European shares rise as Democratic sweep lifts clean energy, bank stocks

[BENGALURU] European shares rose on Wednesday (Nov 4) with banks and clean energy stocks among top gainers after Democrats won control of both chambers of the US Congress, while Wegovy maker Novo Nordisk surged after raising its annual forecasts.

The pan-European Stoxx 600 index gained 0.5 per cent by 0816 GMT, with Germany’s DAX and France’s CAC 40 also higher. Italy’s benchmark FTSE MIB outperformed with a 1.2 per cent gain.

Banks were among the top-performing sectors, climbing more than 2 per cent as investors rotated into domestically focused lenders that have lagged the broader market for much of 2026.

Stoxx futures fell as much as 1.4 per cent earlier in the day before recovering after Democrats captured majorities in both the Senate and House. Investors also took comfort after US President Donald Trump accepted the election results.

Clean energy stocks that have borne the brunt of Trump’s policies were the biggest gainers. Vestas jumped 5 per cent, Orsted gained 7 per cent and Nordex surged 4.7 per cent.

Novo Nordisk advanced 4.6 per cent after the Wegovy maker reported third-quarter adjusted operating profit above expectations and raised its full-year sales and profit forecasts.

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Tech stocks also recovered from early declines to trade 0.4 per cent higher.

Strong forecasts from US chip company Advanced Micro Devices offset concerns that stricter oversight by Democrats could make artificial intelligence companies more cautious about spending on the technology.

Infineon and ASML climbed more than 1.1 per cent each, while AI equipment makers including Siemens Energy and Schneider Electric were marginally higher. REUTERS