% after J.P.Morgan initiated coverage on the stock with an “overweight” rating.
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