European shares rise to near one-week highs

EUROPEAN shares rose to near one-week highs on Tuesday (Oct 6), 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 per cent to 638.41 points by 0727 GMT, poised for a third straight session of gains.

Genmab climbed 7.6 per cent 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 per cent.

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.

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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 per cent after JPMorgan initiated coverage on the stock with an “overweight” rating. REUTERS