European stocks rebound from two-day drop as Novo Nordisk jumps
By Bloomberg
European stocks rebounded from a two-day drop, trimming their biggest weekly loss of the year.
The Stoxx Europe 600 Index added 0.5 percent to 396.52 at 8:08 a.m. in London. Novo Nordisk A/S surged 13 percent after saying it will resubmit its Tresiba insulin to U.S. regulators based on an early analysis from a study, taking the treatment closer to potential customers.
The Stoxx 600 has fallen 1.9 percent this week as technology shares tumbled and Saudi Arabia and its allies began bombing rebels in Yemen. The world’s biggest oil producer pledged to continue the air strikes to prop up an allied government in Yemen, while Gulf States held talks on requesting a United Nations arms embargo.
The regional benchmark gauge has rallied 16 percent this year as the European Central Bank began a quantitative-easing program. It closed 0.7 percent away a 2000 record on Tuesday.
Among other shares active on corporate news, Swatch Group AG climbed 3.2 percent. Chief Executive Officer Nick Hayek sees the watchmaker’s full-year revenue growth at the upper end of a range between 5 percent and 10 percent, according to an interview with Neue Zuercher Zeitung.
ICAP Plc gained 2 percent. The world’s largest interdealer broker is considering spinning off EBS-BrokerTec, a move that would separate its electronic trading operations from a unit that handles trades over the phone, people familiar with the matter said.